2022-1980 Resolution No. 2022-1980
A resolution approving a TIF Development Agreement with EOE, LLC for the
rehabilitation of commercial property located at 100 West Racine Street and
located within Janesville's Tax Incremental Financing District No. 36
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 residential development and Tax Incremental Financing
(TIF) development agreements to facilitate the 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. 61B
(Commercial Economic Development Policy) in 2018; and,
WHEREAS, the CoJ recognizes the importance of reactivating vacant commercial
space in Janesville's Downtown; and
WHEREAS, EOE, LLC (developer) and the CoJ have negotiated a certain TIF
Development Agreement which, in major part, calls for the CoJ to provide a pay-as-you-
go development incentive not to exceed One Hundred Fourteen Thousand Two
Hundred Forty-Seven and 35/100 Dollars $114,247.35) to be used for further
development of the property at 100 West Racine Street; and
WHEREAS, the Common Council of the CoJ hereby find the approval of this particular
negotiated TIF Development Agreement with EOE, LLC Trust 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 EOE,
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
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.
Resolution No. 2022-'1980
Page 2
ADOPTED: March 14, 2022 Motion by: Benson
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
/44,4_. a Benson X
Jackson X
Mark . F eitag, City Manager Johnson X
Marklein X
ATTEST: Marshick X
416 Miller X
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