2005-189
Resolution 2005- 189
A Resolution Creating a Downtown Renovation Loan Program and Authorizing the
Expenditure of $50,000 in TIF No. 24 Monies to Capitalize a Special Revenue Account
for the Loan Program
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance
District No. 24 on September 9, 2002 in order to stimulate the redevelopment of properties
along High St. in downtown Janesville; and
WHEREAS, the Project Plan for TIF No. 24 included the creation of a revolving loan
program to provide financing assistance to a variety of building renovation and historic
preservation projects throughout the TIF district; and
WHEREAS, TIF No. 24 has projected property tax increments sufficient to provide an initial
$50,000 capitalization for such a revolving loan program; and,
WHEREAS, the City Administration has developed a Downtown Renovation Loan Program
in partnership with the Downtown Development Alliance whose Design Sub-Committee will
review Loan Program projects for consistency with the historic character of the buildings to
be renovated; and
WHEREAS, the proposed Downtown Renovation Loan Program is consistent with the
objectives and proposed expenditures set forth in the TIF No. 24. Project Plan; and,
WHEREAS, the Common Council of the City of Janesville does hereby find that the
creation of a Downtown Renovation Loan Program and the expenditure of $50,000 in TIF
No. 24 monies to capitalize a special revenue account for the Loan Program are each in the
best interest and to the benefit of the citizens of the community and the City;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville
approves the creation of a Downtown Renovation Loan Program and authorizes the
expenditure of $50,000 in TIF No. 24 monies to provide the initial capitalization of special
revenue account for the Loan Program
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of the
City of Janesville, is/are hereby authorized to set up appropriate accounts for the Loan
Program, to negotiate, draft, modify, review, execute, enter into, record and/or file any and
all documents, papers, forms, and agreements, to take whatever other actions, and to make
whatever minor modifications and/or amendments to the Downtown Renovation Loan
Program as the City Manager may, from time to time and at any time, determine necessary
and/or desirable to effectuate the intent of this Resolution and this transaction.
Resolution 2005- 189
Page 2
ADOPTED: July 11, 2005
APPROVED:
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Steven E. Sheiffer, City Mafiager
ATTEST:
APPROVED AS TO FORM:
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City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director
Motion by: Williams
Second by: Addie
Councilmember Aye Nay Pass Absent
Brunner X
Brien X
Williams l[
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X