2007-436
Resolution No. 2007 - 436
A Resolution Authorizing the Dissolution of Tax Increment Finance District No.10
WHEREAS, the Common Council of the City of Janesville, pursuant to Wisconsin's Tax Increment
Law (Section 66.1105 Wisconsin Statutes), created Tax Increment Finance District NO.1 0 (TIF
No. 10) by adopting Resolution No. 94 -1809 on September 19,1994; and
WHEREAS, the development projects contemplated in the TIF No. 10 Project Plan are completed and
all of the City's costs associated with the creation of TIF No. 10 have been fully recovered through the
positive tax increments created within TIF No.1 0; and
WHEREAS, the TIF No. 10 has received tax increments in excess of project costs and the City wishes
to return these funds proportionally to the local taxing jurisdictions, which have contributed tax
revenues to TIF No. 10;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville, that TIF
NO.10 is hereby terminated and dissolved and that the City Clerk-Treasurer is hereby directed to
notify the Wisconsin Department of Revenue of this dissolution according to Section 66.1105 (8),
Wisconsin Statutes; and
BE IT FURTHER RESOLVED, that the excess funds from TIF No. 10 held by the City of Janesville
shall be proportionally distributed to each contributing tax jurisdiction as follows:
County of Rock:
Janesville School District:
Blackhawk Technical College
City of Janesville
Janesville Public Library
Total Excess Funds
$26,318
$46,385
$6,812
$24,254
$ 3,794
$ 107,563
nAnn Wulf, City Clerk-Trea~u r
Motion by: Williams
Second by: Truman
Councilmember Aye Nay Pass Absent
Brunner X
DeGarmo X
Loasching X
Steeber X
Truman X
Wellnitz X
Williams X
ADOPTED:
October 22, 2007
APPROVED:
LK;' z: ~
Steven E. Sheiffer, City Ma ger
ATTEST:
APPROVED AS TO FORM:
waf.( ;cp1
City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director