2022-2061 Resolution No. 2022-2061
A resolution approving a Release of Repurchase Right for property located at 2320
Foster Avenue, Janesville, WI.
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
Sections 62.22 and 62.11(5) empower the Common Council to determine and act on real property
and other business matters on behalf of the City of Janesville; and
WHEREAS, this resolution addresses the real property located at 2320 Foster Avenue in the City
of Janesville, County of Rock, State of Wisconsin 53546, Tax Parcel No. 0219100212 / Tax ID
#241 0219100212 ("Lot"), located in the North Janesville Industrial Park; and
WHEREAS, a certain Indenture, (warranty deed), dated the 16th day of December 1965, and
recorded on December 28, 1965 as Document No. 697847, from Janesville Industrial
Development, Inc., a Wisconsin corporation ("Grantor"), to Norwood Mills, Inc., ("Grantee")
contained, a repurchase right -- in essence, a right of first refusal -- vested in the Grantor, which
right reads as follows:
"This conveyance is subject to the condition that this land shall not be used for other than
industrial purposes, nor sold to anyone else for use for other than industrial purposes
without first giving grantor (or its successor corporation, or, if none, the City of Janesville)
the opportunity to repurchase the land and any improvements thereon at the price at which
it is then proposed to be sold."; and
WHEREAS, a true and correct photocopy of the Indenture is attached hereto and incorporated
herein as if fully set forth verbatim; and
WHEREAS, the Grantor no longer exists and, thus, the repurchase right now vests in the City of
Janesville; and
WHEREAS, Prent Corporation, a Wisconsin Municipal Corporation, purchased the Lot from the
Grantee; and
WHEREAS, Prent Corporation, through its attorney, approached former Janesville Economic
Development Director Gale Price in December of 2021 requesting a letter from the City of
Janesville and him waiving the right to repurchase the property as stated in the Indenture. A true
and correct photocopy of Attorney Michael E. Grubb's Tuesday, December 21, 2021, 6:04 AM
request email to Gale Price, which sets forth the reasons for Prent's request, is attached hereto
and incorporated herein as if fully set forth verbatim; and
WHEREAS, to facilitate the closing of the purchase of the Lot by Prent Corporation in December
2021, Gale Price drafted and mailed a certain letter, dated December 21, 2021, to Attorney Grubb
agreeing to the release. A true and correct photocopy of the Price letter is attached hereto and
incorporated herein as if fully set forth verbatim; and
WHEREAS, a true and correct photocopy of the proposed Release of Repurchase Right, drafted
by Attorney Michael E. Grubb on behalf of his client, Prent Corporation, is attached hereto and
incorporated herein as if fully set forth verbatim; and has been reviewed and approved by the City
Attorney; and
WHEREAS, the City Administration recommends that the Plan Commission and Common Council
release the right of repurchase in the manner proposed and for the reasons set forth in the
attachments hereto; and
WHEREAS, the Plan Commission reviewed and recommended the release at their meeting on
Monday, November 7th, 2022; and
WHEREAS, the Common Council of the City of Janesville hereby find the release of Repurchase
Right to be appropriate and in the overall best interests and of benefit to the City of Janesville and
its economic development goals;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that
the proposed Release of Repurchase Rights for the Lot is hereby approved; 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 enter into the proposed Release of
Repurchase Rights, and 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 same, which the City Manager may, from time
to time, deem necessary and/or desirable to effectuate the intent of this Resolution.
ADOPTED: November 14, 2022 Motion by: Consent
Second by: Consent
PROVERCouncilmember Aye Nay Pass Absent
Benson X
®� y' Burdick X
David J. Mo ting Manager Jackson X
ATTEST: Marklein X
Marshick X
Miller X
Lorena E. Stottler, City Clerk-Treasurer Williams X
APPROVED AS TO FORM:
/
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: City Attorney