2004-69
Resolution No. 2004 - 69
A Resolution Authorizing the Dissolution of Tax Increment Finance District No. 11 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. 11 (TIF
No. 11) by adopting Resolution No. 94- 1810 on September 6, 1994; and
WHEREAS, the development projects contemplated in the TIF No. 11 Project Plan are completed and
all of the City's costs associated with the creation ofTIF No. 11 have been fully recovered through the
positive tax increments created within TIF No. 11; and
WHEREAS, the TIF No. 11 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 TIF No. 11;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville, that TIF
No. 11 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. 11 held by the City of J anesville
shall be proportionally distributed as follows:
County of Rock:
J anesville School District:
Blackhawk Technical College
City of J anesville
J anesville Public Library
Total Excess Funds
$2,991
$5,343
$779
$2,753
$ 434
$ 12,300
ADOPTED:
August 23, 2004
Motion by: DeGarmo
Second by: Addie
Councilmember Aye Nay Pass Absent
Wellnitz, Tim X
Brien X
Williams l[
Wellnitz, Tom X
Steeber X
DeGarmo X
Addie X
APPROVED:
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S~en E. Sheiffer, City Manager
ATTEST:
lea
APPROVED AS TO FORM:
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City Attorney
Proposed by:
Prepared by:
City Manager
Economic Development Director