2017-1465 Resolution No. 2017-1465
A Resolution Approving a TIF Development Agreement with N1CTI Holdings, LLC
for the rehabilitation and redevelopment of the building located at 211 North
Parker Drive, located within City of Janesville Tax Incremental District No. 36
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 in 2016 as Council Policy Statement No. 61B (Commercial Economic
Development Policy); and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 36 to promote the rehabilitation and conservation within the district; and
WHEREAS, N1CTI Holdings, 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 Fifty Thousand and 00/100 ($50,000.00) 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 N1CTI Holdings 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 N1CTI
Holdings 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 — 1465
Page 2
ADOPTED: October 23, 2017 Motion by: Gruber
Second by: Jorgensen
APPROVED: d Councilmember Aye Nay Pass Absent
Conley X
Farrell X
Mar . reitag, City Manager Gruber X
Jorgensen X
ATTE Marklein X
A Williams X
�%z • 1 / Wolfe X
avid T. Godek, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office and
City Attorney