2021-1932 Resolution No. 2021-1932
A Resolution approving TIF Development Agreement Amendment No. 2 with
Capital Circle I Corp. for the construction of a 23,400 square-foot addition to an
existing manufacturing and warehousing facility with additional tenant
improvements located within Janesville Tax Incremental Financing District No.
32
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 Financing Districts (TIDS) for industrial site development and TIF
development agreements to facilitate the manufacturing, industrial, 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. 61A (Industrial Economic Development Policy); and,
WHEREAS, the Common Council of the City of Janesville created Tax Incremental
Financing District No. 32 to stimulate industrial development projects in the City of
Janesville's East Racine Street corridor and the City's East Side Industrial Park; and
WHEREAS, Capital Circle I Corp. (Developer) and the City of Janesville originally
negotiated a certain TIF Development Agreement which was approved by the City
Council on March 23, 2015 and was further amended on May 11, 2015 to provide land
and a development incentive of Six Hundred Thirty-Five Thousand and 00/100 Dollars
($635,000.00); and
WHEREAS the Developer now intends to construct an addition of Twenty-Three
Thousand Four Hundred square feet (23,400 sq. ft.) to facilitate growth of the tenant.
The Developer desires an additional building development incentive of Two Hundred
Thousand and 00/100 Dollars ($200,000.00) for additional tenant improvements that will
increase the value of the building over and above the originally agreed value; and
WHEREAS, the Developer and the City of Janesville have negotiated a certain TIF
Development Agreement Amendment Number 2 which, in major part calls for the City of
Janesville to provide the Developer an additional building development incentive of Two
Hundred Thousand and 00/100 Dollars ($200,000.00) to be used solely for the
construction of a Twenty-Three Thousand Four Hundred square foot (23,400 sq. ft.)
addition; and
WHEREAS, the Common Council of the City of Janesville hereby find that the approval of
this particular negotiated TIF Development Agreement Amendment No. 2 with the
Developer to be in the best interest and of benefit to the City of Janesville, 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
CAPITAL CIRCLE I Corp., and the TIF development loan 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: October 25, 2021 Motion by: Williams
Second by: Marshick
APPROVED: Councilmember Aye Nay Pass Absent
1L Benson X
Jackson X
Mark A. Fr itag, City Manager Johnson X
Marklein X
ATTEST: Marshick X
Miller X
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