2005-163
RESOLUTION 2005 - 163
A Resolution Approving a TIF Development Agreement with D & S Ventures, Inc.;
Approving a TIF Development Loan to D & S Ventures in the Amount of $100,000, and
Approving the Lease of 1,450 sf of City-Owned Land in TIF No. 23 to D & S Ventures, Inc.
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance District
No. 23 on September 9,2002 in order to stimulate the redevelopment of properties along E. Milwaukee
S1. and North Parker Drive in downtown Janesville; and
WHEREAS, D & S Ventures, Inc. has proposed the renovation of the property at 10 N. Parker Drive to
provide a handicapped accessibility ramp (hereinafter the "Project"), and
WHEREAS, D & S Ventures, Inc. has requested redevelopment assistance to complete this Project
consistent with the objectives and proposed expenditures set forth in the Project Plan for TIF District
No. 23; and,
WHEREAS, the City and D & S Ventures, Inc. have negotiated a TIF Development Agreement which
is attached hereto and incorporated herein as if fully set forth, and which Agreement sets forth the
terms and conditions of City redevelopment assistance including:
1. The granting of permission to construct a handicapped ramp within the public right-of-way.
2. The making of a $100,000 TIF Development Loan from the City to D & S Ventures, Inc.
3. The lease of 1,450 sf of land within the City-owned N. Parker Drive Parking Lot
WHEREAS, the Plan Commission, at their October 7,2002 meeting, reviewed the lease of land within
the North Parker Drive parking lot and found such lease to be consistent with the City's TIF Project
Plan and City Comprehensive Plan, 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 proposed TIF
Development Agreement, the proposed $100,000 TIF Development Loan, and the lease of 1,450 sf of
land within the North Parker Drive parking lot are each in the best interest and to the benefit ofthe
citizens of the community and the City;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville approves
the TIF Development Agreement with D & S Ventures, Inc. the making of a $100,000 TIF
Development Loan to D & S Ventures, Inc., and the lease of 1,450 SF of land within the North Parker
Drive Parking Lot as set forth in the TIF Development Agreement; and
Resolution 2005 - 163
Page 2
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of the 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, TIF Development Loan and Lease of Land, such other writings and/or this
transaction 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:
March 28, 2005
Motion by: Addie
Second by: Brien
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 nager
ATTEST:
APPROVED AS TO FORM:
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City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director