2003-401Resolution 2003 - 401
A Resolution Approving Amendment No. 2 to the Project Plan of
City of Janesville Tax Increment Finance District No. 7
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 92-1519 on July 27, 1992 creating Tax Incremental
Finance District No. 7 and approving the Project Plan for said district; and
WHEREAS, Section 66.1105 (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. 7 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. 7 in accordance with the provisions and requirements of
Wisconsin Statutes Section 66.1105 (6)(e), a copy of said Amendment No. 2 being attached to this
Resolution and incorporated herein by reference; and
WHEREAS, on September 15, 2003, following a public hearing and required notice to the local
governmental entities having the power to levy taxes on property located within TIF No. 7, the City
Plan Commission adopted Resolution 2003 - 3 approving Amendment No. 2 to the Project Plan for
TIF No. 7; and
WHEREAS, said Amendment No. 2 to the Project Plan for TIF No. 7 is to the benefit of the citizens of
the City of Janesville and in the best interests of the City;
Resolution 2003- 401
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. 7 is economically feasible and in
conformance with City plans and policies, and hereby approves said Amendment No. 2.
ADOPTED: September 22, 2003
APPROVED:
Steven E. Sheiffer, City Manager
ATTEST:
n Wu'lf, ~ity Clerk-
APPROVED AS TO FORM:
City Attorney ,
Proposed by: City Manager
Prepared by: Economic Development Director
MOTION BY: Mur~)hv
SECOND BY: Brien
COUNCILMEMBER AYE NAY PASS ABSENT
ADDIE X
MURPHY X
DEGARMO X
STEEBER X
WILLIAMS X
BRIEN X
WELLNITZ X
6