2016-1283 Resolution No. 2016 -1283
A Resolution approving a TIF Development Agreement with Capital Circle 11 Corp.
for the construction of a 100,000 square foot manufacturing and warehousing
facility located 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. 61A (Industrial Economic Development Policy) in 2016; and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 32 to stimulate industrial development projects in the CoJ's East Racine Street
corridor and the City's East Side Industrial Park; and
WHEREAS, Capital Circle II Corp. (CAPITAL CIRCLE) and the CoJ have negotiated a
certain TIF Development Agreement which, in major part calls for the CoJ to provide
CAPITAL CIRCLE Nine and Fifty Nine Hundredths (9.59) of an acre of land for
construction of the facility, with a value of Two Hundred Eleven Thousand Nine Hundred
One and 00/100 Dollars ($211,901.00), a forgivable loan a lump sum in the aggregate
amount of Four Hundred Ten Thousand and 00/100 Dollars ($410,000.00) to be used
solely for the construction of a One - Hundred Thousand (100,000) square foot industrial
manufacturing and warehousing facility on property located at 4298 Capital Circle,
which area is zoned industrial and manufacturing; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with CAPITAL CIRCLE 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
CAPITAL CIRCLE, 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. 2016 — 1283
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 14, 2016 Motion by: Gruber
Second by: Marklein
APPROVED: / Councilmember Aye Nay Pass Absent
j Bobzien X
Deupree X
Mark A. reitag, City Manager, Farrell X
' Gruber X
ATT :1 ./ / Liebert X
Marklein X
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