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HomeMy WebLinkAbout4697-06/16/2004 INDEX l".\ / BLACK HAWK COUNTY,IOWA:ss FEE BOOK# 20 Il 5 01473 PROOF �N ILED FOR RECORD JUL 16 2004 ,AT 3:00 P. M. FEE 1-40.00/ - 1.00/ COMPARED CaZe:6:04i11410 BLACK HAWK COUNTY RECORDER CITY OF WATERLOO This Ordinance prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. ORDINANCE NO. 4697 AN ORDINANCE AMENDING ORDINANCE NO. 3749 PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE RATH URBAN RENEWAL AND REDEVELOPMENT AREA OF 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 THE AMENDED NORTHEAST INDUSTRIAL AREA WHEREAS, the City Council of the City of Waterloo, Iowa has heretofore, in Ordinance No. 3749 provided for the division of taxes within the Rath Urban Renewal Project Area pursuant to Section 403 . 19 of the Code of Iowa; and WHEREAS, additional territory now has been added to the Rath Urban Renewal Project Area; and WHEREAS, indebtedness has been incurred by the City, and additional indebtedness is anticipated to be incurred in the future, to finance urban renewal project activities within the amended Rath Urban Renewal Project Area, and the continuing needs of redevelopment within the amended Rath Urban Renewal Project Area are such as to require the continued application of the incremental tax resources of the amended Rath Renewal Project Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises . NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA, THAT: Ordinance Number 3749 is hereby amended to read as follows : Section 1 : For purposes of this Ordinance, the following terms shall have the following meanings : (a) Original Project Area shall mean that portion of the City of Waterloo, Iowa described in the Urban Renewal Plan for the Rath Urban Renewal Area approved by Ordinance No. 3749, adopted on November 19, 1990, which Original Project Area includes the lots and parcels located within the area legally described as follows : Attached Exhibit "A" (b) Amendment No. 1 Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 1 to Ordinance No. 4697 Page 2 the Urban Renewal Plan for the Rath Urban Renewal Area approved by Resolution 1990-644 , approved on November 19, 1990 which Amendment No. 1 Area includes the lots and parcels located within the area legally described as follows : Attached Exhibit "B" (c) Amended Project Area shall mean that portion of the City of Waterloo, Iowa included within the Original Project Area and the Amendment No. 1 Area, which Amended Project Area includes the lots and parcels located within the area legally described as follows : Attached Exhibit "C" Section 2 : The taxes levied on the taxable property in the Amended Project Area, legally described in Section 1 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 3 : As to the Original Project Area, 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 taxing property in the Original Project Area upon the total sum of the assessed value of the taxable property in the Original Project Area as shown on the assessment roll as of January 1, 1989, being the first day of the calendar year preceding the effective date of Ordinance No. 3749, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. The taxes so determined shall be referred herein as the "base period taxes" for such area. As to Amendment No. 1 Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 2004 , being the assessment roll applicable to property in such area as of January 1 of the calendar year preceding the effective date of this Ordinance . Section 4 : That portion of the taxes each year in excess of the base period taxes for the Amended Project Area, determined for each sub-area thereof as provided in section 3 of this Ordinance, shall be allocated to and when collected be paid into the special tax increment fund previously established by the City of Waterloo to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403 . 9 or Section 403 . 12 of the Code of Iowa, incurred by the City of Waterloo, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Amended Project Area pursuant to the Urban Renewal Plan, as amended, except that taxes for the payment of bonds and interest of each taxing district shall be collected against all taxable property within the Amended Project Area without any limitation as hereinabove provided. Ordinance No. 4697 Page 3 Section 5 : Unless or until the total assessed valuation of the taxable property in the areas of the Amended Project Area exceeds the total assessed value of the taxable property in said areas shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Amended Project Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes . Section 6 : At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Waterloo referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Amended Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7 : 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 continue the division of taxes from property within the Original Project Area under the provisions of Section 403 . 19 of the Code of Iowa, as authorized in Ordinance No. 3949, and to fully implement the provisions of Section 403 . 19 of the Code of Iowa with respect to the division of taxes from property within the Amendment No. 1 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 Amended Project Area and the territory contained therein. Section 8 : This Ordinance shall be in effect after its final passage, approval and publication as provided by law. INTRODUCED: June 14 , 2004 PASSED 1st CONSIDERATION: June 14, 2004 PASSED 2nd CONSIDERATION: June 14, 2004 PASSED 3rd CONSIDERATION: June 14, 2004 PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa, on the 14th day of June, 2004, and approved by the Mayor on the 16th day of June, 2004 . Tim Hur ey, Mor ATTEST: 7c )2„1-- Nancy Ecker CMC City Clerk Ordinance No. 4697 Page 4 CERTIFICATE I, Nancy Eckert, City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Ordinance No. 4697, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 14th day of June, 2004 . ..Witness my hand and seal of office this 16th day of June, 20..04 $filuZA;,L SEAL , Nancy Ecker CMC City Clerk EXHIBIT "A" Beginning at the point of intersect ion of centerline of East Eleventh Street and the Northerly bank of the Cedar River, thence Northeasterlyalong centerline of• East Eleventh Street to itsintersection th with the centerline of Southeasterly and EasterlyFranklin Street, thence Franklin Street to its intersection along with the the ' centerline of of Vinton Street, thence Southerly centerline of Vinton Street to along the centerline _ centerline of Sycamore- Streetintersection with . the along the centerline of thence Southeasterly • intersection with the centerline Sycamore eof Street to ce, thence Southerly along the centerline of Dunhamunham .place and an extension of the centerline of Dunham Place to its intersection with the NorthwesterlyCedar River, thence River to the along the Northerly bank of point of beginning, all in the Cityhedof Waterloo, Black Hawk County, Iowa. of EXHIBIT"B" Beginning at the intersection of the centerline of Nevada Street and Lafayette Street, thence Southeasterly along the centerline of Lafayette Street to the centerline of Glendale Street, thence South along the centerline of Glendale Street and an extension thereof, to the point where said extension would intersect the extension Easterly of the centerline of Hawthorne Avenue, thence West along the extension of the centerline of Hawthorne Avenue and the centerline of Hawthorne Avenue to the centerline of northbound Washington Street, thence Northwesterly along the centerline of northbound Washington Street to the centerline of West 12th Street, thence Northeasterly along the centerline of West 12th Street and its extension Northeasterly to the Southerly line of the Cedar River, thence Northwesterly along the Cedar River to centerline of West 11th Street, thence Northeasterly across Cedar River along the centerline of the 11th Street bridge and continuing Northeasterly along the centerline of East 11th Street to the centerline of Sycamore Street, thence Northwesterly along the centerline of Sycamore Street to the centerline of East 7th Street, thence Northeasterly along the centerline of East 7th Street to the centerline of Franklin Street, thence Northwesterly along the centerline of Franklin Street to the centerline of Westbound Martin Luther King Jr. Drive , thence Northeasterly following said Westbound centerline to the centerline of South Barclay Street, thence South along the centerline of South Barclay Street to the centerline of Martin Luther King Jr. Drive, thence Northeasterly along the centerline of Martin Luther King Jr. Drive to the centerline of Linden Avenue, thence South along the centerline of Linden Avenue to the centerline of the Canadian National Illinois Central Railroad, thence following said railroad centerline to the centerline of Nevada Street, thence South along the centerline of Nevada Street to the point of beginningess the following ng describeN property. Page 1 of 2 EXHIBIT "B" Beginning at the pojnt .of intersection of the centerline of East Eleventh Street and the Northerly • bank of the Cedar River, thence Northeasterly along the centerline of East Eleventh Street to its intersection with the centerline of Franklin Street, thence Southeasterly and Easterly along the " centerline of • Franklin Street to its intersection with the centerline of Vinton Street, thence Southerly along the centerline of Vinton Street to its intersection with the centerline of Sycamore Street, thence Southeasterly along the centerline of Sycamore Street to • intersection with the centerline - of Dunham Place, thence Southerly along the centerline of Dunham:, Place and an extension ' of the centerline of Dunham Place to its intersection with the 'Cedar River, thence Northwesterly along the Northerly bank of the Cedar River to the point, of beginning, all in the City of Waterloo, Black Hawk County, Iowa. page 2 Of 2 EXHIBIT "C" Legal Description: Beginning at the intersection of the centerline of Nevada Street and Lafayette Street, thence Southeasterly along the centerline of Lafayette Street to the centerline of Glendale Street, thence South along the centerline of Glendale Street and an extension thereof, to the point where said extension would intersect the extension Easterly of the centerline of Hawthorne Avenue, thence West along the extension of the centerline of Hawthorne Avenue and the centerline of Hawthorne Avenue to the centerline of northbound Washington Street, thence Northwesterly along the centerline of northbound Washington Street to the centerline of West 12th Street, thence Northeasterly along the centerline of West 12"'Street and its extension Northeasterly to the Southerly line of the Cedar River, thence Northwesterly along the Cedar River to centerline of West 11th Street, thence Northeasterly across Cedar River along the centerline of the 11th Street bridge and continuing Northeasterly along the centerline of East 11th Street to the centerline of Sycamore Street, thence Northwesterly along the centerline of Sycamore Street to the centerline of East 7th Street, thence Northeasterly along the centerline of East 7th Street to the centerline of Franklin Street, thence Northwesterly along the centerline of Franklin Street to the centerline of Westbound Martin Luther King Jr. Drive, thence Northeasterly following said Westbound centerline to the centerline of South Barclay Street, thence South along the centerline of South Barclay Street to the centerline of Martin Luther King Jr. Drive, thence Northeasterly along the centerline of Martin Luther King Jr. Drive to the centerline of Linden Avenue, thence South along the centerline of Linden Avenue to the centerline of the Canadian National Illinois Central Railroad, thence following said railroad centerline to the centerline of Nevada Street, thence South along the centerline of Nevada Street to the point of beginning. Rath Urban Renewal