2021-1935 Resolution No. 2021-1935
A Resolution authorizing the City Manager to enter into an option to purchase
agreement for acquisition of a 129-acre parcel of land located along CTH G from
Vivid, Inc. and Arthur T. Donaldson and Karen M. Donaldson Revocable Trust for
industrial site and related development for Public purposes
WHEREAS, the City of Janesville desires to continue to develop industrial land in
accordance with Council Policy 61A, Industrial Economic Development Policy, which
empowers the Administration to purchase and prepare land for industrial uses; and
WHEREAS, the City of Janesville desires to enter into an option to purchase agreement
for approximately 129 acres of land located along CTH G from Vivid, Inc. and Arthur T.
Donaldson and Karen M. Donaldson Revocable Trust, described in the City
Administration negotiated Option Purchase Agreement Dated October 1, 2021, (the
"Property"), a copy of which his incorporated herein by reference as though fully set
forth verbatim; and
WHEREAS, under the terms of the Option to Purchase, the City of Janesville shall
acquire approximately One Hundred Twenty-Nine Acres of land for a purchase price in
the amount of Four Million Five Hundred Fifteen Thousand and 00/100 Dollars
($4,515,000.00) with the exact purchase price determined by the actual number of
acres to be conveyed to the City as determined by a final boundary survey; and
WHEREAS, the City of Janesville is authorized and empowered to purchase, acquire,
and use the land for industrial site and related development purposes and uses, and to
enter into the Option to Purchase Agreement, pursuant to Wis. Stats. §§ 62.11(5), 62.22
(1) and (1 m), 62.23 (17) (a), 62.23 (17) (b), 66.0101, 66.1101, 66.1105, and related
statutes; and
WHEREAS, the Common Council hereby find that such purchases and uses constitute
public purpose(s) that benefit the community, and encourage and promote the
development of industry, greater employment opportunities, economic development,
and the health, welfare, safety, and good order best interests of the City, its residents,
businesses, taxpayers, and visitors; and
WHEREAS, total funding of this acquisition and borrowing debt service shall be
provided through a newly created Tax Increment Finance District, its related Project
Plan and related increment revenues while the initial option fee of Fifty Thousand and
00/100 Dollars ($50,000.00) shall be provided through the Unrestricted Fund Balance of
the City's General Fund.
Resolution No. 2021 — 1935
Page 2
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Janesville that they hereby approve and authorize the City Manager and/or his
designee(s) to enter into the Option To Purchase with Vivid, Inc. and Arthur T.
Donaldson and Karen M. Donaldson Revocable Trust on behalf of the City for the above
stated purposes; 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 as the City Manager may determine, from time
to time and at any time, 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
Benson X
Jackson X
Mark A. F eitag, 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 and
City Attorney