2021-1914 Resolution No. 2021-1914
A resolution approving a TIF Development Agreement with LKQ Midwest, Inc
for the construction of a 73,000 square foot industrial addition located at 2101
Beloit Avenue and located within Janesville's
Tax Incremental Financing District No. 26
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 has authorized the use of Tax Incremental
Districts (TID) for industrial development and Tax Incremental Financing (TIF)
development agreements to facilitate the manufacturing, industrial, and overall economic
benefit of the City of Janesville (CoJ) when it adopted Council Policy Statement No. 61A
(Industrial 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. 26 to stimulate industrial
development projects along the Beloit Avenue Corridor; and
WHEREAS, LKQ Midwest, Inc. (developer) and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to provide a forgivable
loan of One Hundred Fifty-Eight Thousand and 00/100 Dollars $158,000.00), to be used
for construction of a 73,000 square foot addition on the property located at 2101 Beloit
Avenue; and
WHEREAS, the Common Council of the CoJ hereby finds the approval of this particular
negotiated TIF Development Agreement with LKQ Midwest, Inc. 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 LKQ Midwest, Inc
and the TIF development incentive 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.
ADOPTED: August 23, 2021 Motion by: Williams
Second by: Johnson
APPROVED: Councilmember Aye Nay Pass Absent
/ Benson X
v/--e Jackson X
Ry cC De uty City Manager Johnson X
Marklein X
ATT T. _ Marshick X
Miller X
e- - Williams X
vid Godek, Acting City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney