2002-258Resolution No. 2002 - 258
A Resolution Authorizing the Dissolution of Tax Increment Finance District No. 6 and the
Distribution of Excess Tax Increment Revenue Funds
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. 6 (TIF No. 6)
by adopting Resolution No. 91-1374 on June 10, 1991 and amended the TIF No. 6 boundary and
Project Plan by adopting Resolution 98- 2302 on May 11, 1998; and
WHEREAS, the development projects contemplated in the TIF No. 6 Project Plan have been
implemented; and all of the City's costs associated with the creation and implementation of TIF No. 6
have been fully recovered through the positive tax increments created by new development projects
within T1F No. 6; and
WHEREAS, TIF No. 6 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 T~ No. 6; and
WHEREAS, the dissolution of TIF No. 6 is found to be in the bests interests of the City of Janesville
and its citizens;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville, that TIF
No. 6 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. 6 held by the City of Janesville
shall be proportionally distributed as follows:
County of Rock:
Milton School District:
Blackhawk Technical College
City of Janesville
Janesville Public Library
Total Excess Funds
$162,057
$250,538
$43,476
$154,285
$ 24,644
$ 635,000
ADOPTED: May 28, 2002
Steven E. She[ffer, City M~anager
ATTEST:
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APPROVED AS TO FORM:
City AttomSey ' / / '
Proposed by: City Manager
Prepared by: Economic Development Director
MOTION BY: 0 ' Lear},
SECOND BY: Damron
COUNCILMEMBER AYE NAY PASS ABSENT
STEEBER X
MURPHY X
DAMRON X
WILLIAMS X
DEGARMO X
BRIEN X
O'LEARY X