2022-2003 File Resolution No. 2022-2003
A resolution approving a TIF Development Agreement with Pontiac Place Hotel
Associates 2, LLC and Pontiac Place Hotel Associates 2 Operating, LLC for the
construction and use as a fully functional 42,000 square-foot hotel facility
addressed as 2702 Pontiac Place and located within Janesville's Tax Incremental
Financing District No. 37
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 commercial site development and Tax Incremental Financing (TIF)
development agreements to facilitate the highest and best uses of existing commercial
areas of the City by leveraging reinvestment for 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 2016; and,
WHEREAS, the Common Council of the CoJ created TID No. 37 to stimulate commercial
redevelopment projects of the former Menards property; and,
WHEREAS, Pontiac Place Hotel Associates 2, LLC, Pontiac Place Hotel Associates 2
Operating, LLC, and the CoJ have negotiated a certain TIF Development Agreement
which, in major part, provides that the total, cumulative, annual, pay-as-you-go,
Development Incentive component payments made by the City to the Developer over the
life of this twelve (12) year Agreement not exceed $1,897,749.01, provided that such
payments will be made by the CoJ only if: (a) the Property -- with the new improvements
— generates, and the CoJ actually receives, the minimum, requisite, annual tax
increments, tax equivalent payments, and other revenues for each year during the twelve
(12) year term of the 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 Pontiac
Place Hotel Associates 2, LLC and Pontiac Place Hotel Associates 2 Operating, 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 Pontiac Place
Hotel Associates 2, LLC and Pontiac Place Hotel Associates 2 Operating, 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 — 2003
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 25, 2022 Motion by: Williams
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
Burdick X
Mark A. reitag, City Manager Jackson X
Marklein X
ATTEST: Marshick X
Miller X
4,7&40ie, Williams X
Lorena Rae Stottle , Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office
and City Attorney