2015-1219 Resolution No. 2015 -1219
A Resolution Approving a TIF Development Agreement with A.M. Castle & Co. for
the creation of jobs within a new 208,000 +1- square foot industrial building to be
located at 3800 Enterprise Drive, located within City of 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, A.M. Castle & Co., and the CoJ have negotiated a certain TIF Development
Agreement which, in major part, calls for the CoJ to grant to A.M. Castle & Co. an
annual sum in the aggregate amount of Thirty Three Thousand, Six Hundred Ninety
Eight and 60/100 for a period not to exceed ten (10) years beginning one year after
approval of this agreement. Said incentive is for the creation and maintenance of ninety
(90) living wage equivalent jobs over the next two years and to be used solely for the
purchase and installation of equipment and training of employees within a new industrial
production building to be located at 3800 Enterprise Drive by December 31, 2016, 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 A.M. Castle & Co., 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 A.M.
Castle & Co. 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 — 1219
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
Bobzien X
Z Deupree X
Mark A. reitag, City Manager Farrell X
Gruber X
ATT I1111111 Liebert X
Marklein X
AM 1121Mr Tidwell X
David 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