2017-1439 Resolution No. 2017-1439
A Resolution Approving a TIF Development Agreement with Key Real Estate
Solutions, LLC, for the rehabilitation and redevelopment of the former Marquette
Apartments located at 115 S. Main Street, located within City of Janesville Tax
Incremental District No. 27
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 commercial site development and TIF
development agreements to facilitate the redevelopment of existing commercial
structures, 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. 61B (Commercial Economic
Development Policy); and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 27 to eliminate blight and stimulate the redevelopment of the neighborhood; and
WHEREAS, Key Real Estate Solutions, LLC, and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to provide a forgivable
loan in the amount of Thirty-Seven Thousand and 00/100 ($37,000.00) to be used for
purchase of and redevelopment of the property; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with Key Real Estate Solutions, 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 with Key
Real Estate Solutions, LLC, and the TIF development incentive 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. 2017 — 1439
Page 2
ADOPTED: June 12, 2017 Motion by: Wolfe
Second by: Jorgensen
APPROVED: r Councilmember Aye Nay Pass Absent
Conley
X
f / Farrell X
Mark A. reitag, City Manager,/ Gruber X
Jorgensen X
ATTAI
'1 Marklein X
Williams X
Wolfe X
David T. Godek, City 'lerk-Treasurer
APPROVED AS TO FORM:
(1a.lv(&2/1
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney