2006-263
Resolution No. 2006 - 263
RESOLUTION APPROVING THE PROJECT PLAN AND CREATING TAX
INCREMENT FINANCE DISTRICT No. 28 WITHIN THE CITY OF JANESVILLE
ROCK COUNTY, WISCONSIN
WHEREAS, the Plan Commission has held a public hearing on the proposed creation
of Tax Increment District No. 28 and the proposed boundaries thereof, and on the
proposed Project Plan for Tax Increment District No. 28 which is attached hereto by
reference; and
WHEREAS, the Chief Executive Officer of 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. 28 have
been notified pursuant to Section 66.1105 (4) (a) and (e), Wisconsin State Statutes;
and
WHEREAS, the Joint Review Board required by Section (4m) of Chapter 66.1105 of
Wisconsin State Statutes has been convened; and
WHEREAS, the City Attorney has determined that the Project Plan for TIF No. 28 is
complete and complies with Wisconsin Statutes;
WHEREAS, the adoption of the Project Plan and the creation of TIF No. 28 is in the
best interest of the City of Janesville and for the benefit of its residents.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Janes-
ville pursuant to the Tax Increment Law finds that:
A. There is hereby created a Tax Increment District to be known as Tax Increment
District No. 28, in the City of Janesville, as described in the above referenced TIF
No. 28 Project Plan.
B. Such TIF District No. 28 is created with an effective date of January 1,2006.
C. At least 51 % of the area of real property within such TIF District No. 28 is blighted
and/or in need of "rehabilitation or conservation work" within the meaning of
Section 66.1337 (2m) and that TIF No. 28 shall be classified as a "blighted area"
district for the purposes of Section 66.1105 (4) (gm) 6..
D. The improvement of such area by implementing the TIF No. 28 Project Plan is
likely to enhance the value of substantially all other real property in such district
and the surrounding neighborhood.
Resolution 2006 - 263
Page 2
E. The proposed Project Costs relate directly to eliminating blight, directly serve to
rehabilitate or conserve the area consistent with the purpose for which the TIF
District is created under Sub-section 66.1105. 4. a.
F. The aggregate equalized value of taxable property within proposed TIF District No.
28 plus the value increment of all existing Janesville TIF Districts does not exceed 12%
of the total equalized value of all property within the City of Janesville.
G. Such Project Plan for TIF District No. 28, City of Janesville is economically
feasible.
H. The Project Plan for TIF District No. 28 is in conformance with the City's Plans.
BE IT FURTHER RESOLVED, that the Common Council of the City of Janesville
approves the district boundaries as described in the attached Project Plan, and further,
approves the Project Plan for TIF District No. 28 pursuant to the provisions of Section
66.1105 of the Wisconsin State Statutes.
ADOPTED:
April 24. 2006
Motion by: Wellnitz, Tom
Second by: Brunner
Councilmember Aye Nay Pass Absent
Brunner X
Brien X
Williams X
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X
APP~:
~~if¿
8téVen E. S)feiffer, City Manager
APPROVED AS TO~
{¿/4
City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director