2000-42 Resolution 2000 - 42
A Resolution Approving Amendment No. 2 to the Project Plan of
City of Janesville Tax Increment Finance District No. 5
WHEREAS, the City Council adopted Resolution 85-821 on June 24, 1985 creating Tax Incremental
Finance District No. 3 and approving the Project Plan for said district; and
WHEREAS, the City Council adopted Resolution 88-1073 on July 25, 1988 creating Tax Incremental
Finance District No. 5 and approving the Project Plan for said district; and
WHEREAS, the City Council adopted Resolution 96-2075 on September 9, 1996 approving
Amendment No. 1 to the Project Plan for TIF No. 5, which Amendment No. 1 authorized the
allocations of the positive tax increments from TIF No. 5 to TIF No. 3 for the period between 1996 and
2000; and
WHEREAS, Section 66.46 (6)(e), Wisconsin Statutes provides that the City Plan Commission may
amend the project plan of a tax incremental finance district to allocate the positive tax increments
generated by that district to another tax increment finance district for a second five year period,
provided that both the donor and recipient districts have the same overlying taxing jurisdictions and
both were created prior to October 1, 1995; and
WHEREAS, both City of Janesville Tax Increment Finance Districts No. 3 and No. 5 have the same
overlying taxing jurisdictions and were both created by Council resolution prior to October 1, 1995;
and
WHEREAS, the City of Janesville has prepared Amendment No. 2 to the Project Plan for Tax
Incremental Finance District TIF No. 5 in accordance with the provisions and requirements of
Wisconsin Statutes Section 66.46 (6)(e), a copy of said Amendment No. 2 being attached to this
Resolution and incorporated herein by reference; and
WHEREAS, on May 1, 2000, following a public hearing and required notice to the local governmental
entities having the power to levy taxes on property located within TIF No. 5, the City Plan
Commission adopted Resolution 2000 - 1 approving Amendment No. 2 to the Project Plan for TIF No.
5; and
WHEREAS, said Amendment No. 2 to the Project Plan for TIF No. 5 is to the benefit of the citizens of
the City of Janesville and in the best interests of the City;
Resolution 2000-42
Page 2
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville that it
hereby finds that Amendment No. 2 to the Project Plan for TIF No. 5 is economically feasible and in
conformance with City plans and policies, and hereby approves said Amendment No. 2.
ADOPTED: May 8, 2000
APPROVED:
Steven E. Sheiffer, City Manllg~'r'
ATTEST:
Jea~Ann Wul'f, City Clerk-Treasure/~/
APPROVED AS TO FORM:
City At~to~ey'~, ~-J~/~.
Proposed by:
Prepared by:
City Manager
Economic Development
Department
MOTION BY: 0 ' Lear7
SECOND BY: Williams
COUNClLMEMBER AYE NAY PASS ABSENT
MURPHY X
WILLIAMS X
DE GARMO X
BRIEN
O'LEARY X
NOLL X
SCHNEIDER X