2018-1505 Resolution No. 2018-1505
A Resolution approving a TIF Development Agreement with Halverson Real
Estate Holdings, Inc. for the construction of a 29,300 square foot warehouse
facility on property located within Janesville's Tax Incremental Financing District
No. 32
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 Districts (TID) for industrial site development and Tax Incremental
Financing (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); and,
WHEREAS, the Common Council of the CoJ created TID No. 32 to stimulate industrial
development projects in the CoJ's East Side Industrial Park; and
WHEREAS, Halverson Real Estate Holdings, Inc. (developer) and the CoJ have
negotiated a certain TIF Development Agreement which, in major part, calls for the CoJ
to provide the developer a 2.7 acre property located at 401 South Wuthering Hills Drive
for $1.00 and a forgivable loan to the developer in a lump sum in the aggregate amount
of Eighty Thousand Three Hundred Forty One Dollars ($80,341) to be used for
development of the property; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with the related companies of
Halverson Real Estate Holdings, 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
Halverson Real Estate Holdings, 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
Resolution No. 2018 — 1505
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: February 12, 2018 Motion by: Wolfe
Second by: Gruber
APPROVED: Councilmember Aye Nay Pass Absent
� Conley X
z �, Farrell X
Mark A . ' reitag, City Manager Gruber X
Jorgensen X
ATT Marklein X
� _ Williams X./I •�r�//L� Wolfe X
-vid . odek, Ci / Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office and
City Attorney