2021-1962 File Resolution No. 2021-1962
A resolution approving a TIF Development Agreement with TI Janesville IX LLC
for property located at 401 West Venture Drive and 2801 Progress 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, TI Janesville IX LLC and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to provide the developer
two parcels totaling 24.76 acres located at 401 West Venture Drive and 2801 Progress
Drive with a City Council policy value of Eight Hundred Forty-Nine Thousand, Three
Hundred Forty-Two and 00/100 Dollars ($849,342.00) for $1.00 and a pay as you go
incentive not to exceed One Million, One Hundred Sixty-Four Thousand and 00/100
Dollars ($1,164,000.00) as incentives to be used for the industrial development of the
property; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
project, these incentives, and this particular negotiated TIF Development Agreement
with TI Janesville IX 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 TI
Janesville IX 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
Resolution No. 2021 — 1962
Page 2
BE IT FURTHER RESOLVED, that the Common Council hereby authorizes the City
Manager and those he authorizes on his behalf to take whatever additional reasonably
necessary and/or desirable actions the City Manager determines appropriate to
effectuate the project and the intent of this authorizing resolution.
ADOPTED: December 13, 2021 Motion by: Williams
Second by: Johnson
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
Jackson X
Mark A. reitag, City Manager Johnson X
Marklein X
ATTEST: Marshick X
Miller X
,-At;&-&
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney