2023-2109 File Resolution No. 2023-2109
A resolution approving a TIF Development Agreement with NORTH WOODS
HOLDINGS, LLC and NORTH WOODS HOLDINGS III, LLC for the property located
at 4000, 4100, and 4200 Kennedy Road and located within Janesville's Tax
Incremental Financing District No. 41
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. 41 to stimulate industrial
development projects in City of Janesville; and
WHEREAS, NORTH WOODS HOLDINGS, LLC, NORTH WOODS HOLDINGS III, LLC,
and the CoJ have negotiated certain TIF Development Agreement(s) which, in part, calls
for the CoJ to provide the developer to parcel totaling 7.497 acres located at 4200
Kennedy Road with an estimated fair market value of Thirty Five Thousand Dollars
($35,000.00) per buildable acre totaling One Hundred and Eight Two Thousand Dollars
($182,000.00) for $1.00 and a pay-as-you-go incentive of Six Hundred Thirty Six
Thousand Five Hundred Thirty and 00/100 Dollars ($636,530.00). The total development
incentive package will not exceed Eight Hundred Eighteen Thousand Five Hundred and
Thirty Dollars ($818,530.00); and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this project,
these incentives, and this particular negotiated TIF Development Agreements with
NORTH WOODS HOLDINGS, LLC, AND NORTH WOODS HOLDINGS III, 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 NORTH WOODS
HOLDINGS, LLC, AND NORTH WOODS HOLDINGS III, LLC, and the respective TIF
development incentives described above are hereby approved and authorized, according
to the terms and conditions set forth in the specific TIF Development Agreements; and
Resolution No. 2023-2109
Page 2
BE IT FURTHER RESOLVED, that the Common Council hereby authorize the Acting City
Manager and those he authorizes on his behalf to take whatever additional reasonably
necessary and/or desirable actions the Acting City Manager or City Manager determines
appropriate to effectuate the project and the intent of this authorizing resolution.
ADOPTED: April 24, 2023 Motion by: Neeno
Second by: Burdick
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
Burdick X
R n McCue, eputy City Manager Jackson X
Marshick X
ATTES . Miller X
Neeno X
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimc k, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney