2005-182
Resolution 2005 - 182
A Resolution Approving a TIF Development Agreement with LKQ Corporation (Star Auto Parts)
for a 40,000 SF Expansion Project in TIF No. 26
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 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 28th day of October, 2003;
and,
WHEREAS, the Common Council of the City of Janesville lawfully created TIF No. 26 on the 24th day
of November, 2003, which TIF District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS, the purpose of TIF No. 26 was to stimulate the expansion of existing industries located
within the boundaries of TIF No. 26; and,
WHEREAS, LKQ Corporation (hereinafter "LKQ"), a Delaware Corporation desires to construct a new
40,000 sf warehouse/distribution addition to its buildings in Tax Increment Finance (TIF) District No. 26
according to the terms of a TIF Development Agreement attached hereto and incorporated herein as if
fully set forth; and
WHEREAS, the Common Council of the City of Janesville finds the approval of the TIF Development
Agreement and the reimbursement of certain specified site development costs incurred by LKQ, to 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 of the City of Janesville that it
hereby approves the TIF Development Agreement with LKQ Corporation according to the terms and
conditions set forth in the attached Development Agreement, and
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 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 2005 - 182
Page 2
ADOPTED: May 9. 2005
ATTEST:
J
APPROVED AS TO FORM:
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Proposed by: City Manager
Prepared by: Director of Economic Development
Motion by: Williams
Second by: Brien
Councilmember Aye Nay Pass Absent
Brunner x
Brien x
Williams x
Wellnitz, Tim x
Wellnitz, Tom x
DeGarmo x
Addie x