2019-1678 Resolution No. 2019-1678
A resolution approving a TIF Development Agreement with MW Residences, LLC
for the development of a 260 unit multiple family residential development on
property located at 701 Myrtle Way 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, multi-family, mixed use, and certain
other implement economic development projects; and
WHEREAS, the Janesville Common Council have authorized the use of Tax
Incremental Districts (TID) for commercial and multiple family development and Tax
Incremental Financing (TIF) development agreements to facilitate the multiple family
development projects 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 2018; and,
WHEREAS, the Common Council of the CoJ created TID No. 32 to stimulate mixed-use
development on the CoJ's East Racine Street corridor and later amended TID No. 32 to
further promote the development of multiple family housing; and
WHEREAS, MW Residences, LLC (developer) and the CoJ have negotiated a certain
TIF Development Agreement which, in major part, calls for the CoJ to provide forgivable
loans of up to Three Million Six Hundred Thousand Dollars ($3,600,000) for Phase 1 of
the development and Four Million Dollars ($4,000,000) for Phase 2 of the development
to be used for the development of the property; and
WHEREAS, the Common Council of the CoJ hereby find the approval of this particular
negotiated TIF Development Agreement with MW Residences, LLC to be in the best
interest and of benefit to the CoJ, its citizens, residents, taxpayers, and the overall
community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville that the Administration's negotiated TIF Development Agreement with MW
Residences, LLC and the TIF development incentives described above are hereby
approved and authorized, according to the terms and conditions set forth in the specific
TIF Development Agreement, and
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of
Janesville, and those he authorizes on his behalf is/are hereby authorized to negotiate,
draft, modify, amend, review, enter into, and file all such other documents, papers, and
agreements, take whatever other actions, and to make and enter into whatever other
changes and amendments to the TIF Development Agreement, and such other
Resolution No. 2019 — 1678
Page 2
documents and agreements, which the City Manager may, from time to time, deem
necessary and/or desirable to effectuate the intent of this Resolution.
ADOPTED: July 8, 2019 Motion by: Gruber
Second by: Conley
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
4-4 1. Conley X
Mark A. F itag, City Manager Farrell X
Gruber X
ATTE a �, / Marklein X
al* kiiir Williams X
A % Wolfe X
DerreTilLtstitylerk-Treasurer
( v,$'=•%69deL
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney