2007-366
Resolution No. 2007 - 366
RESOLUTION APPROVING AMENDMENT No.1 TO THE PROJECT PLAN FOR
TAX INCREMENT FINANCE DISTRICT NO. 26
WITHIN THE CITY OF JANESVILLE, ROCK COUNTY, WISCONSIN
WHEREAS, in November, 2003 the Common Council of the City of Janesville adopted a
Project Plan and created Tax Increment Finance District No. 26 in accordance with the
provisions of Wisconsin Statues § 66.1105, 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.1 to the Project Plan
for TIF No. 26 in order to revise the projected budget add additional land to the TIF No.
26 boundary as provided by Wisconsin's TIF law; and
WHEREAS, the Plan Commission has held a public hearing on Amendment NO.1 to the
Project Plan of Tax Increment District No. 26, the proposed boundary changes 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. 26 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. 26, 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 TI F 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 TI F District; and
WHEREAS, the equalized value of taxable property within TIF No. 26 plus the value
increment of all existing Janesville TIF Districts does not exceed twelve percent (12%)
of the total equalized value of property within the City of Janesville; and
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Resolution 2007 - 366
Page 2
WHEREAS, the amended Project Plan for Tax Increment District No. 26 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
Janesville that it hereby approves Amendment NO.1 to the Project Plan for City of
Janesville Tax Increment Finance District No. 26 and refers the Amended Project Plan
to a Joint Review Board for review and approval according to Wisconsin Statutes.
APPROVED:
C\
Steven E. Sheiffer, City Man
Motion by: Williams
Second by: Addie
Councilmember Aye Nay Pass Absent
Brien X
Wellnitz, Tom X
Williams X
Brunner X
Wellnitz, Tim X
DeGarmo X
Addie X
ADOPTED: February 12, 2007
ATTEST:
APPROVED AS TO FORM:
City ~ø;( f¿yI
Proposed by: City Manager
Prepared by: Economic Development Director