2017-1409 Resolution No. 2017-1409
A Resolution approving TIF Development Agreement Amendment No. 1 with
Capital Circle II Corp. for the construction of a 100,000 square foot
manufacturing and warehousing facility with additional tenant improvements
located within 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 further modified as
Council Policy Statement No. 61A (Industrial Economic Development Policy); and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 32 to stimulate industrial development projects in the CoJ's East Racine Street
corridor and the City's East Side Industrial Park; and
WHEREAS, Capital Circle II Corp. (Developer) and the CoJ originally negotiated a
certain TIF Development Agreement which was approved by the City Council on May 2,
2016 for a 100,000 square foot building with a building development incentive of Four
Hundred Ten Thousand and 00/100 Dollars ($410,000.00); and
WHEREAS the Developer now desires an additional building development incentive of
Two Hundred Twenty-Five Thousand and 00/100 ($225,000.00) for additional tenant
improvements that will increase the value of the building over and above the original
projection; and
WHEREAS, the Developer and the CoJ have negotiated a certain TIF Development
Agreement Amendment Number 1 which, in major part calls for the CoJ to provide the
Developer a total building development incentive of Six Hundred Thirty-Five Thousand
and 00/100 Dollars ($635,000.00) to be used solely for the construction of a One-
Hundred Thousand (100,000) square foot industrial manufacturing and warehousing
facility on property located at 4298 Capital Circle, which area is zoned industrial and
manufacturing; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with the Developer 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
CAPITAL CIRCLE II Corp., and the TIF development loan described above are hereby
Resolution No. 2017 - 1409
Page 2
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.
ADOPTED: March 27, 2017 Motion by: Gruber
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
Deupree X
Gruber X
Jorgensen X
Mark A Freitag, City Manager I_iebert x
Marklein X
Tidwell X
ATT S : Williams X •
I .(
D vid T. Godek, Deputy City Clerk-Treasurer
APPROVED AS TO FORM:
Ck
Wald Klim y , City Attorney
Proposed by: Economic Development Department
Prepared by: Economic Development Department