2020-1801 File Resolution No. 2020-1801
A resolution approving TIF Development Agreement Amendment No. 1 with Diamond
Ridge Apartments, LLC for a project addressed as 1315 Woodman Road and 1321
Mayfair Drive and located within Janesville's Tax Increment District No. 38
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 economic
development projects; and
WHEREAS, the Janesville Common Council have authorized the use of Tax Increment Districts
(TID) for commercial and multiple family 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. 38 to promote the development of
multiple family housing and further stimulate mixed-use development along the CoJ's Milton
Avenue corridor which includes within the project plan the ability to spend funds to extend and
improve infrastructure to support development; and
WHEREAS, the Common Council of the CoJ approved a TIF Development Agreement with
Diamond Ridge Apartments, LLC for the development of a 115 multiple family unit residential
development; and
WHEREAS, existing infrastructure within Mayfair Drive needs to be extended and/or modified to
facilitate the development for which the developer has agreed in principal to complete the
modifications to the existing City infrastructure to support the project, in an amount not to
exceed Sixty One Thousand Fifty and 99/100 Dollars ($61,050.99); and
WHEREAS, the City of Janesville will expend TID No. 38 funds in an amount not to exceed
Sixty One Thousand Fifty and 99/100 Dollars ($61,050.99) to reimburse the developer the cost
of the modifications to the existing City infrastructure; and
WHEREAS, the Common Council of the CoJ hereby find the approval of this particular
amendment in the best interests of the City, its citizens, residents, taxpayers, and the overall
community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that
the proposed TIF Development Agreement Amendment No. 1 with Diamond Ridge Apartments,
LLC is hereby approved and authorized, according to the terms and conditions set forth in the
specific TIF Development Agreement Amendment No. 1.
BE IT FURTHER RESOLVED, that the Common Council hereby authorizes the City
Administration to take whatever reasonable necessary and/or desirable actions it determines
appropriate to effectuate the intent of this authorizing resolution.
Resolution No. 2020 — 1801
Page 2
ADOPTED: July 27, 2020 Motion by: Consent
Second by: Consent
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
Conley X
Mark A. reitag, City Manager Farrell X
Johnson X
Marklein X
ATT . Williams X
Wolfe X
vid T. Godek, Ci Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office /
City Attorney