2024-2201 File Resolution No. 2024-2201
A resolution approving a TIF Development Agreement with TI Janesville XII, LLC
for the property located at 1809 Adel Street and located within Janesville's Tax
Incremental Financing District No. 42
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. 42 to stimulate industrial
development projects in City of Janesville; and
WHEREAS, TI Janesville XII, LLC, and the CoJ have negotiated certain TIF Development
Agreement(s) which, in part, calls for the CoJ to provide the developer a pay-as-you-go
incentive of a monetary Development Incentive, paid in annual installments, and is
calculated as 80% of the increased increment by this project; 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 TI
Janesville XII, 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 TI Janesville XII,
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. 2024-2201
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: February 26, 2024 I Motion by: Marshick
Second by: Neeno
APPROVED: Councilmember Aye Nay Pass Absent
M A Benson X
S eb 2 7,2024 13a0 COT) Burdick X
Kevin M. Lahner, City Manager Jackson X
Marshick X
ATTEST: Miller X
Neeno X
49'44ht Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office