2006-250
Resolution No. 2006 - 250
RESOLUTION APPROVING AMENDMENT No.2 TO THE PROJECT PLAN FOR TAX
INCREMENT FINANCE DISTRICT NO. XV
WITHIN THE CITY OF JANESVILLE, ROCK COUNTY, WISCONSIN
WHEREAS, on March 27, 1995 the Common Council of the City of Janesville adopted
a Project Plan and created Tax Increment Finance District No. XV in accordance with
the provisions of Wisconsin Statues § 66.1105 and approved Amendment No. 1 to said
Project Plan on September 11, 2000; and
WHEREAS, Wisconsin Statutes Section 66.1105 (4)(h) provides for the amendment of
TIF Project Plans following notice to all overlying jurisdictions, public hearing, and
review and recommendation by the City Plan Commission; and
WHEREAS, the City of Janesville has prepared Amendment No.2 to the Project Plan
for TIF No. 15 in order to revise the projected budget and accommodate the longer
expenditure period provided by Wisconsin's TIF law; and
WHEREAS, the Plan Commission has held a public hearing on Amendment NO.2 to
the Project Plan of Tax Increment District No. XV, the proposed boundaries thereof and
recommended its approval; and
WHEREAS, the Chief Executive Officer of the Janesville School District, Rock County
Board, Blackhawk Technical College, and the other entities having the power to levy
taxes on the property located within the proposed Tax Increment District No. XV have
been notified pursuant to Section 66.1105 (4) (a) and (e), Wisconsin State Statutes;
and
WHEREAS, all of the land within TIF District No. XV, as amended, is declared to be an
"industrial TIF district", where more than 51 % of the land is currently zoned either M-1
Industrial or M-2 Industrial, has been found suitable for industrial development within
the meaning of Section 66.1101, Wisconsin State Statutes, and will remain zoned for
industrial purposes for the 27-year life of the TIF District; and
WHEREAS, the project costs directly serve to promote industrial development,
consistent with the purpose for which the TIF District is created, and the improvement
of such areas for industrial projects will significantly enhance the value of all property
within the TIF District; and
WHEREAS, the equalized value of taxable property within TIF No. 15 plus the value
increment of all existing Janesville TI F Districts does not exceed twelve percent (12%)
of the total equalized value of property within the City of Janesville; and
Resolution 2006 - 250
Page 2
WHEREAS, the amended Project Plan for Tax Increment District No. XV is
economically feasible and has been found to be in accordance with the City's Master
Plans, Zoning Ordinance, and other relevant uses and that this project is in the best
interest of the City of Janesville and for the benefit of its residents.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janes-
ville that it hereby approves Amendment NO.2 to the Project Plan for City of Janesville
Tax Increment Finance District No. XV and refers the Amended Project Plan to a Joint
Review Board for review and approval according to Wisconsin Statutes.
ADOPTED: March 13, 2006
Motion by: TL
Second by: Addie
Councilmember Aye Nay Pass Absent
Brunner X
Brien X
Williams X
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X
APPROVED:
~C~~
3têven E. Sheiffer, City Man ger
ATTEST:
APPROVED AS TO FORM:
/JtI~ I~A
City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director