2021-1933 Resolution No. 2021-1933
A resolution approving TIF Development Agreement Amendment No. 2 with MW
Residences, LLC for a project addressed as 701 Myrtle Way and located within
Janesville's Tax Increment District No. 32
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 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 City of Janesville amended the project plan for
TID No. 32 to promote the development of multiple family housing and further stimulate
mixed-use development along the City of Janesville's East Racine Street corridor which
includes within the project plan the ability to spend funds to promote multifamily
housing; and
WHEREAS, the Common Council of the City of Janesville approved a TIF Development
Agreement with MW Residences, LLC for the development of a five-building multiple
family unit residential development; and
WHEREAS, the developer wishes to advance completion of the project, two years
ahead of the original schedule as demand for residential units continues to outpace
supply and the development is exceeding the anticipated demand; and
WHEREAS, the Developer receives payment of the development incentive(s) as each
building is completed and completion of the development ahead of the original schedule
requires payment by the City under a new timeline; and
WHEREAS, the Tax Increment Finance District No. 32 will have adequate funds to pay
the development incentive as now anticipated by the end of 2022; and
WHEREAS, the Common Council of the City of Janesville 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. 2 with MW
Residences, LLC is hereby approved and authorized, according to the terms and
conditions set forth in the specific TIF Development Agreement Amendment No. 2; and
Resolution No. 2021 — 1933
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: October 25, 2021 Motion by: Williams
Second by: Marshick
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
Jackson X
Mark A. F itag, City Manager Johnson X
Marklein X
ATTEST: Marshick X
Miller X
-/t4t
Williams X
•
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimcz k, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office and -
City Attorney