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Home My WebLink About4665-01/12/2004 INDEXJ4 BLACK HAWK COUNTY,IOWA:ss FEE BOOK# 20 0 4 27730 PROOFsi FILED FOR RECORD MAR 23 , 2004 ,AT 3:OOP. M. FEE 1-15.00/ - 5.00/ COMPARED r (IL) 01 BLACK HAWK COUNTY RECORDER CITY OF WATERLOO This Ordinance prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. ORDINANCE NO. 4665 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE LOGAN PLAZA URBAN RENEWAL AND REDEVELOPMENT PROJECT AREA, IN THE CITY OF WATERLOO, COUNTY OF BLACK HAWK, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF WATERLOO, COUNTY OF BLACK HAWK, WATERLOO COMMUNITY SCHOOL DISTRICT AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH SAID URBAN RENEWAL REDEVELOPMENT PROJECT. WHEREAS, the City Council of the City of Waterloo, Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 2004-10 passed and approved on the 12th day of January, 2004, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Logan Plaza Urban Renewal and Redevelopment Project Area (the "Urban Renewal Project Area"), which Urban Renewal Project Area includes the lots and parcels located within the area legally described as follows: Beginning at the intersection of the Centerline of West Donald Street and the Centerline of Heath Street, thence North, Northeasterly and Easterly along the Centerline of Heath Street to its intersection with the West line of Tract "A" of BV Addition, thence North along the West line of BV Addition to the North line of Lot 2 said addition, thence East along the North line of Lot 2 BV Addition and an extension of said line East to the Centerline of Logan Avenue (also known as U.S. Highway 63), thence North along the Centerline of Logan Avenue to the North line of Ralston Road, thence East along the North line of Ralston Road to the East line of East 4th Street, thence South along the East line of East 4th Street to the Centerline of East Donald Street, thence West along the Centerlines of East Donald Street and West Donald Street to the point of beginning, all in the City of Waterloo, Black Hawk County, Iowa. WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Waterloo, Iowa in the future to finance urban renewal project activities carried out in furtherance of the objectives of the Urban Renewal Plan; and WHEREAS, the City Council of the City of Waterloo, Iowa desires to provide for the division of revenue from taxation in the Urban Renewal Project Area, as above described, in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Ordinance No. 4665 Page 2 Section 1. That the taxes levied on the taxable property in the Urban Renewal Project Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Waterloo, County of Black Hawk, Waterloo Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 2. That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the Urban Renewal Project Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Waterloo certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid. Section 3. That portion of the taxes each year in excess of the base period taxes determined as provided in Section 2 of this Ordinance shall be allocated to and when collected be paid into a special tax increment fund of the City of Waterloo, Iowa hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Waterloo, Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Project Area pursuant to the Urban Renewal Plan, except that taxes for the regular and voter-approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2, but only to the extent authorized in Section 403.19(2), and taxes for the payment of bonds and interest of each taxing district shall be collected against all taxable property within the Urban Renewal Project Area without any limitation as hereinabove provided. Section 4. Unless or until the total assessed valuation of the taxable property in the Urban Renewal Project Area exceeds the total assessed value of the taxable property in the Urban Renewal Project Area as shown by the assessment roll referred to in Section 2 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Urban Renewal Project Area shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. Section 5. At such time as the loans, advances, indebtedness, bonds and interest thereon of the City of Waterloo, Iowa referred to in Section 3 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Urban Renewal Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 6. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Urban Renewal Project Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Urban Renewal Project Area and the territory contained therein. • Ordinance No. 4665 Page 3 Section 7. This Ordinance shall be in effect after its final passage, approval and publication as provided by law. imothy J. H r , Mayor ATTEST: Nancy Eckert, 'ty Clerk Read First Time: January 12, 2004 Vote for passage: Ayes: 6 Read Second Time: January 12, 2004 Vote for passage: Ayes: 6 Read Third Time: January 12, 2004 Vote for passage: Ayes: 6 PASSED AND APPROVED: January 12, 2004. CERTIFICATE I, Nancy Eckert, City Clerk of the City of Waterloo, Iowa, hereby certify that the above and foregoing is a true copy of Ordinance No. 4665 passed and approved by the City Council of said City at a meeting held January 12, 2004, and signed by the Mayor on January 14, 2004. SEAL Nancy Ecke City Clerk