2017-1417 Resolution No. 2017-1417
A Resolution Approving a TIF Development Agreement with J&L Targets Inc., for
the expansion of a production facility located at 1809 Beloit Avenue and the
retention of forty existing jobs and creation of sixteen additional jobs within City
of Janesville Tax Incremental Financing District No. 26
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to
utilize tax increment financing to promote industry, rehabilitate existing properties 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) in 2016:
and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 26 to stimulate industrial development projects in the City's South Side within
existing industrial areas; and
WHEREAS, J&L Target Inc., and the CoJ in 2008 negotiated a certain TIF Development
Agreement which provided for a jobs incentive of One Hundred Twenty Five Thousand
Dollars ($125,000) to retain an existing thirteen (13) jobs and create an additional five
(5) jobs, which has been significantly exceeded; and
WHEREAS, J&L Target Inc., and the CoJ have negotiated an additional certain TIF
Development Agreement which in major part, calls for the CoJ to provide J&L Targets
Inc. a total building development and jobs creation incentive of One Hundred Thirty One
Thousand Two Hundred and Seventy Two and 00/100 ($131,272.00) to be used solely
for the construction of a Nine Thousand Square Foot (9,000 sq. ft.) expansion of the
production facility; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with J&L Targets Inc., and 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 J&L
Targets Inc., and the TIF development incentives described above are hereby approved
and authorized, according to the terms and conditions set forth in the specific TIF
Development Agreement, and
Resolution No. 2017 — 1417
Page 2
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: April 10, 2017 Motion by: Gruber
Second by: Williams
APPROVED: Councilmember Aye Nay Pass Absent
Deupree
X
Gruberer X
Mark A. reitag, City Manager Jorgensen X
Liebert X
ATTE // Marklein X
�' Tidwell X
���j/ Williams X
a. id T. Godek, City lerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office and
City Attorney