2023-2159 File Resolution No. 2023-2159
A resolution approving a TIF Development Agreement with WOLTER INVESTMENT
COMPANY LLC for the property located at 2701, 2739, and 2797 Beloit Avenue and
located within Janesville's Tax Incremental Financing District No. 35
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. 35 to stimulate industrial
development projects in City of Janesville; and
WHEREAS, WOLTER INVESTMENT COMPANY LLC and the CoJ have negotiated a
TIF Development Agreement which, in part, calls for the CoJ to provide to the developer
three parcels totaling 6.4 acres located at 2701, 2739, and 2797 Beloit Avenue with an
estimated fair market value of Thirty-Eight Thousand Five Hundred and 0/100 Dollars
($38,500.00) per buildable acre totaling Two Hundred Forty-Six Thousand Three Hundred
Twenty-Three and 0/100 Dollars ($246,323.00) for $1.00 and a pay-as-you-go incentive
of Five Hundred Twenty-Six Thousand Five Hundred Sixty-Seven and 00/100 Dollars
($526,567.00). The total development incentive package will not exceed Seven Hundred
Seventy-Two Thousand Eight Hundred Ninety and 0/100 Dollars ($772,890.00); 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
WOLTER INVESTMENT COMPANY 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 WOLTER
INVESTMENT COMPANY 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 Agreement; and
Resolution No. 2023-2159
Page 2
BE IT FURTHER RESOLVED, that the Common Council hereby authorize 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.
ADOPTED: Odd:10r 01-37 49-0 3 Motion by: Jackson
Second by: Neeno
APPROVED: Councilmember Aye Nay Pass Absent
Benson X
i �- Burdick X
Kevin M. Lahner, City Manager Jackson X
Marshick X
A Miller X
ATTEST-
Neeno X
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald KlirKcZyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office/City
Attorney