2004-68
Resolution 2004 - 68
A Resolution Approving a TIF Development Agreement with The Developing Edge, LLC for the
Sale and Redevelopment of the City-Owned Property at 10 S. High St.
WHEREAS, the Common Council ofthe City of Janesville created Tax Incremental Finance District No.
24 on September 9,2002 in order to stimulate the redevelopment of properties along High St. in
downtown Janesville; and
WHEREAS, on April 12, 2004, the Common Council of the City of Janesville accepted an Offer to
Purchase the City-owned Armory property located at 10 S. High St. from G.A. Architecture, LLC; and
WHEREAS, Michael Gilbertson, the sole member of G.A. Architecture, LLC desires to substitute The
Developing Edge, LLC (hereinafter the "Developer"), another limited liability company of which Michael
Gilbertson is the sole member to purchase the City-owned Armory property, and
WHEREAS, said Offer to Purchase included the provision that the City enter into a TIF Development
Agreement with the Developer, providing assistance for the renovation of the property at 10 S. High for
commercial tenants (hereinafter the "Project"), and
WHEREAS, the City and the Developer have negotiated a TIF Development Agreement to complete this
Project consistent with the objectives and proposed expenditures set forth in the TIF No. 24. Project Plan;
and,
WHEREAS, the TIF Development Agreement which is attached hereto and incorporated herein sets forth
the terms and conditions of City redevelopment assistance including:
1. The sale of the City-owned property at 10 S. High St to the Developer for a purchase price of
$85,000.
2. The marking often (10) parking stalls to be created within the Dodge St. right-of-way adjacent
to the Proj ect and the lease of an additional thirty-one (31) parking stalls in the High St.
parking lot according to the terms of a Parking Lot Lease attached to the TIF Development
Agreement.
3. The reimbursement of$148,000 in redevelopment costs
WHEREAS, the Plan Commission, at their March 1,2004 meeting, reviewed the sale of the property at
10 S. High St. for redevelopment purposes and found such action to be consistent with the City's
downtown and Comprehensive Plans, but did not review the financial aspects of the proposed transaction;
and
WHEREAS, the Common Council of the City of Janesville does hereby find that the TIF Development
Agreement; the sale of 10 S. High St. for $85,000; and the lease of Thirty-One (31) parking stalls are each
in the best interest and to the benefit ofthe citizens ofthe community and the City;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville approves
the TIP Development Agreement with The Developing Edge, LLC, the sale of 10 S. High St. to the
Developer for a purchase price of$85,000; and the lease of Thirty-One (31) parking stalls to the
Developer as set forth in the Parking Lease attached to the TIF Development Agreement; and
Resolution 2004 - 68
Page 2
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf ofthe City of
Janesville, is/are hereby authorized to close upon this transaction, to negotiate, draft, modify, review,
execute, enter into, record and/or file any and all documents, papers, forms, and agreements, to take
whatever other actions, and to make whatever minor modifications and/or amendments to the TIF
Development Agreement, Offer to Purchase Agreement, and/or the Parking Lot Lease as the City
Manager may, from time to time and at any time, determine necessary and/or desirable to effectuate the
intent of this Resolution and this transaction.
ADOPTED: August 9, 2004
Motion by: DeGarmo
Second by: Addie
Councilmember Aye Nay Pass Absent
Wellnitz, Tim x
Brien x
Williams X
Wellnitz, Tom X
Steeber X
DeGarmo X
Addie x
APPROVED:
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Steven E. Sheiffe;: C1 y Ma ger
ATTEST:
Aí~r:Tr FORM:
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4t-n-\'. y Attorney
Proposed by: City Manager
Prepared by: Economic Development Director