2014-1114 RESOLUTION NO. 2014 -1114
A RESOLUTION approving the creation of a Downtown Revolving Loan Program and
authorizing the expenditure of City monies to capitalize a special revenue account for
the Loan Program.
WHEREAS, the Common Council of the City of Janesville has historically created Tax
Incremental Finance Districts in order to stimulate private investment in and
redevelopment of properties in downtown Janesville; and
WHEREAS, the Common Council of the City of Janesville acknowledges that certain
private developments of downtown properties requiring financial assistance would
benefit the community but may not be eligible or appropriate for assistance through the
City's Tax Increment Finance incentives; and
WHEREAS, such private developments may include facade renovations, accessibility
and livability improvements, and /or other activities to improve the economic and
functional viability of downtown properties, and such other programs and projects as
outlined in the Downtown Revolving Loan Program: Manual of Policies and Procedures;
and
WHEREAS, Tax Incremental Finance District Numbers 9 and 24 were successfully
retired in 2014 with positive fund balances; and
WHEREAS, the Governmental Accounting Standards Board (GASB) has issued
Statement No. 54, definition of a special revenue fund, which requires that the specific
revenue source must be committed to expenditures for specified purposes, AND;
WHEREAS, resources of the Downtown Revolving Loan Program shall be committed
solely for the costs associated with the Revolving Loan Program, AND;
WHEREAS, the City of Janesville does hereby find that the creation of the Downtown
Revolving Loan Program and the expenditure of $50,000.00 in monies received through
the retirement of Tax Increment Finance Districts in 2014 to capitalize a special revenue
account for the Loan Program are each in the best interest of and to the benefit of the
citizens of the downtown and the City; and
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of
Janesville does hereby approve the above commitments of the Downtown Revolving
Loan Program for Revolving Loan Program specific purposes, and the expenditure of
City monies as needed to provide the initial capitalization of a special revenue account
for the Loan Program.
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of
the City of Janesville, is /are hereby jointly and severally authorized and empowered to
establish an appropriate accounting structure for the Loan Program, to negotiate, draft,
modify, review, execute, enter into, record and /or file any and all documents, papers,
forms, and agreements, to take whatever other actions, and to make whatever
modifications and /or amendments to the Downtown Revolving Loan Program and in the
Procedures Manual as the City Manager may, from time to time and at any time,
determine necessary and /or desirable to effectuate the intent of this Resolution and this
transaction; and
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of
the City of Janesville, is /are hereby jointly and severally authorized and empowered to
negotiate, draft, review, revise, modify, amend, execute, enter into, file and /or record
additional applications, agreements, amendments, documents, reports, and letters of
understanding concerning this matter, and to take whatever additional other actions that
the City Manager may determine in his sole discretion, from time to time and at any
time, necessary and /or desirable to make loans under the Downtown Revolving Loan
Program to effectuate the intent of this Resolution.
ADOPTED: June 23, 2014 Motion by: Liebert
Second by: Fitzgerald
APPROVED: Councilmember Aye Nay Pass Absent
Bobzien X
Mark A. eitag, City Manager Farrell X
Fitzgerald X
ATTEST: Kealy X
Liebert X
4 �� / iff■I �� / `r Marklein X
J Ann Wulf, City Clerk - Treasur: Severson X
APPROVED AS TO FORM:
(fial~
Wald Klimci9k, City Attorney
Proposed by: Economic Development
Prepared by: Economic Development