2005-187
Resolution 2005 - 187
A Resolution Approving a TIF Development Agreement with MGD Fund 1, LLC and Authorizing
the Sale of a 7.25 Acre Industrial Parcel of Land in TIF No. 14 (Leach Farm)
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 13th day of June, 1994; and,
WHEREAS, MGD Fund 1, LLC (hereinafter "MGDr"), a Wisconsin limited liability company desires to
construct a new 50,000 sf manufacturing/warehousing building in Tax Increment Finance (TIF) District
No. 14 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 lawfully created TIF No. 14 on the 30th day
of January 1995, which TIF District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TIF No. 14 at the
time this TIF district was created, and found sale to be consistent with City plans, but did not comment
on the financial aspects of any specific transaction; and
WHEREAS, the Common Council of the City of Janesville finds the approval of the TIF Development
Agreement and the sale of the 7.25 acre industrial site in TIF No. 14 to MGD 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 TIF Development Agreement with MGD Fund 1, LLC and approves the sale of a 7.25
acre industrial site in TIF No. 14 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 - 187
Page 2
ADOPTED:
June 2 7, 2005
APPROVED:
~-~
Steven E. Sheiffer, City Manager
ATTEST:
APPROVED AS TO FORM:
td4~
City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director
MOTION BY: Addie
SECOND BY: DeGarmo
COUNCILMEMBER AYE NAY PASS ABSENT
BRUNNER X
BRIEN X
WILLIAMS X
WELLNITZ, TIM X
WELLNITZ, TOM X
DEGARMO X
ADDIE X