2017-1432 Resolution No. 2017-1432
A Resolution Approving a TIF Development Agreement with PlayStar Inc., for
construction of a new manufacturing/warehousing facility and the creation of 10
additional jobs located within TIF No. 26 and to be addressed as 2050 Beloit
Avenue
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 (YIDS) 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, PlayStar Inc., and the CoJ have negotiated an additional certain TIF
Development Agreement which in major part, calls for the CoJ to provide PlayStar Inc. a
total building development and jobs creation incentive of Four Hundred Ten Thousand
and 00/100 ($410,000.00) to be used solely for the construction of a Fifty Eight
Thousand Three Hundred Square Foot (58,300 sq. ft.) new industrial/warehouse facility;
and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with PlayStar 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
PlayStar 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
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
Resolution No. 2017 — 1432
Page 2
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: May 8, 2017 Motion by: Wolfe
Second by: Gruber
APPROVED: Councilmember Aye Nay Pass Absent
Conley X
Farrell X
Mark . reitag, City Manager Gruber X
Jorgensen X
Marklein
ATT
WilliamsX
WilliaX
,� Wolfe X
Affe
'avid T. Godek, Ci y Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by:Economic Development Office
Prepared by: Economic Development Office
and City Attorney