2015-1182 Resolution No. 2015 -1182
A Resolution Approving a TIF Development Agreement with Foremost Media, Inc.
for the conversion rehabilitation of 23,600 square feet of warehouse space to
office and retail use at 207 North Academy Street located within one half -mile of
Janesville Tax Incremental Financing District No. 33
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to
utilize tax increment financing to promote industry and implement economic
development projects; and
WHEREAS, the Janesville Common Council have authorized the use of Tax
Incremental Financing Districts (TIDS) for industrial site development and TIF
development agreements to facilitate the manufacturing, industrial, and overall
economic benefit of the City of Janesville (CoJ) when they adopted Council Policy
Statement No. 61 (Economic Development Policy) in 1994; and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 33 to stimulate projects on and near the Mercy Hospital Campus and Look West
Neighborhood; and
WHEREAS, Foremost Media Inc. and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to loan to Foremost
Media a lump sum in the aggregate amount of Seventy Five Thousand and 00/100
Dollars ($75,000.00) for the creation of twenty living wage equivalent jobs over the next
two years to be used solely for the rehabilitation and tenant finish within a building
located at 207 North Academy Street, by December 31, 2015, which property is zoned
for industrial, office and retail; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with Foremost Media Inc., and to be
in the best interest and of benefit to the CoJ, its citizens, residents, taxpayers, and the
overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville that the Administration's negotiated TIF Development Agreement with
Foremost Media, Inc., and the TIF development loan described above are hereby
approved and authorized, according to the terms and conditions set forth in the specific
TIF Development Agreement, and
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville,
and those he authorizes on his behalf is /are hereby authorized to negotiate, draft,
modify, amend, review, enter into, and file all such other documents, papers, and
agreements, take whatever other actions, and to make and enter into whatever other
Resolution No. 2015 — 1182
Page 2
changes and amendments to the TIF Development Agreement, and such other
documents and agreements, which the City Manager may, from time to time, deem
necessary and /or desirable to effectuate the intent of this Resolution.
ADOPTED: March 23, 2015 Motion by: Liebert
Second by: Gruber
APPROVED: Councilmember Aye Nay Pass Absent
Bobzien
Farrell X X
Mark ,.. Freitag, City Manage Fitzgerald X
Gruber X
ATTEST: Liebert X
Marklein X
�� ����� L��✓ Severson X
J:.n Ann Wulf, City Clerk - Tr-asurer
APPROVED AS TO FOR :
Wald Kiim zyk, City Attorney
Proposed by: Economic Development Department
Prepared by: Economic Development Department
and City Attorney