HomeMy WebLinkAbout4204-10/21/1996 ORDINANCE NO. 4204
AN ORDINANCE PROVIDING THAT GENERAL PROPERTY
TAXES LEVIED AND COLLECTED EACH YEAR ON ALL
PROPERTY LOCATED WITHIN THE MARTIN ROAD
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,
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, after
public notice and hearing as prescribed by law and pursuant to
Resolution No. 1996-672 passed and approved on the 23rd day of
September, 1996, adopted an urban renewal plan for an urban renewal
area known as the Martin Road Development Plan, which project area
includes the lots and parcels within the boundaries described as
follows:
See Exhibit "A"
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 Martin Road
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
Martin Road Development Plan area upon the total sum of the
assessed value on the assessment roll of January 1 , 1995,
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 Martin Road
Development Plan, except that taxes for the payment of bonds
and interest of each taxing district levying taxes on said
project area shall be collected against all taxable property
within the project area without any limitation as hereinabove
provided.
Ordinance No. 4204 T' {o o 2
Page 2 + -t ^3
--' --, 1-,:-; ` tri
s - Section 4 . - s All taxes levied and collected upon the taxable
m property in said Martin Road Development Plan area shall be
paid into the funds of the taxing districts as taxes by or for
O 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 Martin Road 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: October 7, 1996
PASSED 1ST CONSIDERATION: October 7, 1996
PASSED 2ND CONSIDERATION: October 14 , 1996
PASSED 3RD CONSIDERATION: October 21, 19996
PASSED AND ADOPTED by the City Council this 12th day of
November, 1996 , and approved by the Mayor this 14th day of
November, 1996 . /
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Join . Roof ,f , M;/Ty., '
ATTEST:
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Angman, pity Clerk/Auditor
CERTIFICATE
I , Sue Fangman, City Clerk of the City of Waterloo, Iowa, do
hereby certify that attached hereto is a true and complete copy of
Ordinance No. 4204, as passed and adopted by the Council of the
City of Waterloo, Iowa, on the 12th day of November, 1996 .
Witness my hand and seal of office this 14th day of November,
1996 .
_ ,,,he— r ,"
Sue Fangman, City Clerk/Auditor
•
FORM I 1 T.
STATE OF IOWA, SS I do solemnly swear that the annexed copy of legal City of Waterloo
Black Hawk County, Ordinance 4204
ORDINANCE NO.4204
AN ORDINANCE PROVIDING
THAT GENERAL PROP=RTY
TAXES LEVIED AND COLLECTED
EACH YEAR ON ALL PROPERTY
LOCATED WITHIN THE MARTIN
ROAD DEVELOPMENT AREA, IN
THE CITY OF WATERLOO,COUN-
TY OF BLACK HAWK, STATE OF
IOWA,
OF T BY
AND FOR
OF own, notice was published in the Waterloo-Cedar Falls Courier, a daily newspaper printed in
CITY OF WATERLOO, COUNTY
OF BLACK HAWK, WATERLOO
COMMUNITY SCHOOL DISTRICT Waterloo, Black Hawk County,Iowa,once commencing on the 1 S th
AND OTHER TAXING DISTRICTS,
BE PAID TO A SPECIAL FUND
FOR PAYMENT OF PRINCIPAL dayof
AND INTEREST ON LOANS, Dec-ember 19 96 in the name of
MONIES ADVANCEDTO
AND
RIND
INDEBTEDNESS,
BONDS ISSUED OR TO BE said newspaper, and that the annexed rate of advertised is the regular legal rate of said
ISSUED, INCURRED BY SAID
CITY IN CONNECTION WITH
SAID URBAN RENEWAL REDE-
VELOPMENT PROJECT.
AF�,,,�,,BVI�,,,,,,�,��,h� newspaper,and that the following is a correct bill for publishing said notice.
AbVNC Printer's Bill$ 44.29
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Signed
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Subscribed and sworn to before me this /�(�� day of
.
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