2016-1345 Resolution No. 2016 -1345
A resolution approving a TIF Development Agreement with Impact Confections,
Inc. authorizing a Forgivable TIF Development Loan in the amount of $99,400 for
property located within one half mile of Janesville Tax Incremental Financing
District No. 25
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. 25 to stimulate industrial development projects in the CoJ's Kennedy Road
Industrial Park; and
WHEREAS. Impact Confections, Inc has proposed an investment of $5.8 million dollars
to further expand their production capacity within their leased facility located at 4017
Whitney Street over the next three years (hereinafter the "Project "), and
WHEREAS, Impact Confections, Inc. and the CoJ have negotiated a certain TIF
Development Agreement which, in major part calls for the CoJ to provide Impact
Confections, Inc. a forgivable loan lump sum in the aggregate amount of Ninety Nine
Thousand Four Hundred and 00/100 Dollars ($99,400) to be used for the acquisition of
additional production equipment, training of employees and completion of the project;
and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement and TIF Development Loan with
Impact Confections, Inc. 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 Impact
Confections, Inc. and the forgivable 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,
Resolution No. 2016 — 1345
Page 2
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
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: September 12, 2016 Motion by: Williams
Second by: Tidwell
APPROVE : Councilmember Aye Nay Pass Absent
fr(44.L ` / Deupree X
Gruber
Mark A. reitag, City Manager d Jorgensen X
Liebert X
ATT : Marklein X
Tidwell X
...�
�. / S Williams W X
D.vid T. Godek, City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klimcz City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office