2017-1466 Resolution No. 2017-1466
A Resolution Approving a TIF Development Agreement with N1 Critical Technologies
Inc., for the creation of jobs within an existing building located at 211 North Parker
Drive, located within City of Janesville Tax Incremental Financing District No. 36
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to utilize
tax increment financing to promote industry 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. 61B (Commercial Economic
Development Policy) in 2016; and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District No.
36 to stimulate Development and Redevelopment projects within Downtown Janesville; and
WHEREAS, N1 Critical Technologies, Inc., and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to provide a forgivable loan to
N1 Critical Technologies Inc., in a lump sum in the aggregate amount of Fifty Thousand
Dollars ($50,000) to be used for occupancy within the building located at 211 North Parker
Drive; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this particular
negotiated TIF Jobs Agreement with N1 Critical Technologies, 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 Jobs Agreement with N1 Critical Technologies, 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 Jobs 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 — 1466
Page 2
ADOPTED: October 23, 2017 Motion by: Gruber
Second by: Jorgensen
APPROVED: f Councilmember Aye Nay Pass Absent
Conley X
Farrell X
Mark A. r to , City Manager Gruber X
Jorgensen X
ATTES / Marklein X
tt / _ Williams X
•� Wolfe X
D vid 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