2016-1340 }
Resolution No. 2016 -1340
A Resolution approving TIF Development Agreement Amendment No. 1 with 101
Milwaukee Street, LLC. Authorizing a TIF Development Loan in the amount of
$384,120 for property located within Janesville Tax Incremental Financing District
No. 23
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 created Tax Incremental Finance District
No. 23 on September 9, 2002 in order to stimulate the redevelopment of properties
along East Milwaukee Street and North Parker Drive in downtown Janesville; and
WHEREAS, 101 Milwaukee Street, LLC has proposed an additional $560,000
renovation of the property at 101 East Milwaukee Street (hereinafter the "Project "), and
WHEREAS, 101 Milwaukee Street, LLC and the CoJ originally negotiated a certain TIF
Development Agreement which was approved by the City Council on May 28, 2009 for
renovation of the building; and
WHEREAS, 101 Milwaukee Street, LLC and the CoJ have negotiated a certain TIF
Development Agreement Amendment No. 1 which, in major part calls for the CoJ to
provide 101 Milwaukee Street, LLC a refinancing of the remaining $124,120 of the
original development loan and to provide an additional $260,000 development loan for
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 101
Milwaukee Street, LLC 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
Amendment No. 1 with 101 Milwaukee Street, LLC, 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
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.
•
Resolution No. 2016 — 1340
Page 2
ADOPTED: August 22, 2016 Motion by: Marklein
Second by: Williams
APPROVED: Councilmember Aye Nay Pass Absent
Deupree X
Gruber X
Mark A. F eitag, City Manager Jorgensen X
Liebert X
ATTE / Marklein X
—!/ ✓ Tidwell X
,eilak■ssr/F Williams X
D. id T. Godek, D-puty City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klimcz , City Attorney
Proposed by: Economic Development Department
Prepared by: Economic Development Department