2015-1218 Resolution No. 2015 -1218
A Resolution Approving a TIF Development Agreement with 3800 Enterprise Inc.
for the development of a 208,000 +1- square foot industrial production facility at
3800 Enterprise Drive within Janesville Tax Incremental Financing District No. 32
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. 32 to stimulate projects industrial development projects in the City's East Side
Industrial Park; and
WHEREAS, 3800 Enterprise Inc. and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ provide 3800 Enterprise
Inc. Twenty Two and Seven Tenths of an acre of land for construction of the facility, with
a value of Five Hundred Two Thousand Two Hundred Forty Two and 00/100 Dollars
($502,242.00), a forgivable lump sum loan in the aggregate amount of One Million
Seven Hundred Twenty Three Thousand Nine Hundred Fifty Nine and 00/100 Dollars
($1,723,959.00) for construction of a 208,000 +/- square foot industrial production
facility, by December 31, 2015, on which property is zoned for industrial manufacturing;
and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with 3800 Enterprise 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 3800
Enterprise, 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 — 1218
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: July 27, 2015 Motion by: Liebert
Second by: Farrell
APPROVED: Councilmember Aye Nay Pass Absent
eup ree
D X
"� eup X
Mark Freitag, City ManaggJ' Farrell X
v Gruber X
ATTyle Liebert X
Marklein X
Aril wow Tidwell X
D.' id T. Godek, City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klim zyk, City Attorney
Proposed by: Economic Development Department
Prepared by: Economic Development Department
and City Attorney