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HomeMy WebLinkAbout3884-08/17/1992ORDINANCE NO. 3884 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE AIRPORT MULTI- MODAL PARK 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. 1992-467 passed and approved on the 17th day of August, 1992, adopted an urban renewal plan for an urban renewal area known as the Airport Multi -Modal Park Development Plan, which project area includes the lots and parcels within the boundaries described as follows: BEGINNING AT THE INTERSECTION OF THE CENTERLINE OF IOWA HIGHWAY 57 AND THE CENTERLINE OF WAGNER RD.; THENCE NORTHWESTERLY ALONG THE CENTERLINE OF IOWA HIGHWAY 57 TO A POINT WHICH IS 300 FEET NORMALLY DISTANT EAST OF THE CENTERLINE OF AIRPORT BOULEVARD; THENCE NORTH 130 FEET; THENCE EAST 250 FEET; THENCE NORTH TO THE CENTERLINE OF AIRLINE HIGHWAY; THENCE EASTERLY ALONG SAID CENTERLINE 1850 FEET; THENCE NORTH TO THE CENTERLINE OF THE ILLINOIS CENTRAL GULF RAILROAD; THENCE NORTHWESTERLY ALONG THE ILLINOIS CENTRAL GULF RAILROAD 300 FEET; THENCE NORTH 250 FEET; THENCE EAST TO THE CENTERLINE OF WAGNER ROAD; THENCE SOUTHERLY ALONG SAID CENTERLINE TO THE CENTERLINE OF AIRLINE HIGHWAY; THENCE WESTERLY ALONG SAID CENTERLINE TO THE CENTERLINE OF THE ILLINOIS CENTRAL GULF RAILROAD; THENCE SOUTHEASTERLY ALONG THE CENTERLINE OF THE ILLINOIS CENTRAL GULF RAILROAD TO THE CENTERLINE OF WAGNER ROAD; THENCE SOUTHERLY ALONG THE CENTERLINE OF WAGNER ROAD TO THE POINT OF BEGINNING. 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 Airport Multi - Modal Park Development Plan, as 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 taxing property in said Airport Multi -Modal Park Development Plan area upon the total sum of the assessed value on the assessment roll of January 1, 1991, 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. BOOK 202 RATE 874 Ordinance No. 3884 Page 2 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 Airport Multi - Modal Park 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. Section 4. All taxes levied and collected upon the taxable property in said Airport Multi -Modal Park 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 Airport Multi -Modal Park 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: PASSED 1ST CONSIDERATION: PASSED 2ND CONSIDERATION: PASSED 3RD CONSIDERATION: August 17, 1992 August 17, 1992 August 17, 1992 August 17, 1992 PASSED AND ADOPTED by the City Council this 17th day of August, 1992, and approved by the Mayor this 19th day of August, 1992. ATTEST: Albert C. Manning, Jr., BOOS PAGE 87e.) Ordinance No. 3884 Page 3 CERTIFICATE I. Larry P. Burger, City Clerk/Auditor of the City of Waterloo, Iowa, do hereby certify that attached hereto is a true and complete copy of Ordinance No. 3884, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 17th day of August, 1992. Witness my hand and seal of office this 19th day of August, 1992. La rger, Ciler Auditor Misc INDEX � MARC N PROOF .' COMPARE bt BLACK BALK COUNTY, IOWA:SS Filed for record se n t. 10 19 92 It 12:15 P. M, and recorded in Misc `look 302 Page 859 5142 aze:e..e., A IAA Render Deputy Fee 90.00/ Waterloo City Clerk/Auditor r BOOK 02 P4GE 8i6 FORM 3 STATE OF IOWA, o solemnly swear that the annexed copy of Legal: Waterloo, City of Black Hawk C SS Id County, Ordinance #3884 y.1eo it) 401 e I els Cl; eney F ORDINANCE NO. 3884 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE AIRPORT MULTIMODAL PARK DEVELOP- MENT 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, atter public notice and hearing as prescribed by law and pursuant to Resolution No. 1992-467 passed and approved on the 17th day of August, 1992, adopted an urban renewal plan for an urban renewal area known as the Airport Multi -Modal Park Development Plan, which project area includes the lots and parcels within the boundaries described as follows: BEGINNING AT THE INTERSEC- TION OF THE CENTERLINE OF IOWA HIGHWAY 57 AND THE CENTERLINE OF WAGNER RD.; THENCE NORTHWESTERLY Al nrac -- p•••••••• Ak 4'+ aOde'10S9 / 1* If •• • rs r, Cgs,' ', Je66er pue uoser E of plos u0/ E 6ullee tics was published in the Waterloo -Cedar Falls Courier, a daily newspaper printed in pue Ja66er ezpE9J Lupin°, Jay mini dor e fel Pufaterloo, Black Hawk County, Iowa, once a week for two consecutive weeks commenc- pies ueieN :MUNSON September 19 92 'g on the it th day of p siq fo seouefswnoJio agf f, September 4 , 1992 we p!o ue of 6unjlel pain 6upsuup sig feeq of 6ui 'Je6oa diet of lel!dsoH fL -AE's s! euapen pewee' el •Jagfef s,i(geq eql f,USOM E said newspaper, and that the annexed rate of advertising is the regular legal rate of peii inq 'qU!q JaiE Alpogs E peg ays ley' eouejMe-j :id newspaper, and that the following is a correct bill for publishing said notice. aim ueo oqM euoewos ue ing . rug u: Two Natior Nations offers found analysis, keep oinks at apart in their a the American I breaking study strates that no made so unav acceptance as topic Hacker a problems that in the issue of )r. Jane dults who Iry as chit- ; grappling ailed in trs and 'place as or family .ling with a e abuse fined. 3— aowny pue e6eanoo „sioweM an!ldeO„ %Jaut'', pue uosuyor weS — uaeulatA e+ :siovrt os 9U1 uo pUauf E 1,0 glee slunooaJ ',lots egg eq. ncu u711rr svoPd'non Printer's Bill $ • Signed' / Subscribed and sworn to before me this L L [ day of AD.,19_ . L A4 v (6 41 �� Notary Public Received of the sum of Dollars in full for publication of the above notice.