2020-1811 File Resolution No. 2020-1811
A resolution approving TIF Development Agreement with Janesville Investors,
LLC and Shine Medical Technologies, LLC for property located at 801 Innovation
Drive and located within Janesville's Tax Incremental Financing District No. 35
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 industrial site development and Tax Incremental Financing (TIF) development
agreements to facilitate the manufacturing, industrial, 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. 61A
(Industrial Economic Development Policy) in 2016; and,
WHEREAS, the Common Council of the CoJ created TID No. 35 to stimulate industrial
development projects in the CoJ's South Side Industrial Park; and
WHEREAS, Janesville Investors, LLC. (developer), Shine Medical Technologies, LLC (tenant)
and the CoJ have negotiated a certain TIF Development Agreement which, in major part, calls
for the CoJ to provide the developer a 17.38 acre property located at 801 Innovation Drive for
$1.00, reimbursement of infrastructure construction in an amount not to exceed Seven Hundred
Twenty Five Thousand and 00/100 Dollars ($725,000) and a forgivable loan to the tenant in a
lump sum in the aggregate amount of Three Hundred Ten Thousand Dollars ($310,000) to be
used for development of the property; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this particular
negotiated TIF Development Agreement with Janesville Investors, LLC and Shine Medical
Technologies, LLC. 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 Janesville Investors, LLC and
Shine Medical Technologies, LLC. 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
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 with Janesville Investors, LLC and Shine Medical
Technologies, LLC. is hereby approved and authorized, according to the terms and conditions
set forth in the specific TIF Development Agreement.
Resolution No. 2020 — 1811
Page 2
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.
ADOPTED: September 30, 2020 Motion by: Williams
Second by: Wolfe
APPROVE : Councilmember Aye Nay Pass Absent
Benson X
Conley X
Mark A. reitag, City Manager Farrell x
Johnson X
Marklein X
ATT T: Williams X
— — — Wolfe X
a I . Godek, City Jerk-Treasurer
APPROVED AS TO FORM:
41//9)
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development
Office/City Attorney