2017-1467 Resolution No. 2017-1467
A Resolution Approving a TIF Development Agreement with Pontiac Place Hotel
Developers, Inc., for the development of a new hotel to be located at 2706 Pontiac
Place located within City of Janesville Tax Incremental Financing District No. 37
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) in 2016; and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 37 to stimulate commercial redevelopment of the former Menards property; and
WHEREAS, Pontiac Place Hotel Developers, Inc., and the CoJ have negotiated a
certain TIF Development Agreement which, in major part, calls for the CoJ to provide a
pay-as-you-go development incentive not to exceed Two Million Eleven Thousand and
00/100 Dollars ($2,011,000.00) to be used for purchase of the property and further
development of the site; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with Pontiac Place Hotel Developers,
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
Pontiac Place Hotel Developers 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
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 — 1467
Page 2
ADOPTED: October 9, 2017 Motion by: Gruber
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
Conley X
Farrell X
Mark A. F eitag, City Manager Gruber X
Jorgensen X
ATT : : , Marklein X
Williams X
G�r'IV'r X
%a id T. Godek, City e"-rk-Treasurer
APPROVED AS TO FORM:
ei,,h(W
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office and
City Attorney