HomeMy WebLinkAbout3749-11/19/1990ORDINANCE NO. 3749
AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES
LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY
LOCATED WITHIN THE RATH TAX INCREMENT REDEVELOPMENT
PROJECT 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,
Iowa, after public notice and hearing as prescribed by law
and pursuant to Resolution No. 1990-644 passed and approved
on the 19th day of November, 1990, adopted an urban renewal
plan for an urban renewal area known as the Rath Tax
Increment Redevelopment Plan Area, which project area
includes the lots and parcels within the boundaries
described as follows:
Beginning at the point of intersection of the
centerline of East Eleventh Street and the Northerly
bank of the Cedar River, thence Northeasterly along the
centerline of East Eleventh Street to its intersection
with the centerline of Franklin Street, thence
Southeasterly and Easterly along the centerline of
Franklin Street to its intersection with the centerline
of Vinton Street, thence Southerly along the centerline
of Vinton Street to its intersection with the
centerline of Sycamore Street, thence Southeasterly
along the centerline of Sycamore Street to its
intersection with the centerline of Dunham Place,
thence Southerly along the centerline of Dunham Place
and an extension of the centerline of Dunham Place to
its intersection with the Cedar River, thence
Northwesterly along the Northerly bank of the Cedar
River to the point of beginning, all in the City of
Waterloo, Black Hawk County, Iowa.
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 Rath
Tax Increment Redevelopment Project Area, 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.
EOOK 293 PAGE 870
Ordinance No. 3749
Page 2
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
Rath Tax Increment Redevelopment Project Area upon the total
sum of the assessed value on the assessment roll of January
1, 1989, 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 Rath Tax Increment Redevelopment Area 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 Rath Tax Increment Redevelopment
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 Rath Tax Increment Redevelopment Project
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 invoke the provisions of Section 403.19
of the Code of Iowa with reference to said urban renewal
project and the territory therein.
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:
November 19, 1990
November 19, 1990
November 19, 1990
November 19, 1990
BOtlt . PE 871
Ordinance No. 3749
Page 3
PASSED AND ADOPTED by the City council this 19th day of
November, 1990, and approved by the Mayor this 21st day of
November, 1990.
p1 e,
Bernard
rte{}
Bernard L.'McKinley, Mhyor
ATTEST:
P. rger, City lerk/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. 3749, as passed and
adopted by the Council of the City of Waterloo, Iowa, on the
19th day of November, 1990.
Witness my hand and seal of office this 21st day of
November,.1990.
Mi sc
tliiDEXED 4
COMPARtd
0AGEo
rger, Cif Clerk/Auditor
9001
BLACK HAWK COUNTY, JOWA:SS
riled for record Dec. 26 19 90
& 3:55 P M, and recorded in
Misc Book 293
Page, 870 ,
10.t
Recorder
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1 do solemnly swear that the annexed copy of
Ordinance N o . 3749 in Waterloo,
notice was published in the
hlntcrloo Lo�lricr a daily newspaper printed
Black Hawk County, Iowa once g
Goatromaine
7 day of D e c e m b e r 19 90 in the issues of ---
commencing on the ____-----
December 7, 1990
LEGAL -City of Waterloo
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. Printer's Bill $ U
Sign d /°�
Subscribed and sworn to before me this _ —tA
A.D., 19 Cv-
Received of
day of
the sum of
in full for publication of the above notice.
Notary Public
Dollars