2022-1982 File Resolution No. 2022-1982
A resolution approving a TIF Development Agreement with TI Janesville X, LLC for
the construction, use, and leasing of a 500,000 square-foot Industrial /
Manufacturing / Warehousing facility located at 200 Innovation 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 X, LLC and the CoJ have negotiated a certain TIF Development
Agreement which, in major part, calls for the CoJ to provide land valued at $1,269,520.00;
and
WHEREAS, the total, cumulative, annual, pay-as-you-go Development Incentive
component payments paid by the City to the Developer over the life of this nine (9) year
Agreement shall not exceed $1,532,151.00, provided only if the Property with the new
improvements generates the requisite annual increments, tax payments, and other
revenues, and only if payments are actually received by the City, for each and every year
during the nine (9) year term of the Agreement in at least the minimum amount for each
year required by this Agreement; 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 X, 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 X,
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. 2022 — 1982
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: April 11, 2022 Motion by: Williams
Second by: Benson
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
Jackson X
Mark Freitag, City Manag Johnson X
Marklein X
ATTEST: Marshick X
Miller X
%ijj
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
‘delet/W
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office
and City Attorney