2001-123Resolution No. 2001 - 123
A Resolution Authorizing the Dissolution of Tax Increment Finance District No. 18 and the
Distribution of Excess Tax Increment Revenue Fnds
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. 18 (TIF
No. 18) by adopting Resolution No. 97-2202 on September 22, 1997; and
WHEREAS, the development project contemplated in the TIF No. 18 Project Plan was never
implemented; and all of the City's costs associated with the creation of TIF No. 18 have been fully
recovered through the positive tax increments created within TIF No. 18; and
WHEREAS, the TIF No. 18 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. 18; and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville, that TIF
No. 18 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. 18 held by the City of Janesville
shall be proportionally distributed as follows:
County of Rock:
Janesville School District:
Blackhawk Technical College
City of Janesville
Janesville Public Library
Total Excess Funds
$12,653.33
$21,543.78
$3,162.00
$11,308.03
$1,779.38
$ 50,446.52
ADOPTED: .lannar~2. 211(11
S*te~en E. Sheit~er, City Manager
/ Jean w&, i:ity Cld-k-i rer
APPROVED AS TO FORM: ~--/1,9,,: ~ag/
City Attor~c~ ' ~'
Proposed by: City Manager
Prepared by: Economic Development D~relaor
MOTION BY: Brien
SECOND BY: Noll
COUNCILMEMBER AYE NAY PASS ABSENT
SCHNEIDER x
WILLIAMS x
NOLL x
BRIEN x
MURPHY x
O'LEARY x
DEGARMO x