2014-1108 RESOLUTION NO 2014 -1108
A RESOLUTION TERMINATING, DISSOLVING, AND DE- CERTIFYING TIF DISTRICT
No. 24
WHEREAS, the City of Janesville adopted Resolution No. 2002 -269 creating Tax
Incremental District No. 24 on September 9, 2002, 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. 24 has reached the end of its lawful effectiveness and life;
and
WHEREAS, all TIF District No. 24 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 2013 tax roll, payable 2014,
to pay in full all TIF District No. 24 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. 24 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; and
NOW BE IT HEREBY RESOLVED that the Common Council of the City of Janesville
do hereby terminate, dissolve, and decertify TIF District No. 24, 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. 24 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
determined by the final audit by the City's Comptroller and /or Auditors.
RESOLUTION NO 2014 -1108
A RESOLUTION TERMINATING, DISSOLVING, AND DE- CERTIFYING TIF DISTRICT
No. 24
Page 2
ADOPTED: June 23, 2014 Motion by: Liebert
Second by: Fitzgerald
APPROVED: Councilmember Aye Nay Pass Absent
Q Bobzien X
Ma A. reitag, City Manager Farrell X
Fitzgerald X
ATTEST: Kealy X
Liebert X
-� I Marklein X
J n Ann Wulf, City Clerk- Treasurer Severson X
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Department
(ACH)
Prepared by: Economic Development Department
(ACH)