2023-2094 File Resolution No. 2023-2094
A resolution approving a TIF Development Agreement with 800 Myrtle Way, LLC for
the property located at 800 Myrtle Way and located within Janesville's Tax
Incremental Financing District No. 32
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 has authorized the use of Tax Incremental
Districts (TID) for multifamily development and Tax Incremental Financing (TIF)
development agreements to facilitate multifamily residential developments that otherwise
would not be constructed and overall economic benefit to 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 2022; and,
WHEREAS, the Common Council of the CoJ created TID No. 32 to stimulate mixed-use
development projects in the City of Janesville and later amended TID No. 32 to further
promote the development of multiple-family housing; and,
WHEREAS, 800 Myrtle Way, LLC (developer) and the CoJ have negotiated a certain TIF
Development Agreement, which, in major part, calls for the CoJ to provide forgivable
loans of up to Four Million Dollars ($4,000,000) for Phase 1 of the development and Three
Million Dollars ($3,000,000) for Phase 2 of the development to be used for the
development of the property; and
WHEREAS, the Common Council of the CoJ hereby finds the approval of this particular
negotiated TIF Development Agreement with 800 Myrtle Way, 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 800 Myrtle Way,
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
BE IT FURTHER RESOLVED that the Common Council hereby authorizes the Acting
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. 2023-2094
Page 2
Motion by: Marshick
ADOPTED: March 13, 2023 Second by: Marklein
Councilmember Aye Nay Pass Absent
APPROVED: Benson X
56^-2Ar, Burdick X
Jackson X
' City Manager Marklein X
✓mac(tee, Jfr° 9-7 Marshick X
ATTEST' Miller X
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczy , City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office