2022-2032 File Resolution No. 2022-2032
A resolution approving a TIF Development Agreement with GEA MECHANICAL
EQUIPMENT US, INC. for the property located at 3901 Enterprise Drive and located
within Janesville's Tax Incremental Financing District No. 39
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 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. 39 to stimulate industrial
development projects in the City of Janesville; and,
WHEREAS, GEA MECHANICAL EQUIPMENT US, INC. and the CoJ have negotiated a
certain TIF Development Agreement which, in major part, calls for the CoJ to provide to
the developer parcels totaling 16 acres located at 3901 Enterprise Drive with an estimated
fair market value of Forty-Eight Thousand Dollars ($48,000.00) per acre, totaling Seven
Hundred and Sixty Eight Thousand Dollars ($768,000.00), for$1.00 and a pay-as-you-go
incentive of Seven Hundred Six Thousand One Hundred Fifty Dollars ($706,150.00). The
total development incentive package will not exceed One Million Five Hundred and Forty
Six Thousand and Seven Hundred Dollars ($1,546,700.00); 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 GEA
MECHANICAL EQUIPMENT US, INC. 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 proposed project and TIF Development Agreement with GEA MECHANICAL
EQUIPMENT US, INC. 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 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.
Resolution No. 2022-2032
Page 2
Motion by: Williams
ADOPTED: July 11, 2022 Second by: Jackson
Councilmember Aye Nay Pass Absent
APPROVED: Benson X
Burdick X
Jackson X
Mjek A. Freitag, ity Manager Marklein X
Ryan P. McCue, Deputy City Manager Marshick X
Miller X
ATTEST: P Williams X
Mee(
Lorena ae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald KlimczyRrCity Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney