2020-1740 File Resolution No. 2020-1740
A resolution approving a TIF Development Agreement with River Flats Apartments, LLC
and the Wisconsin Partnership for Housing Development for the development of a
92-unit affordable multifamily residential project on property located at 206 N. Jackson
St., 210 Laurel Ave., 201, 215 and 221 N. Franklin St. and located within
Janesville's Tax Incremental District No. 36.
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to utilize tax
increment financing to promote industry, multi-family, mixed use, and certain other implement
economic development projects; and
WHEREAS, the Janesville Common Council have authorized the use of Tax Incremental
Districts (TID) for commercial and multifamily development and Tax Incremental Financing (TIF)
development agreements to facilitate the multiple family development projects and 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 Common Council of the CoJ created TID No. 36 to promote the rehabilitation
and conservation and further development within the Downtown Comprehensive TID; and
WHEREAS, River Flats Apartments, LLC (developer/promisor) and the Wisconsin Partnership
for Housing Development, Inc. (WPHD) in conjunction with the CoJ have negotiated a certain
TIF Development Agreement which, in major part, calls for the CoJ to provide the following:
• Conveyance of three parcels addressed as 206 N. Jackson St., 210 Laurel Ave.
and 215 N. Franklin St. each at no cost to the developer/promisor; and
• A loan derived from Wisconsin Rental Rehabilitation Program funds in the amount
of Forty Thousand and 00/100 Dollars ($40,000); and
• A forgivable loan to WPHD derived from the extension of Janesville TID No. 21 in
the amount of Two Hundred One Thousand and 00/100 Dollars ($201,000.00); and
• A forgivable loan to WPHD derived from HOME funds in the amount of One
Hundred Eighty-Five Thousand and 00/100 Dollars ($185,000.00); and
• A forgivable loan to WPHD derived from TID No. 33 in the amount of One Hundred
Sixty Thousand and 00/100 Dollars ($160,000.00); and
• Pay-as-you-go TIF development assistance to the developer/promisor in an
aggregate amount not to exceed One Million Nine Hundred Five Thousand Five
Hundred and 00/100 Dollars ($1,905,500.00) to be applied and paid over the
period of twenty (20) years after (a) commencement of construction of the facility
and (b) issuance of the final certificate of occupancy for the facility; and
WHEREAS, the Common Council of the CoJ hereby find the approval of this particular
negotiated TIF Development Agreement and development incentive package with River Flats
Apartments, LLC and WPHD to be in the best interest and of benefit to the CoJ, its citizens,
residents, taxpayers, and the overall community as it will provide affordable housing units for the
community.
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Resolution No. 2020 — 1740
Page 2
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that
the Administration's negotiated TIF Development Agreement with River Flats Apartments, LLC
and WPHD and the development incentive package 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 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.
ADOPTED: February 24, 2020 Motion by: Williams
Second by: Gruber
APPROVED: Councilmember Aye Nay Pass Absent
!�►� L •
Benson X
Conley X
Mark A. reitag, City Manager Farrell X
Gruber X
ATT . Marklein X
Williams X
_. Wolfe X
avid T. Godek, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City Attorney