2016-1290 ti
Resolution No. 2016 -1290
A Resolution Approving a TIF Development Agreement with AMTEC Corporation
for the construction of a 30,000 square foot secondary production facility located
within one half -mile 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 industrial development projects in and around the CoJ's East Racine
Street corridor and the City's East Side Industrial Park; and
WHEREAS, AMTEC Corporation (AMTEC) and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to provide an incentive
to AMTEC an annual sum in the aggregate amount of Twenty Four Thousand Dollars
for a period not to exceed ten (10) years beginning February 1, 2017. Said incentive is
for the value guarantee of the building, retention of one hundred (100) existing jobs and
the creation of eighteen (18) living wage equivalent jobs after opening of the new
facility.
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with AMTEC 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
AMTEC, and the TIF development incentive 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 — 1290
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 28, 2016 Motion by: Gruber
Second by: Liebert
APPROVED: Councilmember Aye Nay Pass Absent
Gtw Bobzien X
Deupree X
Mar A. reitag, City Manager Farrell X
/ Gruber X
ATT ' r 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 Office
Prepared by: Economic Development Office and
City Attorney