2004-44Resolution 2004 - 44
A Resolution Approving a TIF Development Agreement with Spinner Venture LLC and
Authorizing the Sale of a 5.1 Acre Industrial Parcel of Land in TIF No. 14 (Leach Farm)
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 Common Council has authorized thc use of Tax Increment Financing Districts for
industrial site development and TIF Development agreements when the Council adopted amended
Council Policy Statement No. 61 (Economic Development Policy) on the 13th day of June, 1994; and,
WHEREAS, Spinner Venture, LLC (hereinafter "Spinner"), a Wisconsin limited liability company
desires to construct a new 30,000 sfwarehouse/distribution building in Tax Increment Finance (TIF)
District No. 14 according to the terms of a TIF Development Agreement attached hereto and
incorporated herein as if fully set forth; and
WHEREAS, the Common Council of the City of Janesville lawfully created TIF No. 14 on the 30th
day of January 1995, which T1F District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TIF No. 14 at the
time this TIF district was created, and found sale to be consistent with City plans, but did not comment
on the financial aspects of any specific transaction; and
WHEREAS, the Common Council of the City of Janesville finds the approval of the TIF Development
Agreement and the sale ofthe 5.1 acre industrial site in TIF No. 14 to Spinner to be in the best interest
of and benefit to the City, its citizens, and the overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that it
hereby approves TIF Development Agreement with Spinner and approves the sale of a 5.1 acre
industrial site in TIF No. 14 according to the terms and conditions set forth in the attached
Development Agreement, and
Resolution 2004 - 44
Page 2
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, is hereby
authorized to negotiate, draft, modify, amend, review, and file all such other documents, papers, and
agrecments, to take whatever other actions, and to make whatever changes and amendments to the
TIF Developnaent Agreement and such other documents and agreements which the City Manager
may, fi'om time to time, deem necessary and/or desirable to effectuate tiao intent of this Resolution.
ADOPTED: April 26, 2004
APPROVED:
Steven E. Sheiffcr, City Manager
ATTEST:
Jc'~Ann Wulf, City Clerk-Treast~r
APPROVED AS TO FORM:
MOTION BY: DeGarmo
SECOND BY: Tom ldellnlt:z
COUNCILMEMBER AYE NAY PASS ABSENT
WELLNITZ, TIM X
BRIEN X
WILLIAMS X
WELLNITZ, TOM X
STEEBER X
DEGARMO X
ADDIE X
City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director