2004-122
Resolution 2004 - 122
A Resolution Approving Amendment No.3 to the TIF Development Agreement with
T.S.B. Properties, LLC and Extending an Option to Purchase a 4.0 acre Industrial Site
In TIF No. 16 until December 31,2007.
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts and
TIP Development agreements when the Council adopted amended Council Policy Statement No. 61
(Industrial Development Policy) on the 13th day of June, 1994; and,
WHEREAS, the Common Council of the City of Janesville lawfully created Tax Increment Finance
District (TIP) No. 16, which TIP District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS, the Common Council ofthe City of Janesville has previously approved a TIP
Development Agreement with T.S.B. Properties, LLC, hereinafter the T.S.B., which granted T.S.B. an
Option to Purchase a 4.0 Acre industrial site in TIP No. 16 until December 31,2001; and,
WHEREAS, the Common Council also approved Amendments No.1 and No.2 to the TIP
Development Agreement which extended the Option to Purchase until December 31, 2004; and,
WHEREAS, T.S.B. and the CITY have negotiated Amendment No.3 to the TIP Development
Agreement, which Amendment is attached hereto and incorporated herein by reference, extends the
option tenn until December 31,2007 for an annual option fee of $4,000, sets forth the tenns and
conditions of such development, and provides for T.S.B.'s full repayment of the City's TIP
development costs in a manner and within a time allowed by Wisconsin law; and
WHEREAS, the Plan Commission, at their meeting on December 21, 1998, reviewed the sale ofland
in TIP No. 16 for industrial purposes and found such sale consistent with City plans but did not
comment on the financial aspects of any transaction; and,
WHEREAS, the Common Council of the City of J anesville finds that the approval of Amendment
No.3 to the TIP Development Agreement granting of an option to purchase the 4.0 acre development
site within TIP No. 16 until December 31, 2007, is 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 of the City of Janesville that it
hereby approves the attached Amendment No.3 to the TIP Development Agreement with T.S.B.
granting an option to purchase a 4.0 acre industrial site in TIP No. 16 until December 31, 2007 in
accordance with the tenns of said TIP Development Agreement; and,
Resolution 2004- 122
Page 2
BE IT FURTHER RESOLVED, that the City Manager, on behalf ofthe City of Janesville, is hereby
authorized to negotiate, draft, modify, review, and file all such other documents, papers, and
agreements, to take whatever other actions, and to make whatever changes and amendments to the
proposed Amendment No.3 to the TIP 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:
December 13, 2004
Motion by: Addie
Second by: DeGarmo
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. Sheiffer, City anage
ATTEST:
( ( - J3 - UCf
Proposed by:
Prepared by:
City Manager
Economic Development Director