2005-223
Resolution 2005 - 223
A Resolution Approving a TIF Development Agreement with Clinton Machine Co., Inc.,
Authorizing the Sale of an 8.28 Acre Industrial Parcel of Land, and Granting an Option to
Purchase a 6.74 Acre Parcel of Land on Freedom Lane in TIF No.8
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 Common Council has authorized the use of Tax Increment Financing Districts
for industrial site development and TIF Development agreements when the Council adopted
amended Council Policy Statement No. 61 (Economic Development Policy) on the 13th day of
June, 1994; and,
WHEREAS, Clinton Machine Co., Inc. (hereafter "Clinton Machine"), an Ohio based corporation
desires to construct a new 56,000 sf manufacturing/warehousing building in Tax Increment
Finance (TIF) District NO.8 according to the terms of a TIF Development Agreement attached
hereto and incorporated herein as if fully set forth; and
Whereas, part of the TIF Development Agreement includes a development loan from the City to
Clinton Machine in the amount of $120,000 in the form of a promissory note for TIF related
expenses, costs and projects repayable/forgivable in the manner set forth in the Agreement;
and
WHEREAS; the Plan Commission reviewed the sale of the industrial sites within TIF NO.8 at
their meeting on October 12, 1992 and found such sales to be consistent with City plans, but did
not comment on the financial aspects of the transactions; and
WHEREAS, the Common Council of the City of Janesville finds the approval of the TIF
Development Agreement, the sale of the 8.28 acre industrial site in TIF No.8; the granting of an
option to purchase a 6.74 acre industrial site to Clinton Machine and the development loan to be
in the best interest of and benefit to the City, its citizens, and the overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that
they hereby approve the TIF Development Agreement with Clinton Machine, approve the sale of
an 8.28 acre industrial site, the granting of an option to purchase a 6.74 acre industrial site in
TIF NO.8 and the making of the development loan to according to the terms and conditions set
Resolution 2005 - 223
Page 2
forth in the attached TIF Development Agreement, and
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, is
hereby authorized to negotiate, draft, modify, amend, review, and file all such other
documents, papers, and agreements, to take whatever other actions, and to make whatever
changes and amendments to the TIF Development Agreement and such other documents
and agreements which the City Manager may, from time to time, deem necessary and/or
desirable to effectuate the intent of this Resolution.
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Steven E. Sheiffer, Cit
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anager
MOTION BY: Addie
SECOND BY: DeGarmo
COUNCILMEMBER AYE NAY PASS ABSENT
BRUNNER X
BRIEN X
WI LLlAMS T
WELLNITZ, TIM X
WELLNITZ, TOM y
DEGARMO y
ADDIE X
ADOPTED:
November 14, 2005
APPROVED:
ATTEST:
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J~ Ann Wulf, City Clerk-Treasurel
I
APPROVED AS TO FORM:
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City Attorney n '
Proposed by: City Manager
Prepared by: Economic Development Director