2022-2045 RESOLUTION NO. 2022-2045
RESOLUTION CREATING TAX INCREMENTAL DISTRICT NO. 40,
APPROVING ITS PROJECT PLAN AND ESTABLISHING ITS BOUNDARIES
CITY OF JANESVILLE, WISCONSIN
WHEREAS, the City of Janesville (the "City") has determined that use of Tax Incremental
Financing is required to promote development and redevelopment within the City; and
WHEREAS, Tax Incremental District No. 40 (the "District") is proposed to be created by the City
as a mixed-use district in accordance with the provisions of Wisconsin Statutes Section 66.1105
(the "Tax Increment Law"); and
WHEREAS, a Project Plan for the District has been prepared that includes:
a. A statement listing of the kind, number, and location of all proposed public works or
improvements within the District, or to the extent provided in Wisconsin Statutes
Sections 66.1105(2)(f)1.k. and 66.1105(2)(f)1.n., outside of the District;
b. An economic feasibility study;
c. A detailed list of estimated project costs;
d. A description of the methods of financing all estimated project costs and the time when
the related costs or monetary obligations are to be incurred;
e. A map showing existing uses and conditions of real property in the District;
f. A map showing proposed improvements and uses in the District;
g. Proposed changes of zoning ordinances, master plan, map, building codes, and City
ordinances;
h. A list of estimated non-project costs;
i. A statement of the proposed plan for relocation of any persons to be displaced;
j. A statement indicating how the District promotes the orderly development of the City;
k. An opinion of the City Attorney or of an attorney retained by the City advising that the
plan is complete and complies with Wisconsin Statutes Section 66.1105(4)(f).; and
WHEREAS, prior to its publication, a copy of the notice of public hearing was sent to the chief
executive officers of Rock County, the Janesville School District, and the Blackhawk Technical
College District, and any other entities having the power to levy taxes on property located within
the District, in accordance with the procedures specified in the Tax Increment Law; and
WHEREAS, in accordance with the procedures specified in the Tax Increment Law, the Plan
Commission, on June 6, 2022, held a public hearing concerning the project plan and boundaries
and proposed creation of the District, providing interested parties a reasonable opportunity to
express their views thereon; and
WHEREAS, after said public hearing, the Plan Commission designated the boundaries of the
District, adopted the Project Plan, and recommended to the Common Council that it create such
District and approve the Project Plan.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville that:
1. The boundaries of the District that shall be named "Tax Incremental District No.
40, City of Janesville", are hereby established as specified in Exhibit A of this
Resolution.
2. The District is created effective as of January 1, 2022.
City of Janesville Wisconsin TID No.40 Council Resolution
3. The Common Council finds and declares that:
(a) Not less than 50% by area of the real property within the District is suitable for
mixed-use development as defined by Wisconsin Statutes Section
66.1105(2)(cm).
(b) Based upon the finding stated in 3.a. above, the District is declared to be a
mixed-use district based on the identification and classification of the property
included within the District.
(c) The improvement of such area is likely to enhance significantly the value of
substantially all of the other real property in the District.
(d) The equalized value of the taxable property in the District plus the value
increment of all other existing tax incremental districts within the City, does not
exceed 12% of the total equalized value of taxable property within the City.
(e) That for those parcels to be included within the District that were annexed by
the City within the three-year period preceding adoption of this Resolution, the
City pledges to pay the Town of Rock an amount equal to the property taxes
the town last levied on the territory for each of the next five years.
(f) The City estimates that less than 35% of the territory within the District will be
devoted to retail business at the end of the District's maximum expenditure
period, pursuant to Wisconsin Statutes Section 66.1105(5)(b).
(g) The project costs relate directly to promoting mixed-use development in the
District consistent with the purpose for which the District is created.
(g) Lands proposed for newly platted residential development comprise no more
than 35% of the real property area within the District.
(h) Costs related to newly platted residential development may be incurred based
on the proposed development having a density of at least three (3) units per
acre as defined in Wisconsin Statutes Section 66.1105(2)(f)3.a.
4. The Project Plan for "Tax Incremental District No. 40, City of Janesville" (see
Exhibit B) is approved, and the City further finds the Plan is feasible and in
conformity with the master plan of the City.
BE IT FURTHER RESOLVED THAT the City Clerk is hereby authorized and directed to apply to
the Wisconsin Department of Revenue, in such form as may be prescribed, for a "Determination
of Tax Incremental Base", as of January 1, 2022, pursuant to the provisions of Wisconsin Statutes
Section 66.1105(5)(b).
BE IT FURTHER RESOLVED THAT pursuant to Section 66.1105(5)(f) of the Wisconsin Statutes
that the City Assessor is hereby authorized and directed to identify upon the assessment roll
returned and examined under Wisconsin Statutes Section 70.45, those parcels of property which
are within the District, specifying thereon the name of the said District, and the City Clerk is hereby
authorized and directed to make similar notations on the tax roll made under Section 70.65 of the
Wisconsin Statutes.
City of Janesville Wisconsin TID No.40 Council Resolution
ADOPTED: September 26, 2022 Motion by: Marklein
Second by: Marshick
APPROVED: a ..... ...„ Councilmember Aye Nay Pass Absent
L ,,, Benson X
/�", Cit Burdick X
Mark A. Fr itag, City Manager Jackson X
ATTEST: Marklein X
AM 4(26 Marshick X
Miller X
Lorena Rae Stottler, City Clerk-Treasurer Williams X
APPROVED AS TO FORM:
, /
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office
EXHIBIT A -
LEGAL BOUNDARY DESCRIPTION
OR
MAP OF
TAX INCREMENTAL DISTRICT NO. 40
CITY OF JANESVILLE
[INCLUDED WITHIN PROJECT PLAN]
EXHIBIT B -
PROJECT PLAN
[DISTRIBUTED SEPARATELY]
June 6, 2022
PROJECT PLAN
City of Janesville, Wisconsin
Tax Incremental District No. 40
Pheasant Field
g41111
m.% EHLERS
Imo PUBLIC FINANCE ADVISORS
Prepared by:
Ehlers
N21W23350 Ridgeview Parkway West,
Suite 100
Waukesha, WI 53188
BUILDING COMMUNITIES. IT'S WHAT WE DO.
KEY DATES
Organizational Joint Review Board Meeting Held: May 11, 2022
Public Hearing Held: June 6, 2022
Approval by Plan Commission: June 6, 2022
Adoption by Common Council: September 26, 2022
Approval by the Joint Review Board: October 3, 2022
TABLE OF CONTENTS
Executive Summary 3
Preliminary Map of Proposed District Boundary 6
Map Showing Existing Uses and Conditions 10
Preliminary Parcel List and Analysis 12
Equalized Value Test 14
Statement Listing the Kind, Number and Location of All Proposed Public Works or
Improvements Within the District 15
Map Showing Proposed Improvements and Uses 22
Detailed List of Estimated Project Costs 24
Economic Feasibility Study, Description of the Methods of Financing Estimated
Project Costs and the Time When Related Costs or Monetary Obligations are to be
Incurred 25
Annexed Property 30
Estimate of Property to Be Devoted to Retail Business 30
Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City
Ordinances 30
Statement of the Proposed Method for the Relocation of any Persons to be Displaced
31
How Creation of the Tax Incremental District Promotes the Orderly Development of
the City 31
List of Estimated Non-Project Costs 32
Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat §
66.1105(4)(f) 33
Calculation of the Share of Projected Tax Increments Estimated to be Paid by the
Owners of Property in the Overlying Taxing Jurisdictions 36
Tax Incremental District No. 40 Project Plan City of Janesville
Prepared by Ehlers Page 12
SECTION 1:
Executive Summary
DESCRIPTION OF DISTRICT
Tax Incremental District ("TID") No. 40 ("District") is a proposed Mixed-Use
District comprising approximately 171 acres located generally north of State
Highway 11 and east of Center Street to include two parcels totaling 145-acres
to be annexed from the Town of Rock. The District will be created to pay the
costs of development incentives needed to promote industrial and multi-family
residential development ("Project") to be developed by Three Leaf Partners
("Developer"). The first phase of development will be construction of a
hydroponic industrial greenhouse operation for Local Roots, an Indiana-based
agricultural company. In addition to the incremental property value that will be
created, the City expects the Project to provide employment opportunities,
increased income and sales tax collection, increased retail, commercial and
manufacturing activity, provision of workforce housing units and other benefits
to the local economy resulting from the purchase of goods and services related
to construction and operation of the Project.
AUTHORITY
The City is creating the District under the provisions of Wis. Stat. § 66.1105.
ESTIMATED TOTAL PROJECT COST EXPENDITURES
The City anticipates making total expenditures of approximately $31.9 million
("Project Costs") to undertake the projects listed in this Project Plan ("Plan").
Project Costs include an estimated $31.64 million in development incentives
and $259 thousand for administrative expenses and other costs.
INCREMENTAL VALUATION
The City projects that new land and improvements value of approximately $176
million will result from the Project. Creation of this additional value will be made
possible by the Project Costs made within the District. A table detailing
assumptions as to the development timing and associated values is included in
the Economic Feasibility Study located within this Plan.
EXPECTED TERMINATION OF DISTRICT
Based on the Economic Feasibility Study located within Section 9 of this Plan,
the City anticipates that the District will generate sufficient tax increment to
pay all Project Costs within ten of its allowable 20 years.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 13
SUMMARY OF FINDINGS
As required by Wis. Stat. § 66.1105, and as documented in this Plan and the
exhibits contained and referenced herein, the following findings are made:
1. That "but for" the creation of this District, the development projected to
occur as detailed in this Plan: 1) would not occur; or 2) would not occur in
the manner, at the values, or within the timeframe desired by the City. The
City will require Developer to pay the cost of and install all public
infrastructure to serve the District. Developer may also incur other costs to
develop property within the District that cannot be fully recovered through
sale or rent while also generating market-appropriate investor returns. As
the Project will be completed in phases, the City expects to receive one or
more requests for tax incremental financing ("TIF") assistance. As requests
are submitted, the City will evaluate each to confirm that the public
investment is necessary, and that "but for" that investment, the related
development will not occur. The development incentives included in this
Plan are for purposes of confirming economic feasibility only and do not
reflect a commitment by the City to provide incentives in any specific
amount. Incentive commitments will be set forth in development
agreements for individual phases and subject to approval by the Common
Council. To the extent City provides incentives, it expects to do so on a "pay
as you go basis."
2. The economic benefits of the District, as measured by increased
employment, business and personal income, and property value, are
sufficient to compensate for the cost of the improvements. In making this
determination, the City has considered that in addition to the incremental
property value that will be created, the City expects the Project to provide
employment opportunities, increased income and sales tax collection,
increased retail, commercial and manufacturing activity, provision of
workforce housing units and other benefits to the local economy resulting
from the purchase of goods and services related to construction and
operation of the Project.
3. The benefits of the proposal outweigh the anticipated tax increments to be
paid by the owners of property in the overlying taxing jurisdictions. As
required by Wis. Stat. § 66.1105(4)(i)4., a calculation of the share of
projected tax increments estimated to be paid by the owners of property in
the overlying taxing jurisdictions has been prepared and can be found in this
Plan. However, because the Project would not occur without the use of tax
incremental financing, these tax increments would not be paid but for
creation of the District. Accordingly, the City finds that the benefits
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 14
expected to be realized as set forth in this Plan outweigh the value of the
tax increments to be invested in the Project.
4. Not less than 50% by area of the real property within the District is suitable
for mixed use development as defined by Wis. Stat. § 66.1105(2)(cm). Lands
proposed for newly-platted residential development comprise no more than
35% of the real property area within the District. Costs related to newly-
platted residential development may be incurred based on the proposed
development having a density of at least three (3) units per acre as defined
in Wis. Stat. § 66.1105(2)(f)3.a.
5. Based on the foregoing finding, the District is designated as a mixed-use
district.
6. The Project Costs relate directly to promoting mixed use development in
the District, consistent with the purpose for which the District is created.
7. Improvements to be made in the District are likely to significantly enhance
the value of substantially all of the other real property in the District.
8. The equalized value of taxable property in the District, plus the incremental
value of all existing tax incremental districts within the City does not exceed
12% of the total equalized value of taxable property within the City.
9. The City estimates that less than 35% of the territory within the District will
be devoted to retail business at the end of the District's maximum
expenditure period, pursuant to Wis. Stat. § 66.1105(5)(b).
10. That for those parcels to be included within the District that were annexed
by the City within the three-year period preceding adoption of this
Resolution, the City pledges to pay the Town of Rock an amount equal to
the property taxes the town last levied on the territory for each of the next
five years.
11. The Plan for the District is feasible and is in conformity with the Master Plan
of the City.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 15
SECTION 2:
Preliminary Maps of Proposed District Boundary
Maps found on following pages identify the parcel and municipal boundaries as
of the District's creation date, and as of January 1, 2022. Subsequent to January
1, 2022, two parcels were annexed from the Town of Rock to the City, and a
parcel within the City was subdivided.
To the extent District boundaries include wetlands identified on a map
prepared under Wis. Stat. § 23.32, the wetlands are excluded from the District.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 16
Proposed TID 40 (Parcel Configuration September 26, 2022)
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Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 17
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Tax Incremental District No. 40 Project Plan City of Janesville
Prepared by Ehlers Page I 8
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Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 19
SECTION 3:
Map Showing Existing Uses and Conditions
Map Found on Following Page.
Tax Incremental District No.40 Project Plan City ofianesville
Prepared by Ehlers Page 110
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Existing Uses and Condtions Map
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Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 111
SECTION 4:
Preliminary Parcel List and Analysis
The District will include the parcels identified in the table included on this page.
A total of 162.51 of the 170.72 acres to be included in the District are suitable
for either newly-platted residential development or industrial development.
Land identified for newly-platted residential development makes up 10.30% of
the District's area and will be developed with an average density of at least
three units per acre. The 8.21 acres that are not suitable for mixed-use
development are a City owned conservancy area and drainage way.
Parcel Data
Suitable Acres
Annexed
Parcel Owner Acres Newly in Past 3
Number Platted Industrial Years
Residential
412400050 MAC FARLANE
(See Note 1) HOLDINGS LLC 17.58 17.58
34019002 MAC FARLANE 143.58 143.58 Yes
(See Note 2) PHEASANT FARM INC
3401900201 MAC FARLANE
(See Note 2) PHEASANTS INC 1.35 1.35 Yes
412400400 CITY OF JANESVILLE 8.21
Total 170.72 17.58 144.93
Percentage of TID Area Suitable for Mixed Use Development 95.19%
Newly Platted Residential 10.30%
Notes
(1) On January 1, 2022, this parcel totaled 29.50 acres. The acreage shown
reflects only the part of the parcel that will be included in the District and
is approximate based on GIS measurement. A Certified Survey Map
creating the parcel to be included in the District is expected to be
approved on July 11, 2022.
(2) Parcels 34019002 and 3401900201 were in the Town of Rock as of January
1, 2022 and were annexed to the City on July 11, 2022.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 112
Calculation of Estimated Base Value
Assessed
Values 412400050 34019002 3401900201 412400400 Total
Land 3,992 85,600 400 0 89,992
Improvements 0 574,700 0 0 574,700
Personal Prop. 0 0 0 0 0
Total 3,992 660,300 400 0 664,692
Equalized
Values 412400050 34019002 3401900201 412400400 Total
Land 4,692 93,800 438 0 98,931
Improvements 0 629,754 0 0 629,754
Personal Prop. 0 0 0 0 0
Total 4,692 723,554 438 0 728,685
Valuations listed reflect January 1, 2021 assessed values converted to equalized
value using the January 1, 2021 aggregate ratios published by the Wisconsin
Department of Revenue for the City (Parcel 412400050) and the Town of Rock
(Parcels 34019002 and 3401900201). Value shown for Parcel 412400050
reflects 60% of the January 1, 2021 value based on the approximate acreage to
be included in the District.
Actual District base value will be certified using January 1, 2022 valuations
which are not yet available. Any increases in valuation occurring after January
1, 2022 will generate incremental value.
Tax Incremental District No. 40 Project Plan City of Janesville
Prepared by Ehlers Page 113
SECTION 5:
Equalized Value Test
The following calculations demonstrate that the City expects to be in
compliance with Wis. Stat. § 66.1105(4)(gm)4.c., which requires that the
equalized value of the taxable property in the proposed District, plus the value
increment of all existing tax incremental districts, does not exceed 12% of the
total equalized value of taxable property within the City.
Calculation of City Equalized Value Limit
City TID IN Equalized Value (Jan. 1, 2021) $ 6,069,240,100
TID Valuation Limit @ 12% of Above Value $ 728,308,812
Calculation of Value Subject to Limit
Estimated Base Value of New District $ 728,685
Incremental Value of Existing Districts (Jan. 1, 2021) $ 371,332,800
Total Value Subject to 12% Valuation Limit $ 372,061,485
The equalized value of the increment of existing tax incremental districts within
the City, plus the estimated base value of the District, totals $372,061,485,
which is 6.13% of the City's total equalized value. This value is less than the
maximum of $728,308,812 (12%) in equalized value that is permitted for the
City. Following creation of the District its base value is no longer counted
towards the 12% limit, however, any incremental increase in value will be
included in the calculation for creation of subsequent districts, or where
territory is being added to an existing district.
Tax Incremental District No. 40 Project Plan City of Janesville
Prepared by Ehlers Page 114
SECTION 6:
Statement Listing the Kind, Number and Location of All
Proposed Public Works or Improvements Within the
District
Project Costs are any expenditure made, estimated to be made, or monetary
obligations incurred or estimated to be incurred as outlined in this Plan. Project
Costs will be diminished by any income, special assessments, or other revenues,
including user fees or charges, other than tax increments, received or
reasonably expected to be received in connection with the implementation of
the Plan. If Project Costs incurred benefit territory outside the District, a
proportionate share of the cost is not a Project Cost. Costs identified in this
Plan are preliminary estimates made prior to design considerations and are
subject to change after planning, design and construction is completed.
With all Project Costs, the costs of engineering, design, survey, inspection,
materials, construction, restoring property to its original condition, apparatus
necessary for public works, legal and other consultant fees, testing,
environmental studies, permits, updating City ordinances and plans, judgments
or claims for damages and other expenses are included as Project Costs.
The following is a list of public works and other tax incremental financing
eligible Project Costs that the City expects to make, or may need to make, in
conjunction with the implementation of the District's Plan. The map found in
Section 7 of this Plan along with the Detailed List of Project Costs found in
Section 8 provide additional information as to the kind, number, and location
of potential Project Costs.
Property, Right-of-Way, and Easement Acquisition
Property Acquisition for Development
To promote and facilitate development the City may acquire property within
the District. The cost of property acquired, and any costs associated with the
transaction, are eligible Project Costs. Following acquisition, other Project
Costs within the categories detailed in this Section may be incurred to make
the property suitable for development. Any revenue received by the City from
the sale of property acquired pursuant to the execution of this Plan will be used
to reduce the total project costs of the District. If total Project Costs incurred
by the City to acquire property and make it suitable for development exceed
the revenues or other consideration received from the sale or lease of that
property, the net amount shall be considered "real property assembly costs" as
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 115
defined in Wis. Stat. § 66.1105(2)(f)1.c., and subject to recovery as an eligible
Project Cost.
Property Acquisition for Conservancy
To promote the objectives of this Plan, the City may acquire property within
the District that it will designate for conservancy. These conservancy objectives
include preserving historic resources or sensitive natural features; protection of
scenic and historic views; maintaining habitat for wildlife; maintaining adequate
open space; reduction of erosion and sedimentation by preserving existing
vegetation; and providing adequate areas for management of stormwater. The
cost of property acquired for conservancy, and any costs associated with the
transaction, are eligible Project Costs.
Acquisition of Rights-of-Way
The City may need to acquire property to allow for installation of streets,
driveways, sidewalks, utilities, stormwater management practices and other
public infrastructure. Costs incurred by the City to identify, negotiate, and
acquire rights-of-way are eligible Project Costs.
Acquisition of Easements
The City may need to acquire temporary or permanent easements to allow for
installation and maintenance of streets, driveways, sidewalks, utilities,
stormwater management practices and other public infrastructure. Costs
incurred by the City to identify, negotiate, and acquire easement rights are
eligible Project Costs.
Relocation Costs
If relocation expenses are incurred in conjunction with the acquisition of
property, those expenses are eligible Project Costs. These costs may include
but are not limited to preparation of a relocation plan; allocations of staff time;
legal fees; publication of notices; obtaining appraisals; and payment of
relocation benefits as required by Wis. Stat. Chapter 32 and Wis. Admin. Code
ADM 92.
Site Preparation Activities
Environmental Audits and Remediation
If it becomes necessary to evaluate any land or improvement within the District,
any cost incurred by the City related to environmental audits, testing, and
remediation are eligible Project Costs.
Tax Incremental District No. 40 Project Plan City of Janesville
Prepared by Ehlers Page 116
Demolition
To make sites suitable for development, the City may incur costs related to
demolition and removal of structures or other land improvements, to include
abandonment of wells or other existing utility services.
Site Grading
Land within the District may require grading to make it suitable for
development, to provide access, and to control stormwater runoff. The City
may need to remove and dispose of excess material or bring in fill material to
provide for proper site elevations. Expenses incurred by the City for site
grading are eligible Project Costs.
Utilities
Sanitary Sewer System Improvements
To allow development to occur, the City may need to construct, alter, rebuild,
or expand sanitary sewer infrastructure within the District. Eligible Project
Costs include, but are not limited to, construction, alteration, rebuilding, or
expansion of collection mains; manho►es and cleanouts; service laterals; force
mains; interceptor sewers; pumping stations; lift stations; wastewater treatment
facilities; and all related appurtenances. To the extent sanitary sewer projects
undertaken within the District provide direct benefit to land outside of the
District, the City will make an allocation of costs based on such benefit. Those
costs corresponding to the benefit allocated to land within the District, and
necessitated by the implementation of the Project Plan, are eligible Project
Costs. Implementation of the Project Plan may also require that the City
construct, alter, rebuild, or expand sanitary sewer infrastructure located outside
of the District. That portion of the costs of sanitary sewer system projects
undertaken outside the District which are necessitated by the implementation
of the Project Plan are eligible Project Costs. Specifically, it is noted that the
Project may require the City to make improvements at its Wastewater
Treatment Plant to accommodate and treat sewerage discharge from the
Greenhouse operation. Whether improvements will be needed, when they
may be needed, and the cost are all undetermined. No cost estimate is
included in Section 8 or the Plan, but to the extent costs are incurred they
will be paid from District funds to the extent funds are available and the
improvements are for the benefit of the District and needed to implement
the Plan.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 117
Water System Improvements
To allow development to occur, the City may need to construct, alter, rebuild,
or expand water system infrastructure within the District. Eligible Project Costs
include, but are not limited to, construction, alteration, rebuilding, or expansion
of distribution mains; manholes and valves; hydrants; service laterals; pumping
stations; wells; water treatment facilities; storage tanks and reservoirs; and all
related appurtenances. To the extent water system projects undertaken within
the District provide direct benefit to land outside of the District, the City will
make an allocation of costs based on such benefit. Those costs corresponding
to the benefit allocated to land within the District, and necessitated by the
implementation of the Project Plan, are eligible Project Costs. Implementation
of the Project Plan may also require that the City construct, alter, rebuild, or
expand water system infrastructure located outside of the District. That portion
of the costs of water system projects undertaken outside the District which are
necessitated by the implementation of the Project Plan are eligible Project
Costs.
Storm water Management System Improvements
Development within the District will cause stormwater runoff. To manage this
stormwater runoff, the City may need to construct, alter, rebuild, or expand
stormwater management infrastructure within the District. Eligible Project
Costs include, but are not limited to, construction, alteration, rebuilding, or
expansion of stormwater collection mains; inlets, manholes and valves; service
laterals; ditches; culvert pipes; box culverts; bridges; stabilization of stream and
riverbanks; and infiltration, filtration, and detention Best Management Practices
(BMP's). To the extent stormwater management system projects undertaken
within the District provide direct benefit to land outside of the District, the City
will make an allocation of costs based on such benefit. Those costs
corresponding to the benefit allocated to land within the District, and
necessitated by the implementation of the Project Plan, are eligible Project
Costs. Implementation of the Project Plan may also require that the City
construct, alter, rebuild, or expand stormwater management infrastructure
located outside of the District. That portion of the costs of stormwater
management system projects undertaken outside the District which are
necessitated by the implementation of the Project Plan are eligible Project
Costs.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 118
Electric Service
To create sites suitable for development, the City may incur costs to provide,
relocate or upgrade electric services. Relocation may require abandonment and
removal of existing poles or towers, installation of new poles or towers, or
burying of overhead electric lines. Costs incurred by the City to undertake this
work are eligible Project Costs.
Gas Service
To create sites suitable for development, the City may incur costs to provide,
relocate or upgrade gas mains and services. Costs incurred by the City to
undertake this work are eligible Project Costs.
Communications Infrastructure
To create sites suitable for development, the City may incur costs to provide,
relocate or upgrade infrastructure required for voice and data communications,
including, but not limited to telephone lines, cable lines and fiber optic cable.
Costs incurred by the City to undertake this work are eligible Project Costs.
Streets and Streetscape
Street Improvements
To allow development to occur, the City may need to construct or reconstruct
streets, highways, alleys, access drives and parking areas. Eligible Project Costs
include, but are not limited to: excavation; removal or placement of fill;
construction of road base; asphalt or concrete paving or repaving; installation
of curb and gutter; installation of sidewalks and bicycle lanes; installation of
culverts, box culverts and bridges; rail crossings and signals; utility relocation,
to include burying overhead utility lines; street lighting; installation of traffic
control signage and traffic signals; pavement marking; right-of-way restoration;
installation of retaining walls; and installation of fences, berms, and landscaping.
Streetscaping and Landscaping
To attract development consistent with the objectives of this Plan, the City may
install amenities to enhance development sites, rights-of-way, and other public
spaces. These amenities include but are not limited to landscaping; lighting of
streets, sidewalks, parking areas and public areas; installation of planters,
benches, clocks, tree rings, trash receptacles and similar items; and installation
of brick or other decorative walks, terraces, and street crossings. These and any
other similar amenities installed by the City are eligible Project Costs.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 119
Community Development
Cash Grants (Development Incentives)
The City may enter into agreements with property owners, lessees, or
developers of land located within the District for sharing costs to encourage
the desired kind of improvements and assure tax base is generated sufficient
to recover Project Costs. No cash grants will be provided until the City executes
a developer agreement with the recipient of the cash grant. Any payments of
cash grants made by the City are eligible Project Costs.
Miscellaneous
Property Tax Payments to Town
Property tax payments due to the Town of Rock under Wis. Stat. §
66.1105(4)(gm)1. because of the inclusion of lands annexed after January 1,
2004 within the boundaries of the District are an eligible Project Cost.
Projects Outside the Tax Increment District
Pursuant to Wis. Stat. § 66.1105(2)(f)1.n, the City may undertake projects within
territory located within one-half mile of the boundary of the District provided
that: 1) the project area is located within the City's corporate boundaries; and
2) the projects are approved by the Joint Review Board. The cost of projects
completed outside the District pursuant to this section are eligible project costs
and may include any project cost that would otherwise be eligible if undertaken
within the District.
• The City may need to make improvements to streets adjacent to or within
a half-mile of the District to accommodate traffic resulting from the
Project. Whether improvements will be needed, when they may be
needed, and the cost are undetermined. No cost estimate is included in
Section 8 of this Plan, but to the extent costs are incurred they will be
paid from District funds to the extent funds are available and the
improvements are for the benefit of the District and needed to implement
the Plan.
• The City may need to participate directly in facilitating industrial
expansion by purchasing, constructing, selling or leasing facilities for
industrial development (e.g. business incubator). Additionally, the City
may choose to facilitate industrial expansion by supporting the current
business incubator (Janesville Innovation Center) through direct
payments of operating expenses, including, but not limited to, the
management costs of the facility. These expenditures, if necessary, will
support the objectives, and implementation, of the Plan by helping to
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 120
establish manufacturing and other industrial operations that may locate
to the available industrial space in the District.
Professional Service and Organizational Costs
The costs of professional services rendered, and other costs incurred, in relation
to the creation, administration and termination of the District, and the
undertaking of the projects contained within this Plan, are eligible Project Costs.
Professional services include but are not limited to: architectural;
environmental; planning; engineering; legal; audit; financial; and the costs of
informing the public with respect to the creation of the District and the
implementation of the Plan.
Administrative Costs
The City may charge to the District as eligible Project Costs reasonable
allocations of administrative costs, including, but not limited to, employee
salaries. Costs allocated will bear a direct connection to the time spent by City
employees relating to the implementation of the Plan.
Financing Costs
Interest expense, debt issuance expenses, redemption premiums, and any other
fees and costs incurred in conjunction with obtaining financing for projects
undertaken under this Plan are eligible Project Costs.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 121
SECTION 7:
Map Showing Proposed Improvements and Uses
Map Found on Following Page.
Tax Incremental District No.40 Project Plan City ofianesville
Prepared by Ehlers Page 122
Proposed Improvements and Uses
Project Costs include development incentives which will include reimbursement for the cost of public infrastructure improvements identified on this map
that will be funded by Developer.The City will also incur administrative and other professional service expenses in the implementation of the Plan.
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Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 123
SECTION 8:
Detailed List of Estimated Project Costs
The following list identifies the Project Costs that the City currently expects to
incur in implementing the District's Plan. All projects identified and related costs
reflect the best estimates available as of the date of preparation of this Plan. All
costs are preliminary estimates and may increase or decrease. Certain Project
Costs listed may become unnecessary, and other Project Costs not currently
identified may need to be made. (Section 6 details the general categories of
eligible Project Costs). Changes in Project Cost totals or the types of Project
Costs to be incurred will not require that this Plan be amended. This Plan is not
meant to be a budget nor an appropriation of funds for specific Project Costs,
but a framework within which to manage Project Costs.
City of Janesville, WI
Tax Increment District # 40
Estimated Project List1
Project
ID Project Name/Type Est.Cost Est.Timing
1 Development Incentives
1.a. Greenhouses 17,927,697 2024- 2033
1.b. Industrial 11,347,641 2025- 2034
1.c. Workforce Housing 2,364,092 2025-2034
2 Property Tax Payments-Town of Rock 6,128 2023- 2027
3 Janesville Innovation Center 0 2025-2037
4 Administrative Expense 253,250 2022- 2043
Total 31,898,808
Notes:
iin addition to the costs included in this table,the City may need to incur certain costs in areas
in the City that are outside of,but within 1/2 mile of,the District boundary.These costs include
street improvements,and contributions to a business incubator,to include the existing Janesville
Innovation Center.A specific cost estimate is not available as the amounts needed,if any,have
not been determined.See also Section 6 of the Plan for further explanation of these potential
expenditures.(Projects Outside the Tax Increment District).
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 124
SECTION 9:
Economic Feasibility Study, Description of the Methods
of Financing Estimated Project Costs and the Time When
Related Costs or Monetary Obligations are to be Incurred
This Section includes a forecast of the valuation increases expected within the
District, the associated tax increment collections, a summary of how Project
Costs would be financed, and a projected cash flow demonstrating that the
District is economically feasible.
Key Assumptions
The Project Costs the City plans to make are expected to create $176 million in
incremental value by January 1, 2026. Estimated valuations and timing for
construction of the Project are included in Table 1. Assuming the City's current
equalized TID Interim tax rate of $21.89 per thousand of equalized value, and
no economic appreciation or depreciation, the Project would generate
approximately $72 million in incremental tax revenue over the 20-year term of
the District as shown in Table 2.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 125
City of Janesville, WI
Tax Increment District # 40
Development Assumptions'
Construction Workforce Construction
Greenhouses Industrial Annual Total
Year Housing Year
1 2022 10,000,000 10,000,000 2022 1
2 2023 90,000,000 21,333,333 12,000,000 123,333,333 2023 2
3 2024 21,333,333 21,333,333 2024 3
4 2025 21,333,333 21,333,333 2025 4
5 2026 0 2026 5
6 2027 0 2027 6
7 2028 0 2028 7
8 2029 0 2029 8
9 2030 0 2030 9
10 2031 0 2031 10
11 2032 0 2032 11
12 2033 0 2033 12
13 2034 0 2034 13
14 2035 0 2035 14
15 2036 0 2036 15
16 2037 0 2037 16
17 2038 0 2038 17
18 2039 0 2039 18
19 2040 0 2040 19
20 2041 0 2041 20
Totals 100,000,000 64,000,000 12,000,000 176,000,000
Notes:
tValue estimates per email from City Assessor's office dated 1-28-2022.Timing taken from Developer's TIF
application letter dated 3-3-2022.Value estimate for Greenhouses further revised on 3-21-2022 per email
from R.McCue.
Table 1 - Development Assumptions
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page I 26
City of Janesville, WI
Tax Increment District#40
Tax Increment Projection Worksheet-TOTAL TID
Type of District Mixed Use Base Value 728;685
District Creation Date June 13,2022 Appreciation Factor 0.00%
Valuation Date Jan 1, 2022 Base Tax Rate $21.89
Max Life(Years) 20 Rate Adjustment Factor
Expenditure Period/Termination 15 6/13/2037
Revenue Periods/Final Year 20 2043
Extension Eligibility/Years Yes 3
Eligible Recipient District. No
Construction Valuation Inflation Total Revenue Tax
Year Value Added Year Increment Increment Year Tax Rate r,^1e'-
1 2022 10,000,000 2023 0 10,000,000 2024 $21.89 218,897
2 2023 123,333,333 2024 0 133,333,333 2025 $21.89 2,918,632
3 2024 21,333,333 2025 0 154,666,667 2026 $21.89 3,385,613
4 2025 21,333,333 2026 0 176,000,000 2027 $21.89 3,852,594
5 2026 0 2027 0 176,000,000 2028 $21.89 3,852,594
6 2027 0 2028 0 176,000,000 2029 $21.89 3,852,594
7 2028 0 2029 0 176,000,000 2030 $21.89 0 3,852,594
8 2029 0 2030 0 176,000,000 2031 $21.89 3,852,594
9 2030 0 2031 0 176,000,000 2032 $21.89 3,852,594
10 2031 0 2032 0 176,000,000 2033 $21.89 3,852,594
11 2032 0 2033 0 176,000,000 2034 $21.89 3,852,594
12 2033 0 2034 0 176,000,000 2035 $21.89 3,852,594
13 2034 0 2035 0 176,000,000 2036 $21.89 3,852,594
14 2035 0 2036 0 176,000,000 2037 $21.89 3,852,594
15 2036 0 2037 0 176,000,000 2038 $21.89 3,852,594
16 2037 0 2038 0 176,000,000 2039 $21.89 3,852,594
17 2038 0 2039 0 176,000,000 2040 $21.89 3,852,594
18 2039 0 2040 0 176,000,000 2041 $21.89 a` 3,852,594
19 2040 0 2041 0 176,000,000 2042 $21.89 is 3,852,594
20 2041 0 2042 0 176,000,000 2043 $21.89 3,852,594
0 Future-Value of increment 72,017,243
Notes:
'Tax rate shown is actual for the 2021/22 levy year per DOR Form PC-202(Tax Increment Worksheet).
Table 2 - Tax Increment Projection Worksheet
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 127
Financing and Implementation
The District's primary expenditures will be development incentives. Incentives
will be paid on a "pay as you go" basis from the tax increment generated by
the Project and may be structured in one or more phases. Payments will be
made from and strictly limited to the tax increments generated by the District.
The incentives are not considered City debt nor will the City appropriate funds
to make incentive payments from any other sources aside from the tax
increment generated by the District.
The City will also incur certain costs to create and administer the District to
include property tax payments to be made to the Town of Rock for a period of
five years following annexation of Parcels 6-17-122 and 6-17-122A. Costs
incurred by the City prior to availability of tax increments will be paid from
other funds of the City to be reimbursed. Once tax increments are collected,
these costs will be paid from annual District revenue.
Based on the Project Cost expenditures as included within the cash flow exhibit
(Table 3), the District is projected to accumulate sufficient funds by the year
2033 to pay off all Project cost liabilities and obligations. The projected closure
is based on the various assumptions noted in this Plan and will vary dependent
on actual Project Costs incurred and the actual amount of tax increments
collected.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 128
City of Janesville, WI
Tax Increment District#40
Cash Flow Projection
Projected Revenues Expenditures Balances
Development Incentives' Property Tax
Year Interest Payments to Incentive
Tax Earnings/ Other Total Workforce Town of Total Amounts
Increments (Cost) Revenue Revenues Greenhouses Industrial Housing Rock' Admin. Expenditures Annual Cumulative Outstanding Year
2022 0 50,000 50,000 (50,000) (50,000) 0 2022
2023 0 1,226 25,000 26,226 (26,226) (76,226) 17,927,697 2023
2024 218,897 218,897 197,008 0 0 1,226 25,000 223,233 (4,336) (80,562.) 31,442,422 2024
2025 2,918,632 2,918,632 1,970,077 420,283 236,409 1,226 25,000 2,652,994 265,638 185,076 28,815,653 2025
2026 3,385,613 3,385,613 1,970,077 840,566 236,409 1,226 5,000 3,053,277 332,336 517,412 25,768,601 2026
2027 3,852,594 3,852,594 1,970,077 1,260,849 236,409 1,226 5,250 3,473,810 378,784 896,195 22,301,266 2027
2028 3,852,594 3,852,594 1,970,077 1,260,849 236,409 5,500 3,472,835 379,759 1,275,955 18,833,932 2028
2029 3,852,594 3,852,594 1,970,077 1,260,849 236,409 5,750 3,473,085 379,509 1,655,464 15,366,597 2029
2030 3,852,594 3,852,594 1,970,077 1,260,849 236,409 6,000 3,473,335 379,259 2,034,724 11,899,262 2030
2031 3,852,594 3,852,594 1,970,077 1,260,849 236,409 6,250 3,473,585 379,009 2,413,733 8,431,928 2031
2032 3,852,594 3,852,594 1,970,077 1,260,849 236,409 6,500 3,473,835 378,759 2,792,492 4,964,593 2032
2033 3,852,594 3,852,594 1,970,077 1,260,849 236,409 6,750 3,474,085I 378,509 3,171,002 1,497,258 2033
2034 3,852,594 3,852,594 0 1,260,849 236,409 7,000 1,504,258 2,348,336 5,519,338 (0). 2034
2035 3,852,594 3,852,594 0 0 0 7,250 7,250 3,845,344 9,364,682 (0) 2035
2036 3,852,594 3,852,594 0 0 0 7,500 7,500 3,845,094 13,209,776 (0) 2036
2037 3,852,594 3,852,594 0 0 0 7,750 7,750 3,844,844 17,054,620 (0) 2037
2038 3,852,594 3,852,594 0 0 0 8,000 8,000 3,844,594 20,899,214 (0) 2038
2039 3,852,594 3,852,594 0 0 0 8,250 8,250 3,844,344 24,743,558 (0) 2039
2040 3,852,594 3,852,594 0 0 0 8,500 8,500 3,844,094 28,587,653 (0) 2040
2041 3,852,594 3,852,594 0 0 0 8,750 8,750 3,843,844 32,431,497 (0) 2041
2042 3,852,594 3,852,594 0 0 0 9,000 9,000 3,843,594 36,275,091 (0) 2042
2043 3,852,594 3,852,594 0 0 0 9,250 9,250 3,843,344 40,118,435 (0) 2043
Total 72,017,243 0 0 72,017,243 17,927,697 11,347,641 2,364,092 6,128 253,250 31,898,808 Total
Notes: L Projected District Closure
'Incentives amount identified for purposes of confirming financial feasibility only and do not reflect a commitment by the City to provide incentives in any specific amount.Incentive commitments will be
set forth in development agreements for individual phases and subject to approval by the Common Council.To the extent City provides incentives,it expects to do so on a"pay as you basis."
'Amount shown is Town of Rock portion of the property tax bills for parcels 6-17-122 and 6-17-122A.The City will pay this amount to the Town for a period of five years following annexation.
Table 3 - Cash Flow
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 129
SECTION 10:
Annexed Property
A tax incremental district cannot include annexed territory unless at least three
years have elapsed since the annexation, or certain other requirements are met.
Since property within the proposed District boundary has been annexed within
the past three years, the City pledges to pay the Town of Rock for each of the
next five years an amount equal to the property taxes levied by the Town on
the annexed parcels. Such payments allow for inclusion of the annexed lands
as a permitted exception under Wis. Stat. § 66.1105(4)(gm)1.
SECTION 11:
Estimate of Property to Be Devoted to Retail Business
Pursuant to Wis. Stat. § 66.1105(5)(b), the City estimates that less than 35% of
the territory within the District will be devoted to retail business at the end of
the District's maximum expenditure period.
SECTION 12:
Proposed Changes of Zoning Ordinances, Master Plan,
Map, Building Codes and City Ordinances
Zoning Ordinances
The proposed Plan is in general conformance with the City's current zoning
ordinances. Individual properties may require rezoning at the time of
development.
Master (Comprehensive) Plan and Map
The proposed Plan is in general conformance with the City's Comprehensive
Plan which following amendment on July 11, 2022 identifies the area as
appropriate for low density residential, higher density multifamily residential,
and industrial uses.
Building Codes and Ordinances
Development within the District will be required to conform to State Building
Codes and will be subject to the City's permitting and inspection procedures.
The proposed Plan conforms to all relevant State and local ordinances, plans,
and codes. No changes to the existing regulations are proposed or needed.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 130
SECTION 13:
Statement of the Proposed Method for the Relocation of
any Persons to be Displaced
Should implementation of this Plan require relocation of individuals or business
operations, relocations will be handled in compliance with Wis. Stat. Chapter
32 and Wis. Admin. Code ADM 92.
SECTION 14:
How Creation of the Tax Incremental District Promotes
the Orderly Development of the City
Creation of the District and the implementation of the projects in its Plan will
promote the orderly development of the City by creating new industrial sites
and opportunities for mixed use development, providing necessary public
infrastructure improvements, and providing appropriate financial incentives for
private development projects. Through use of tax increment financing, the City
can attract new investment that results in increased tax base. Development will
occur in an orderly fashion in accordance with approved plans so that the
Projects will be compatible with adjacent land uses. Development of new uses
in the District will add to the tax base and will generate positive secondary
impacts in the community such as employment opportunities, increased
income and sales tax collection, increased retail, commercial and
manufacturing activity, provision of workforce housing units and other benefits
to the local economy resulting from the purchase of goods and services related
to construction and operation of the Project
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 131
SECTION 15:
List of Estimated Non-Project Costs
Non-project costs are public works projects which only partly benefit the
District. Costs incurred that do not benefit the District may not be paid with tax
increments. Examples of non-project costs are:
• A public improvement made within the District that also benefits
property outside the District. That portion of the total Project Costs
allocable to properties outside of the District would be a non-project
cost.
• A public improvement made outside the District that only partially
benefits property within the District. That portion of the total Project
Costs allocable to properties outside of the District would be a non-
project cost.
• Projects undertaken within the District as part of the implementation of
this Project Plan, the costs of which are paid fully or in part by impact
fees, grants, special assessments, or revenues other than tax increments.
No improvements to be made within the District will benefit property outside
the District. Furthermore, there will be no improvements made outside the
District that will only partially benefit the District.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 132
SECTION 16:
Legal Opinion Advising Whether the Plan is Complete
and Complies with Wis. Stat. § 66.1105(4)(f)
Legal Opinion Found on Following Page.
Tax Incremental District No.40 Project Plan City of Janesville
Prepared by Ehlers Page 133
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CITY ATTORNEY'S OFFICE MEMORANDUM
May 23, 2022
TO: Common Council
FROM: Wald Klimczyk, City Attorney
RE: Legal Opinion —TID 40 Project Plan
Sec. 66.1105(4)(f), Wis. Stats., of the Tax Increment Financing Law mandates that
the project plan or any plan amendment for a tax increment financing district "include an
opinion of the city attorney or an attorney retained by the city advising whether the plan
is complete and complies with this section." You have asked me to review a certain
proposed "Tax Incremental Finance District No. 40 Project Plan," dated May 23, 2022
(the planned date for Common Council action) and determine if, in my legal opinion, it is
complete and complies with the requirements of Wisconsin's T.I.F. Law. This
memorandum constitutes my legal opinion.
Sec. 66.1105(4)(f), Wis. Stats., sets forth those components of a T.I.F. project plan
which are required by state law. They are as follows:
1. A statement listing the kind, number, and location of all proposed public
works or improvements within the district or, to the extent provided in Section
66.1105(4)(f) 1. k, Wis. Stats., outside the district;
2. An economic feasibility study;
3. A detailed list of estimated project costs;
4. A description of the methods of financing all of the estimated projected
costs;
5. The time when the costs or monetary obligations related thereto are to be
incurred;
Tax Incremental District No.40 Project Plan City of Janesville
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Common Council
May 23, 2022
Page 2
6. A map showing the existing uses and conditions of the real property in the
district;
7. A map showing the proposed improvements and uses in the district;
8. Proposed changes of:
a. Zoning ordinances.
b. The master plan, if any.
c. The master map, if any.
d. Building codes.
e. City ordinances.
9. A list of estimated non-project costs;
10. A statement of proposed methods for the relocation of any person(s) to be
displaced; and
11 . How the Tax Increment Financing District promotes the orderly
development of the City.
I have reviewed proposed "Tax Incremental Finance District No. 40 Project Plan,"
dated May 23, 2022, prepared by Todd Taves, Managing Director of Ehlers Public
Finance Advisors in conjunction with the City of Janesville Economic Development Office
and Finance Division. It is my legal opinion that said project plan as prepared for the
Economic Development Office is complete and does comply with Section 66.1105(4) (f),
Wis. Stats. According to the terms of the above cited statute, this legal opinion should
now become the final component of that project plan amendment.
Wald Klimczyk
City Attorney
wk
cc: Lorena Rae Stottler, City Clerk-Treasurer
Tax Incremental District No.40 Project Plan City of Janesville
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SECTION 17:
Calculation of the Share of Projected Tax Increments
Estimated to be Paid by the Owners of Property in the
Overlying Taxing Jurisdictions
The following projection is provided to meet the requirements of Wis. Stat. §
66.1105(4)(i)4. Allocation of future tax increments is based on the projections
included in this Plan and assumes the same proportions as the actual
breakdown of tax collections for the 2021 levy year.
Revenue City of School District Blackhawk Revenue
Year Rock County Janesville of Janesville Tech College Total Year
2024 56,458 72,428 79,402 10,610 218,897 2024
2025 752,777 965,700 1,058,693 141,461 2,918,632 2025
2026 873,222 1,120,213 1,228,084 164,095 3,385,613 2026
2027 993,666 1,274,725 1,397,475 186,728 3,852,594 2027
2028 993,666 1,274,725 1,397,475 186,728 3,852,594 2028
2029 993,666 1,274,725 1,397,475 186,728 3,852,594 2029
2030 993,666 1,274,725 1,397,475 186,728 3,852,594 2030
2031 993,666 1,274,725 1,397,475 186,728 3,852,594 2031
2032 993,666 1,274,725 1,397,475 186,728 3,852,594 2032
2033 993,666 1,274,725 1,397,475 186,728 3,852,594 2033
2034 993,666 1,274,725 1,397,475 186,728 3,852,594 2034
2035 993,666 1,274,725 1,397,475 186,728 3,852,594 2035
2036 993,666 1,274,725 1,397,475 186,728 3,852,594 2036
2037 993,666 1,274,725 1,397,475 186,728 3,852,594 2037
2038 993,666 1,274,725 1,397,475 186,728 3,852,594 2038
2039 993,666 1,274,725 1,397,475 186,728 3,852,594 2039
2040 993,666 1,274,725 1,397,475 186,728 3,852,594 2040
2041 993,666 1,274,725 1,397,475 186,728 3,852,594 2041
2042 993,666 1,274,725 1,397,475 186,728 3,852,594 2042
2043 993,666 1,274,725 1,397,475 186,728 3,852,594 2043
Totals 18,574,783 23,828,659 26,123,255 3,490,546 72,017,243
Tax Incremental District No.40 Project Plan City of Janesville
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