2019-1665 RESOLUTION NO. 2019-1665
A resolution approving a TIF development agreement with Sigmund Holding LLC, for the
former right-of-way directly north of 509 West Centerway and 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 as Council Policy Statement No. 61B
(Commercial Economic Development Policy); and
WHEREAS, the Common Council of the CoJ created TID No. 36 to promote the rehabilitation
and conservation within the district; and
WHEREAS, Sigmund Holding, LLC and the CoJ have negotiated a certain TIF development
agreement which, in major part, calls for the CoJ to transfer ownership of right-of-way directly
North of 509 West Centerway; and
WHEREAS, Sigmund Holding, LLC will convert the former right-of-way to greenspace and
parking for the adjacent use; and
WHEREAS, The CoJ will pay to Sigmund Holding, LLC the sum of Fourteen Thousand and
00/100 ($14,000.00) to be used for the purpose of increasing greenspace and infrastructure
removal and repair; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this particular
negotiated TIF development agreement with Sigmund, LLC 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 Sigmund Holding, LLC 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. 2019-1665
Page 2
ADOPTED: May 28, 2019 Motion by: Wolfe
Second by: Conley
APPROVED: Councilmember Aye Nay Pass Absent
4�;,/�,%, Benson
Conley X
X
Mark A. reitag, City Manager Farrell X
Gruber X
AU• 'T: / Marklein X
Williams X
j% Wolfe X
David T. Godek, City erk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney