Loading...
HomeMy WebLinkAbout4494-08/06/2001 BLACK HAWK COUNTY IOWA:SS 00713€ MISC Filed for record SEP 17 2001 INDEX 4:00 P.M. and recorded in Book 344 �vAFIG of MISC Page 53 PROOF J . • COMPARE" Recorder FEE 1-20.00/ . NANCY ECKERT CITY OF WATERLOO This Ordinance prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. ORDINANCE NO. 4494 AN ORDINANCE AMENDING ORDINANCE NO. 2723 PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE AMENDED DOWNTOWN WATERLOO RIVERFRONT URBAN REVEWAL 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 DOWNTOWN WATERLOO RIVERFRONT URBAN RENEWAL REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Waterloo, Iowa has heretofore, in Ordinance No. 2723 provided for the division of taxes within the Downtown Waterloo Riverfront Urban Renewal Project Area, pursuant to Section 403 . 19 of the Code of Iowa; and WHEREAS, additional territory now has been added to the Downtown Waterloo Riverfront 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 Downtown Waterloo Riverfront Urban Renewal Project Area, and the continuing needs of redevelopment within the amended Downtown Waterloo Riverfront Urban Renewal Project Area are such as to require the continued application of the incremental tax resources of the amended Downtown Waterloo Riverfront Urban 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 2723 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 Downtown Waterloo Riverfront Urban Renewal Area approved by Ordinance No. 2723 , adopted on December 23 , 1974 , which Original Project Area includes the lots and parcels located within the area legally described as follows : Beginning at a point at the intersection of Franklin and East Seventh Streets, thence Southwesterly along Seventh Street to the alley between Jefferson and Bluff Streets, thence Northwesterly along said alley to West Third Street, thence Northeasterly along West Third Street to Franklin Street, thence Southeasterly on BOOK 03441'46E053 Ordinance No. 4494 Page 2 Franklin Street to the point of beginning, all in the City of Waterloo, Black Hawk County, Iowa. (b) Amendment No Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 1 to the Urban Renewal Plan for the Downtown Waterloo Riverfront Urban Renewal Area approved by Resolution No. 2001-394 on August 6, 2001, which Amendment No. 1 Area includes the lots and parcels located within the area legally described as follows : Bounded by Southbound Washington Street, West 12th Street, Cedar River, 11th Street, Sycamore Street, East 7th Street, Franklin Street, East 3rd Street, Sycamore Street, Fairview Avenue, Conger Street, River Road, Black Hawk Creek to Southbound Washington Street, less the original description described in Section 1 (a) . (c) Amended Proj t Ar a 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 : Beginning at the point where the Centerline of W. 12t Street, if extended, would intersect the centerline of the paving of southbound Washington Street as now located, thence Northeasterly along the extension of the Centerline of W. 12th Street, and the Centerline of West 12th Street to the Southerly line of the Cedar River, thence Northwesterly along the Southerly bank of the Cedar River, thence Northwesterly along the Southerly bank of the Cedar River to the Centerline of West 11th Street, thence Northeasterly along the Centerline of the 11th Street Bridge and East 11th Street to the Centerline of Sycamore Street, thence Northwesterly along the Centerline of Sycamore Street to its intersection with the Centerline of E. 7th Street, thence Northeasterly along the Centerline of E. 7th Street to the Centerline of Franklin Street, thence Northwesterly along the Centerline of Franklin Street to the Centerline of E. 3rd Street, thence Southwesterly along the Centerline of E. 3rd Street to the Centerline of Sycamore Street, thence Northwesterly along the Centerline of Sycamore Street, and an extension thereof, to the Northerly line of the Cedar River, thence following the Northerly bank of the Cedar River to a point where it would intersect the Centerline of Fairview Avenue, if extended Southerly, thence North along the extension of the Centerline of Fairview Avenue, and the Centerline of Fairview Avenue to the Centerline of Conger Street, thence Westerly and Southwesterly along the Centerline of Conger Street to the Centerline of relocated Ansborough Avenue, thence Easterly along the Centerline of relocated Ansborough Avenue to the centerline of River Road, thence Southeasterly along the Centerline of the River Road to its intersection with the East bank of Black Hawk Creek, thence Southerly along the Easterly bank of Black Hawk Creek to the Centerline of Southbound Washington Street (also BOOK 0344 PAGE 054 Ordinance No. 4494 Page 3 known as Highway 218) , thence Easterly and Southeasterly along the Centerline of the paving of Southbound Washington Street to the point of beginning, all in the city of Waterloo, Black Hawk County, Iowa. 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, 1974 , being the first day of the calendar year preceding the effective date of Ordinance No. 2723 , 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, 2000, 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. Section _: 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 B00K0344 PAGE 055 • Ordinance No. 4494 Page 4 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. 4494, 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: August 6, 2001 PASSED 1st CONSIDERATION: August 6, 2001 PASSED 2nd CONSIDERATION: August 6, 2001 PASSED 3rd CONSIDERATION: August 6, 2001 PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa, on the 6th day of August, 2001, and approved by the Mayor on the 8th day of August, 2001 . .4000$ , -441) Joh . R. R«off, Mayor( ATTEST: Nancy Ec rt, City Clerk 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. 4494, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 6th day of August, 2001 . Witness my hand and seal of office this 8th day of August, 2001 . XL4-41-- Nancy Ec iOit, City Clerk SEAN • BOOK 0344 PAGE 056