City of Madison - File #: 03970

• File #: 03970
• Version: 1
• Name: Authorizing the Mayor and City Clerk to execute a development agreement to fund a TIF Loan in the amount of $130,000 to TJK Properties, LLC to construct a 25,000 square foot industrial building located on Lots 32 & 33 of Marsh Ct in TIF Dist #24.
• Type: Resolution
• Status: Passed
• File created: 6/14/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 7/18/2006
• Final action: 7/18/2006
• Enactment date: 7/20/2006
• Enactment #: RES-06-00610
• Title: Authorizing the Mayor and City Clerk to execute a development agreement to fund a Tax Incremental Finance (TIF) Loan in the amount of $130,000 to TJK Properties, LLC to construct a 25,000 square foot industrial building located on Lots 32 & 33 of Marsh Court in Tax Incremental Finance District Number 24 (Southeast Industrial Development District).
• Sponsors: Judy Compton

Date	Ver.	Action By	Action	Result
7/18/2006	1	COMMON COUNCIL	Adopt	Pass
6/26/2006	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/20/2006	1	COMMON COUNCIL	Refer
6/14/2006	1	Community and Economic Development Unit	Fiscal Note Required / Approval
6/14/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
6/14/2006	1	Community and Economic Development Unit	Referred for Introduction

Fiscal Note
The 2006 P & D Adopted Capital budget (project #10, Account #822401) authorizes expenditure of up to $500,000 in loans to businesses locating within the TID 24 district. This project would be funded under such authorization.
Title
Authorizing the Mayor and City Clerk to execute a development agreement to fund a Tax Incremental Finance (TIF) Loan in the amount of $130,000 to TJK Properties, LLC to construct a 25,000 square foot industrial building located on Lots 32 & 33 of Marsh Court in Tax Incremental Finance District Number 24 (Southeast Industrial Development District).
Body
WHEREAS on September 19, 1995, the Common Council of the City of Madison approved the creation of TIF District Number 24 and the project plan for the district, which states that the City of Madison has created said district to advance adopted City objectives for encouraging industrial growth and orderly land development; and

WHEREAS on September 7, 1999, the Common Council of the City of Madison adopted resolution number 56,509, ID number 26,070 authorizing a $50,000 TIF loan to J-B Partnership, representing the owners of Westphal & Company ("Company"), an electrical contractor headquartered in Janesville, Wisconsin and operating in Janesville, Madison and Iowa; and

WHEREAS, the Company constructed a 10,000 square foot building in the City of Madison and said loan was repaid through tax increments in 2005 (six years) and a satisfaction of mortgage and note issued by the City of Madison; and

WHEREAS, John Westphal, president of the Company and a member of J-B Partnership, bought out the interest of a family member in J-B Partnership and created Wahnfried Holdings, LLC ("Wahnfried") to own the current building and lease it to the Company; and

WHEREAS, the Company now retains 12 jobs in Madison and would locate 31 jobs in Madison jobs and consolidate all operations in Madison whereby approximately 250 full-time licensed electricians would operate and report...