2007-381
Resolution No. 2007 - 381
RESOLUTION APPROVING THE PROJECT PLAN AND CREATING TAX
INCREMENT FINANCE DISTRICT No. 29 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. 29 and the proposed boundaries thereof,
and on the proposed Project Plan for Tax Increment District No. 29 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. 29 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. 29
is complete and complies with Wisconsin Statutes; and
WHEREAS, the adoption of the Project Plan and the creation of TIF No. 29 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
Janesville, pursuant to the Tax Increment Law find that:
A. There is hereby created a Tax Increment District to be known as Tax
Increment District No. 29, in the City of Janesville, as described in the above
referenced and herein incorporated TIF No. 29 Project Plan.
B. Such TIF District No. 29 is created with an effective date of January 1, 2007.
C. Not less than 50% of the area of real property within such TIF District No. 29
is suitable for mixed-use development and that TIF No. 29 shall be classified
as a "mixed-use" district for the purposes of Section 66.1105 (4) (gm) 6..
D. The improvement of such area by implementing the TIF No. 29 Project Plan
is likely to significantly enhance the value of substantially all other real
property in such district and the surrounding neighborhood.
Resolution 2007 - 381
Page 2
E. The proposed Project Costs relate directly to promote mixed-use
development 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. 29 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. 29, City of Janesville is economically
feasible.
H. The Project Plan for TIF District No. 29 is in conformance with the City's
Plans.
BE IT FURTHER RESOLVED, that the Common Council of the City of Janesville
approve the district boundaries as described in the attached Project Plan, and
further, approve the Project Plan for TIF District No. 29 pursuant to the provisions
of Section 66.1105 of the Wisconsin State Statutes.
ADOPTED:
April 23, 2007
Motion by: Williams
Second by: Steeber
Councilmember Aye Nay Pass Absent
Brunner X
DeGarmo X
Loasching X
Steeber X
Truman X
Wellnitz X
Williams X
APPROVED:
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APPROVED AS TO FORM:
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City Attorney ,
Proposed by: City Manager
Prepared by: Economic Development Director