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HomeMy WebLinkAbout3925-02/17/1993ORDINANCE NO. 3925 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE NORTHEAST INDUSTRIAL AREA 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. 1993-57 passed and approved on the 8th day of February, 1993, adopted an urban renewal plan for an urban renewal area known as the Northeast Industrial Area Development Plan, which project area includes the lots and parcels within the boundaries described as follows: See attached 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 Northeast Industrial Area 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 Northeast Industrial Area Development Plan area upon the total sum of the assessed value on the assessment roll of January 1, 1993, 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 Northeast Industrial Area 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 �±nr,'1 .O5 "r.r. 491 Ordinance No. 3925 Page 2 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 Northeast Industrial Area 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 Northeast Industrial Area 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: February February February February 8, 1993 8, 1993 15, 1993 15, 1993 PASSED AND ADOPTED by the City Council this 15th day of February, 1993, and approved by the Mayor this 17th day of February, 1993. ATTEST: Lar' P :urger, y Clerk/Auditor 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. 3925, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 15th day of February, 1993. Witne, s my hand and seal of office this 17th day of February, Burger,y C =rk/Auditor BOOK 3O5 p,ir�492 Misc E X .;..v1 A ri GIN R 00 F COMPA E BLACK HAWK COUNTY, 10WA:SS 17753 Filed for record Mar 10 19 93 at 11 : 00 A M, and recorded in Misc Book 305 Page 491 . Recorder Deputy Fee 15 00/ CITY OF WATERLOO CLERK/AUDITOR Ar:c BOO:305p493 FORM 2 STATE OF IOWA, Black Hawk County, } SS 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 tax- ing districts taxing property in said Northeast Industrial Area Development Plan area upon the total sum of the assessed value on the assessment roll of January 1, 1993, being the first day of the cal- endar year preceding the effective date of this Ordinance, shall be allo- cated to and when collected be paid into the fund fnr the respective tax - ring a bounty on two who messed up one of gues. Mutiny and Logan clash with Little Bill kman), the violent, dan- Icce c"'" 1a0d3a EJ3A3 1!1VW - LCC I. -PeZ tuq) AIM .tatuaol -iced Ise' au any provisions of this Ordinance shall be determined to be contrary to law, It shall not affect other provi- sions 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 terri- tory herein. Section 7. This Ordinance shall be in effect atter its final passage, approval and publication as provid- ed by law. INTRODUCED: February 8, 1993 PASSED 1ST CONSIDERATION: February 8, 1993 PASSED 2ND CONSIDERATION: February 15, 1993 PASSED 3RD CONSIDERATION: February 15, 1993 PASSED AND ADOPTED by the City Council this 15th day of February, 1993, and approved by the Mayor this 17th day of February, 1993. Albert C. Manning, Jr. Mayor ATTEST: Larry P. Burger, City Clerk/Auditor I do solemnly swear that the annexed copy of Legal: Waterloo, City of Ordinance #3925 notice was published in the Waterloo -Cedar Falls Courier, a daily newspaper printed in Waterloo, Black Hawk County, Iowa, once a- for consecutive commencing on the 10th March 10, 1993 day of March 19 93 in the issue of of said newspaper, and that the annexed rate of advertising is the regular legal rate of said newspaper, and that the following is a correct bill for publishing said notice. 1� Printer's Bill 51.24 ' - Signe Subscribed and sworn to before me this -' day of 1. (2it1 t A D., 19 �? Notary Public Received of the sum of Dollars in full for publication of the above notice.