2011-808 RESOLUTION NO 2011 - 808
A RESOLUTION TERMINATING, DISSOLVING, AND DE- CERTIFYING TIF DISTRICT
No. 14 AND AUTHORIZING THE CITY CLERK - TREASURER TO DISTRIBUTE
EXCESS INCREMENT TO OVERLYING TAXING DISTRICTS
WHEREAS, the City of Janesville adopted Resolution No. 94 -1855 creating Tax Incremental
District No. 14 on the 21 day of November, 1994, and adopted a project plan for the district that
year; and
WHEREAS, Wis. Stats. Sec. 66.1105(7) requires the termination and dissolution of created TIF
districts upon the expiration of the life of the district and/or the happening of one or more events
enumerated in the applicable Wisconsin statutes; and
WHEREAS, TIF District No. 14 has reached the end of its lawful effectiveness and life; and
WHEREAS, all TIF District No. 14 expenditures and projects were completed in the prescribed
allowed time; and
WHEREAS, sufficient positive tax increments on new property value created within the district
have been collected through and including as of the 2010 tax roll, payable 2011, to pay in full all
TIF District No. 14 project costs, and to escrow funds to repay the District's remaining
outstanding debt, if any, and that then any remaining excess funds from TIF No. 14 held by the
City of Janesville shall be proportionally distributed to each affected, contributing taxing
jurisdictions that paid into the District during its life, with proportionate shares preliminarily
calculated as follows:
County of Rock: $412,345
Janesville School District: $648,167
Blackhawk Technical College $120,857
City of Janesville $427,121
Janesville Public Library $ 57,625
Total Excess Funds $1,666,115
NOW BE IT HEREBY RESOLVED that the Common Council of the City of Janesville do
hereby terminate, dissolve, and decertify TIF District No. 14, effective forthwith; and
BE IT FURTHER RESOLVED, that the City Clerk- Treasurer shall notify the Wisconsin
Department of Revenue, within sixty (60) days of the adoption of this resolution that TIF District
No. 14 has been terminated and dissolved, in accord with state law; and
BE IT FURTHER RESOLVED, that the City Clerk- Treasurer shall sign the required
Wisconsin Department of Revenue final accounting form agreeing on a date by which the City of
Janesville shall send final audited information to the Wisconsin Department of Revenue; and
BE IT FURTHER RESOLVED, that the City Clerk- Treasurer shall distribute any excess
increment collected, after providing for ongoing expenses of the District, to the affected taxing
districts that paid into the District during its life, with proportionate shares to be as preliminarily
set forth above and then determined by the final audit by the City's Comptroller and /or Auditors.
ADOPTED: Mav 23, 2011 Motion by: Steeber
Second by: McDonald
APPROVED: Councilmember Aye Nay Pass Absent
f t / Brunner X
Dongarra-Adams X
Eric J. evitt, ay' Liebert X
McDonald X
ATTEST: Rashkin X
Steeber X
Voskuil X
Jean • nn Wulf, City Clerk- Treasurer
APPROVED AS TO FORM:
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Wald Klimczyk, City Attorney -
Proposed by Economic Development Director _ _;
Prepared by: City Attorney