2024-2280A1
FILE RESOLUTION NO. 2024-2280 - AMENDED A resolution extending the life of Tax Incremental Finance District No. 33 for up to an additional one year for housing purposes WHEREAS, the Janesville Comprehensive Plan, the Community Development Block Grant & Rock County HOME Consortium Five-Year Consolidated Plan, and City Five-Year Strategic Plan all include policies and initiatives to promote high-quality and affordable housing for all members of the community; and WHEREAS, the City continues to implement policies and programs to further the goals and objectives of these plans; and WHEREAS, implementation of these policies and programs requires the allocation of various forms of revenue to fund these housing programs; and
WHEREAS, the City created Tax Incremental Finance District No. 33 on September 22, 2008. The City amended the District and Project Plan on May 26, 2015, and further amended on May 23, 2016; and
WHEREAS, the City has or will complete implementation of the Project Plan, and has or will receive and reserved adequate funding to pay the remaining debt incurred for implementation of
the Project Plan and project costs; and WHEREAS, State of Wisconsin Statutes require that a TID be terminated after all project costs have been paid, except that under Wisconsin Statute, Section 66.1105(6)(g), a TID may be extended for up to one (1) year to utilize such additional year of tax increment to promote affordable housing and to improve the City’s housing stock; and WHEREAS, the City adopted Council Policy 100 (Affordable Housing Fund Policy) on July 12th, 2022, and implemented the practice of extending the life of a successful TID for a period of up to twelve (12) months to capture additional increment for the purposes of developing additional affordable housing and to improve the existing housing stock in accordance with the applicable State Statutes; and WHEREAS, at least seventy-five percent (75%) of the final increment must benefit affordable
housing with the remaining portion used to improve existing housing stock; and WHEREAS, the City shall use the final increment to improve housing quality and affordability by
earmarking said increment to affordable housing project; and WHEREAS, the City will use the increment payable in 2026 from the 2025 tax roll for affordable
housing; and NOW, THEREFORE, BE IT RESOLVED, that the above recitals are reiterated and incorporated herein as if fully set forth verbatim; and WHEREAS, BE IT FURTHER RESOLVED THAT that the City of Janesville hereby extends the life of TID 33 for 12 months from the date of this resolution to use the final year’s increment collected in 2026 from the 2025 tax roll to benefit affordable housing, and to improve the housing stock; and
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Resolution No. 2024-2280 - Amended Page 2
BE IT FURTHER RESOLVED BY THE COMMON COUNCIL OF THE CITY OF JANESVILLE, that providing affordable housing and promoting improvement of the City’s housing stock are
each necessary and desirable, and benefit the community by increasing efforts to provide quality, affordable housing; and BE IT FURTHER RESOLVED, that the City of Janesville shall use the final increment to improve housing quality and affordability by depositing said increment into a fund designated specifically for assisting developers in addressing the lack of quality and affordable housing stock in the City through incentivizing the construction of new multi-family units by providing gap financing for affordable housing projects; and BE IT FURTHER RESOLVED, that the City of Janesville Clerk shall notify the Wisconsin Department of Revenue by providing a copy of this resolution; and
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of the City of Janesville, are hereby jointly and severally further authorized and empowered to negotiate, draft, review, modify, amend, execute, enter into, file, and/or record additional agreements, amendments, documents, and letters of understanding concerning this matter; and is further authorized to take whatever additional other actions that the City Manager may determine, in his sole discretion, from time to time and at any time, necessary, desirable, and/or beneficial in the public interest to effectuate the intent of this Resolution.
ADOPTED: January 27, 2025
APPROVED: Kevin M. Lahner, City Manager
ATTEST: Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM: Wald Klimczyk, City Attorney
Proposed by: Economic Development Office Prepared by: Economic Development Office
Motion by: Squire
Second by: Neeno
Councilmember Aye Nay Pass Absent
Burdick X
Jackson X
Marshick X
Miller X
Neeno X
Squire X
Williams x
2024-2280A
Final Audit Report 2025-02-02
Created:2025-02-02
By:Lorena Stottler (stottlerl@janesvillewi.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAlCZJW_tAeKlSuOMxTxjO8U9fvyJm-LrK
"2024-2280A" History
Document created by Lorena Stottler (stottlerl@janesvillewi.gov)
2025-02-02 - 2:01:35 AM GMT
Document emailed to Kevin Lahner (lahnerk@janesvillewi.gov) for signature
2025-02-02 - 2:01:38 AM GMT
Email viewed by Kevin Lahner (lahnerk@janesvillewi.gov)
2025-02-02 - 12:02:01 PM GMT
Document e-signed by Kevin Lahner (lahnerk@janesvillewi.gov)
Signature Date: 2025-02-02 - 12:02:20 PM GMT - Time Source: server
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2025-02-02 - 12:02:21 PM GMT
Email viewed by Lorena Stottler (stottlerl@janesvillewi.gov)
2025-02-02 - 5:23:34 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2025-02-02 - 5:23:44 PM GMT - Time Source: server
Agreement completed.
2025-02-02 - 5:23:44 PM GMT