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HomeMy WebLinkAbout4351-04/19/1999 BLACK HAWK COUNTY IOWA:SS MISC Filed for record AUG 4 , 1999 at ti's c33 ..X4:00 P.M. and recorded in Book 335 f of MISC Page 340 . MARGIN PROOF �) Recorder COMPA Fee 1-20.00/ . CITY OF WATERLOO This Ordinance prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. ORDINANCE NO. 4351 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE SAN MARNAN DEVELOPMENT 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, MOINES 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, after public notice and hearing as prescribed by law and pursuant to Resolution No. 1999-148 passed and approved March 22 , 1999, adopted an urban renewal plan for an urban renewal area known as the San Marnan Development Plan, which project area includes the lots and parcels within the boundaries described as follows : A part of the NW 1/4 of the NE 1/4 , NE 1/4 of the NE 1/4 and the SW 1/4 of the NE 1/4 of Section 9-88-13 , Waterloo, Black Hawk County, Iowa, described as follows : Commencing at the Northeast corner of the NW 1/4 of the NF 1/4 of said Section 9; thence S 00°26 ' 14 " E along the East Line of the NW 1/4 of the NE 1/4 of said Section 9 a distance of 463 . 53 feet to the point of beginning; thence S 89°03 ' 48" E a distance of 110 . 02 feet; thence Northeasterly along a curve concave Northwesterly having a radius of 82 . 72 feet and a long chord bearing N 64°43 ' 56" E a distance of 75 . 66 feet to the Northerly R-O-W line of Tower Park Drive as platted in Tower Park, Waterloo, Black Hawk County, Iowa; thence S 51°28 ' 16" E along the Westerly end of said Tower Park Drive a distance of 60 . 00 feet; thence Southwesterly along a curve concave Northwesterly having a radius of 142 . 72 feet and a long chord bearing S 64°43 ' 57" W a distance of 130 . 55 feet; thence N 89°03 ' 48" W a distance of 58 . 09 feet; thence Southerly along a curve concave Southeasterly having a radius of 20 . 00 feet and a long chord bearing S 45°14 ' 59" W a distance of 31 . 90 feet ; thence S 00°26 ' 14" E a distance of 346 . 22 feet ; thence N 89°34 ' 11" W a distance of 30 . 00 feet to the East line of the NW 1/4 of the NE 1/4 of said Section 9; thence S 00°26 ' 14" E along the East line of the NW 1/4 of the NE 1/4 and the East line of the SW 1/4 of the NE 1/4 of said Section 9 a distance coox 335 PAGE 340 Ordinance No. 4351 Page 2 of 470 . 00 feet to the Northerly R-O-W of U. S . Hwy. 20 ; thence N 89°34 ' 11" W along said Northerly R-O-W a distance of 780 . 00 feet; thence N 00°26 ' 14 " W a distance of 530 . 00 feet; thence S 89°34 ' 11" E a distance of 750 . 00 feet; thence N 00°26 ' 14" W a distance of 367 . 24 feet; thence S 89°03 ' 48" E a distance of 30 . 01 feet to the point of beginning, all in the City of Waterloo, Black Hawk County, Iowa. The East line of the NW 1/4 of the NE 1/4 of Section 9-88-13 , Waterloo, Black Hawk County, Iowa is assumed to bear S 00°26 ' 14" E; WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Waterloo, Iowa in the future to finance said urban renewal project; 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: Section 1 . That the taxes levied on the taxable property in the urban renewal project area known as the San Marnan Development Plan, as legally described on the attached Exhibit "A" , 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 taxing property in said San Marnan Development Plan area upon the total sum of the assessed value on the assessment roll of January 1, 1999, being the first day of the calendar year preceding the effective date of this ordinance, 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. 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 the 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 and 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 projects undertaken pursuant to the San Marnan Development Plan, except that taxes for the payment of bonds and interest of each taxing district levying taxes on said Eo ►c335 PAGE 341 Ordinance No. 4351 Page 3 project area shall-be collected against all taxable property within the project area without any limitation as hereinabove provided. Section 4 . All taxes levied and collected upon the taxable property in said San Marnan Development Plan area shall be paid into the funds of the taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes unless or until the total assessed valuation of the taxable property in said urban renewal project area shall exceed the total assessed value of the taxable property in said urban renewal project area on the date of adoption of this Ordinance. Section 5 . At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Waterloo hereinabove in Section 3 referred to have been paid, all monies thereafter received from taxes upon the taxable property in the San Marnan Development Plan 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 involve the provisions of Section 403 . 19 of the Code of Iowa with reference to said urban renewal project and the territory herein. Section 7 . This Ordinance shall be in effect after its final passage, approval and publication as provided by law. INTRODUCED: April 19, 1999 PASSED 1ST CONSIDERATION: April 19, 1999 PASSED 2ND CONSIDERATION: April 19, 1999 PASSED 3RD CONSIDERATION: April 19, 1999 PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa, on the 19t'' day of April, 1999 and approved by the Mayor on the 21St day of April, 1999 . Jo►n R. Roof f, Mayor/ ATTEST: A s L� Nancy Ec : -rt, City Clerk rook 335 rAcE 342 Ordinance No. 4351 Page 4 CERTIFICATE I , Nancy Eckert, City Clerk of the City of Waterloo, Iowa, do hereby certify that attached hereto is a true and complete copy of Ordinance No . 4351, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 19th day of April, 1999 . Witness my hand and seal of office this 21st day of April, 1999 . C5.-.46.„4.74e7 Nancy Ec rt, City Clerk SEAL X03 335- F343 FORMJ ] T. STATE OF IOWA, I SS do solemnly swear that the annexed copy of legal City of Waterloo Black Hawk County, Ordinance No. 4351 General Property Taxes ORDINANCE NO.4351 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY notice was published in the Waterloo-Cedar Falls Courier, a daily newspaper printed in TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE SAN 26th MARNAN DEVELOPMENT AREA, Waterloo, Black Hawk County, Iowa, once commencing on the IN THE CITY OF WATERLOO, • COUNTY OF BLACK HAWK, • STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF day of May 19 99 in the name of IOWA, CITY OF WATERLOO, • COUNTY OF BLACK HAWK, WATERLOO COMMUNITY SCHOOL DISTRICT AND OTHER said newspaper, and that the annexed rate of advertised is the regular legal rate of said TAXING DISTRICTS,BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS,MOINES ADVANCED newspaper,and that the following is a correct bill for publishing said notice. TO AND- INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION Printer's Bill S 63.46 WITH SAID URBAN RENEWAL REDEVELOPMENT PROJECT. WHEREAS,the City Council of the City of Waterloo,atter public notice and hearing as prescribed by law a99 pursuantte andResolution No. 1999-148 passed and approved March 22,1999,adopted an urban renewal plan for an urban renewal area known as,ihe San Marnan Signed Development Plan,which project area includes the lots and parcels within the boundaries described as follows: A part of the NW 1/4 of the NE 1/4, NE 1/4 of the NE 1/4 and the SW Subscribed and sworn to before me this day of 1/4 of the NE 1/4 of Section 9-88 • - 13,Waterloo,Black Hawk County, Iowa,described as follows: Commencing at the Northeast cor- A,1)- 19 ner of the NW 1/4 of the NE 1/4 of said Section 9;thence S 00°26'14" E along the East Line of the NW 1/4 of the NE 1/g: of said S89°03' 9 a 4JLV distance of 463.53 feet to the pointof ist nceg;thence S ee;then48"E e a distance of 110.02 feet;thence Northeasterly along a curve con- cave Northwesterly having a radius Notary Public a of 82.72 feet and a long chord bear- sing N 64°43'56"E a distance of 75.66 feet to the Northerly R-O-W line of Tower Park Drive as platted in Tower Park,Waterloo, Black Hawk County, Iowa; thence S Reeetvetl ttl F 51°28'16"E along the Westerly end of said Tower Park Drive a distance t.of 60.00 feet;thence Southwesterly along a curve concave Northwesterly having a radius of 142.72 feet and a long chord bear- ing S 64°43'57"W a distance cf 130.55 feet;thence N 89°03'49"W the \1111 of II a distance of 58.09 feet;thence F Southerly along a curve concave F Southeasterly having a radius of F 20.00 feet and a long chord bearing 1)111 Lars / S 45°14'59"W a distance of 31.90 F feet;thence S 00°26'14"E a dis- /tance of 346.22 feet;thence N F 89° 34'11"W a distance of 30.00 Ill lull for publication of the above notice. 1 feet to the East line of the NW 1/4 of the NE 1/4 of said Section 9; thence S 00°26'14" E along the East line of the NW 1/4 of the NE • 1/4 and the East line of the SW 1/4 / of the NE 1/4 of said Section 9 a P distance of 470.00 feet to the n� c "