2005-183
Resolution No. 2005 - 183
A Resolution Authorizing the Dissolution of Tax Increment Finance District No.5
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.5 (TIF No.5)
by adopting Resolution No. 88 -1073 on July 25,1988; and
WHEREAS, the development projects contemplated in the TIF No.5 Project Plan are completed and
all of the City's costs associated with the creation of TIF No.5 have been fully recovered through the
positive tax increments created within TIF No.5; and
WHEREAS, the TIF NO.5 has received tax increments in excess of project costs that have been
shared with TIF NO.3 in accordance with Project Plan Amendments in 1996 and 2000 and that there
are no surplus funds to be returned to the local taxing jurisdictions, which have contributed tax
revenues to TIF No.5;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville, that TIF No.
5 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.
ADOPTED:
Mav 9. 2005
Motion by: Brien
Second by: Williams
Councilmember Aye Nay Pass Absent
Brunner x
Brien x
Williams x
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X
VED:
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Steven E. Sheiffer, City
ATTEST:
APPROVED AS TO FORM: ~.
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City Attorney./ / I
Proposed by: City Manager
Prepared by: Economic Development Director