2021-1931 RESOLUTION NO. 2021-1931
A resolution terminating, dissolving, and de-certifying
Tax Increment Finance District No. 29
WHEREAS, the City of Janesville created Tax Increment Financing District No. 29 on April 23,
2007, and adopted a project plan for the TID in accordance with the provisions of Wisconsin
Statues Section 66.1105, and
WHEREAS, the City Council adopted File Resolution No. 2020-1837 on December 14, 2020
extending the life of TID No. 29 for an additional twelve months for housing purposes; and
WHEREAS, Wis. Stats Sec. 66.1105(7) requires the termination and dissolution of created
TID's upon the expiration of the life of the TID and/or the happening of one or more events
enumerated in the applicable Wisconsin statues; and
WHEREAS, TID No. 29 has reached the end of its lawful effectiveness and life; and
WHEREAS, all TID No. 29 expenditures and projects were completed in the prescribed allowed
time, and
WHEREAS, sufficient positive tax increments on new property value created within the TID
have been collected through and including as of the 2020 tax-roll, payable 2021, to pay in full all
TID No. 29 project costs, and to escrow funds to repay the TID's remaining outstanding debt, if
any, and that then any remaining excess funds from TID No. 29 held by the City of Janesville
shall be proportionally distributed to each affected, contributing taxing jurisdiction that paid into
the TID during its life, with proportionate shares.
NOW THEREFORE BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF
JANESVILLE do hereby terminate, dissolve, and de-certify TID No. 29, effective forthwith; and
BE IT FURTHER RESOLVED that the City Clerk-Treasurer shall notify the Wisconsin
Department of Revenue, within sixty (60) days of the adoption of this resolution, that TID No. 29
has been terminated and dissolved, in accord with state law; and
BE IT FURTHER RESOLVED, that the City Clerk-Treasurer shall sign the required Wisconsin
Department of Revenue final accounting form agreeing on a date by which the City of Janesville
shall send final audited information to the Wisconsin Department of Revenue; and
BE IT FURTHER RESOLVED, that the City Clerk-Treasurer shall distribute any excess
increment collected, after providing for ongoing expenses of the TID, to the affected taxing
districts that paid into the TID during its life, with proportionate shares to be determined by the
final audit by the City's Finance Director and/or Auditors.
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Resolution No. 2021-1931
Page 2
ADOPTED: October 25, 2021 Motion by: Consent
Second by: Consent
APPROVED: Councilmember Aye Nay Pass Absent
/7Benson X
G�/(•L Jackson X
Mark A. F eitag, City Manager Johnson X
Marklein X
ATTEST: Marshick X
Miller X
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimcz k, City Attorney
Proposed by: Economic Development Office
Prepared by: Economic Development Office