2004-22RESOLUTION 2004 - 22
A Resolution Approving Amendment No. 2 to the TIF Development Agreement
with Mulrooney Building, LLC for the Redevelopment of Property Located at 19 N. High St.
in TIF No. 24 and Authorizing the Sale of the City-Owned Property at 103 N. High St. for a Sale
Price of $20,000 and Authorizing the Sale of City-Owned Property at 26 N. Academy St.
For a Sale Price of $37,000
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance District
No. 24 on September 9, 2002 in order to stimulate the redevelopment of properties along N. High St. in
downtown Janesville; and
WHEREAS, on January 13, 2003, the Common Council of the City of Janesville adopted Resolution
2002-292 approving a TIF Development Agreement with the Mulrooney Building, LLC (hereinafter
the "Developer") providing for the renovation of the property at 19 N. High for commercial tenants
(hereinafter the "Project"), and
WHEREAS, the Developer has requested an amendment to the TIF Development Agreement to
complete this Project consistent with the objectives and proposed expenditures set forth in the Project
Plan for TIF District No. 24; and,
WHEREAS, the City and the Developer have negotiated Amendment No. 2 to the TIF Development
Agreement which is attached hereto and incorporated herein as if fully set forth, and which Agreement
sets forth the terms and conditions of City redevelopment assistance including:
1. The sale of the City-owned property at 103 N. High St to the Developer for a purchase price
of $20,000.
2. The sale of the City-owned property at 26 N. Academy St. to the Developer for a purchase
price of $37,000.
3. The vacation of the Wall St. right-of-way from High St. to Academy St.
4. The reimbursement of $127,200 in redevelopment costs
WHEREAS, the Plan Commission, at their January 4, 1993 meeting, reviewed the sale of the property
at 103 N. High St. and 26 N. Academy St. for redevelopment purposes and found such action to be
consistent with the City's downtown and Comprehensive Plans, but did not review the financial
aspects of the proposed transaction; and
WHEREAS, the Common Council of the City of Janesville does hereby find that Amendment No. 2 to
the TIF Development Agreement, the sale of 103 N. High St. for $20,000; the sale of 26 N. Academy
St.; and the reimbursement of $127,200 in redevelopment costs are each in the best interest and to the
benefit of the citizens of the community and the City;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville approves
Amendment No. 2 to the TIF Development Agreement with the Mulrooney Building, LLC, the sale of
103 N. High St. to the Developer for a purchase price of $20,000; and the sale of 26 N. Academy St. to
the Developer for a purchase price of $37,000 as set forth in the TIF Development Agreement; and
Resolution 2004-22
Page 2
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of the City of
Janesville, is/are hereby authorized to close upon this transaction, to negotiate, draft, modify, review,
execute, enter into, record and/or file any and all documents, papers, forms, and agreements, to take
whatever other actions, and to make whatever minor modifications and/or amendments to Amendment
No. 2 to the TIF Development Agreement as the City Manager may, from time to time and at any time,
determine necessary and/or desirable to effectuate the intent of this Resolution and this transaction.
ADOPTED: February 23, 2004
APPROVED: ,
'~even E. Sheiffer, City Manager
ATTEST:
/l~r~ ~mh ~]f, city ~le'rk-T~f~urer
APPROVED AS TO FORM:
City Attomey
Proposed by:
Prepared by:
City Manager
Economic Development Director
MOTION BY: Brien
SECOND BY: Steeber
COUNCILMEMBER AYE NAY PASS ABSENT
ADDIE X
MURPHY X
DEGARMO X
STEEBER X
WILLIAMS X
BRIEN X
WELLNITZ X