2017-1440 Resolution No. 2017-1440
A Resolution Approving TIF Development Agreement Amendment No. 2 with
SHINE Medical Technologies, Inc., for property located within TID No. 35
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. 35 to stimulate and create industrial development projects in the City's South Side;
and
WHEREAS, SHINE Medical Technologies, Inc. (SHINE), and the CoJ have negotiated
an Agreement Amendment No. 2 which calls for the CoJ to provide SHINE an increase
in the total Site Development Forgivable Loan by One Million Five Hundred Thousand
and 00/100 Dollars ($1,500,000) for a total Site Development Forgivable Loan of Three
Million and 00/100 Dollars ($3,000,000); and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement Amendment No. 2 with SHINE
Medical Technologies, 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 SHINE
Medical Technologies, Inc., and the additional 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 — 1440
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: June 12, 2017 Motion by: Gruber
Second by: Wolfe
APPROVED: / Councilmember Aye Nay Pass Absent
4Conl4/e ,&
ey X
Farrell X
Mark Freitag, City Manag- Gruber X
Jorgensen X
ATT/ / Marklein X
�� Williams X
Wolfe X
avid T. Godek, 'ity Clerk-Treasurer
APPROVED AS TO FORM:
e141-VW
Wald Klimczyk, City Attorney
Proposed by:Economic Development Office
Prepared by: Economic Development Office
and City Attorney