2004-97
Resolution 2004 - 97
A Resolution Approving a TIF Development Agreement with Lowe's Home Centers, Inc. and
Authorizing a $225,000 Development Loan for the Millwork Manufacturing Plant located at
2727 Venture Drive in TIF No. 16.
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 Common Council of the City of Janesville adopted Resolution 96-2100 creating Tax
Increment Finance (TIF) District No. 16 on September 9, 1996 in order to develop a new industrial
park on the City's east side; and
WHEREAS, the Project Plan for TIF No. 16 contemplated the use of low interest development loans to
provide incentive financing to companies that locate within the TIF District; and
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts for
industrial site development and TIF Development agreements when the Council adopted amended
Council Policy Statement No. 61 (Economic Development Policy) on the October 28,2003; and,
WHEREAS, the City of Janesville (hereinafter "CITY") has negotiated a TIF Development Agreement
with Lowe's Home Centers, Inc. (hereinafter "LOWE'S") a copy of which is attached hereto and
incorporated herein as if fully set forth; and
WHEREAS, the TIF Development Agreement with LOWE'S calls for the CITY to make a $225,000
Development Loan to LOWE'S, according to the terms, conditions, and guarantees set forth in the
attached TIF Development Agreement; and
WHEREAS, the Common Council of the City of Janesville find the approval of the TIF Development
Agreement with LOWE'S, and the making of a $225,000 Development Loan to LOWE'S be in the best
interest of and benefit to the City, its citizens, and the overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council ofthe City of Janesville that it
hereby approves the TIF Development Agreement with LOWE'S and authorizes a $225,000
Development Loan to LOWE'S according to the terms and conditions set forth in the TIF Development
Agreement;
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, is hereby
authorized to negotiate, draft, modify, amend, review, and file all such other documents, papers, and
agreements, to take whatever other actions, and to make whatever changes and amendments to the TIF
Development Agreement, and such other Development Loan documents and agreements which the
City Manager may, from time to time, deem necessary and/or desirable to effectuate the intent ofthis
Resolution.
Resolution 2004 - 97
Page 2
ADOPTED:
October 25, 2004
APPROVED:
sid E~iffer, !]i£:
ATTEST:
APPROVED AS TO FORM:
ß!¿¿f h/
City Attorney
Proposed by: City Administration
Prepared by: City Attorney
Motion by: Williams
Second by: Brien
Councilmember Aye Nay Pass Absent
Wellnitz, Tim X
Brien X
Williams X
Wellnitz, Tom X
Steeber X
DeGarmo X
Addie X