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2020-1735 Resolution No. 2020-1735 A resolution approving a TIF Development Agreement with Grafft Irrevocable Trust for the construction of five residential units located at 401 and 405 W. Milwaukee St. and located within Tax Incremental Financing District No. 36 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 Janesville Common Council have authorized the use of Tax Incremental Districts (TID) for residential development and Tax Incremental Financing (TIF) development agreements to facilitate the 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 CoJ recognizes there is a shortage of housing in Janesville and the proposed additional residential units will help to alleviate this need; and WHEREAS, Grafft Irrevocable Trust (developer) and the CoJ have negotiated a certain TIF Development Agreement which, in major part, calls for the CoJ to provide a pay-as- you-go development incentive not to exceed One Hundred Two Thousand Five Hundred and 25/100 Dollars $102,500.25) to be used for further development of the property at 401 and 405 W. Milwaukee St.; and WHEREAS, the Common Council of the CoJ hereby find the approval of this particular negotiated TIF Development Agreement with Grafft Irrevocable Trust 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 Grafft Irrevocable Trust 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 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 No. 2020 — 1735 Page 2 ADOPTED: February 10, 2020 Motion by: Wolfe Second by: Williams APPROVED: Councilmember Aye Nay Pass Absent i Benson X Conley X Mark A. reitag, City Manager ;111° Farrell X Gruber X ATTES / Marklein X Williams X Wolfe X •avid T. Godek, City lerk-Treasurer APPROVED AS TO FORM: (lid-e(W Wald Klimczyk, City Attorney Proposed by: Economic Development Office Prepared by: Economic Development Office/City Attorney z fa�s.,.