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HomeMy WebLinkAbout5309-10/12/2015Prepared by.. Kelley Felchle, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. tORDINANCE NO. 5309 AN ORDINANCE AMENDING ORDINANCE NOS. 3925 AND 4688, PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE AMENDED NORTEASTt INDUSRIAL AREA URBAN RENEWAL AND REDEVELOPMENT AREA OF 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 AN INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE AMENDED NORTHEAST INDUSTRIAL AREA URBAN RENEWAL AND REDEVELOPMENT PROJECT. WHEREAS, the City Council of the City of Waterloo, Iowa has heretofore, in Ordinance No. 3925 and Ordinance No. 4688, provided for the division of taxes within the Northeast Industrial Area Urban Renewal and Redevelopment Plan Project Area, pursuant to Section 403.19 of the Code of Iowa; and } WHEREAS, additional territory now has been added to the Northeast Industrial Area Urban Renewal and Redevelopment Project Area; and { WHEREAS, indebtedness has been incurred by the City, and additional indebtedness is anticipated to be incurred in the future, to finance urban renewal project activities within said Project Area, and the continuing needs of redevelopment within the amended Project Area are such as to require the continued application of the incremental tax resources of the amended Project Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the Northeast Industrial Area Urban Renewal and Redevelopment Plan, as amended. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA THAT: Ordinance Numbers 3925and 4688 are hereby amended to read as follows: Section 1: For purposes of1this Ordinance, the following terms shall have the following meanings: (a) Original Project Area shall mean that portion of the City of Waterloo, Iowa described in the urban renewal and redevelopment plan for the Northeast Industrial Area Urban Renewal and Redevelopment Plan Area approved by Resolution No. 1993-57 adopted on February 8, 1993, which Original Project Area includes the lots and parcels located within the area legally described as follows: Ordinance No. 5309 Page 2 Part of Sections 15, 20, 21 and 22, Township 89 North, Range 12 West of the 5th Principal Meridian in the City of Waterloo, Black Hawk County, Iowa, described as follows: Beginning at the Southeasterly corner of Section 20, Township 89, Range 12, thence West along the South line of said section to a point that is sixty-six (66) feet West of the West line of the East one-half (1/2) of the Southeast quarter (SE 1/4) of said section, thence North along a line sixty-six (66) feet West of the West line of said East one-half (1/2) to its intersection with the South line of the North one-half (1/2) of the Northwest quarter (NW 1/4) of the`Southeast quarter (SE 1/4) Section 20, thence West on said South line and its extension Westerly to the South line of the Chicago and Northwestern Transportation Company right-of-way, thence Northeasterly along said right- of-way line to its intersection with the West line of the East one quarter (114) of said section, thence Northerly along the West line of the Northeast quarter (NE 1/4) of the Southeast quarter (SE 1/4) said section to the Southwest corner of the Southeast quarter (SE 1/4) of the Northeast quarter (NE 1/4) said section, thence West along the South, line of the North one-half (1/2) of said section to the West line of said section, thence North along the West line to the Northwest coiner of the Southwest quarter (SW 1/4) of the Northwest quarter (NW 1/4) said section, thence East one hundred ninety-four and four tenths (194.4) feet, thence North parallel to the West line of said section to the North line of said section, thence East to the Northeast corner of said Section 20, thence continuing East along the North line Section 21, Township 89, Range 12 to the Northeast corner of said section, thence North along the West line of Section 15, Township 89, Range 12 to the Northwest corner of the Southwest quarter (SW 1/4) of the Southwest quarter (SW 1/4) said section, thence East along the North line of the Southwest quarter (SW 1/4) of the Southwest quarter (SW 1/4) to the Northeast corner of said quarter (114)` quarter (1/4) said section, thence South along the East line of the Southwest quarter (SW 1/4) of the Southwest quarter (SW 1/4) said section to its intersection with the South line of the Chicago and Northwestern Transportation Company Railroad right-of-way, thence Northeasterly along said South right-ofway line to its intersection with the East line of the Southeast quarter (SE 1/4) of the Southwest quarter (SW 1/4) of said section, said point also being a point on the current Corporate City Limit Line of Waterloo, thence South following the current (1992) Corporate Limits of said City to the South line of Section 15, said line also being the North line of Section 22, Township 89, Range 12, thence continuing South along the East line of the Northeast quarter (NE 1/4) of the Northwest quarter (NW 1/4) Section 22, Township 89, Range 12 to a point that is 680 feet South of the North line said Section, thence West along a line 680 feet normally distant Southerly of sectionline approximately 1500'±, thence North 40°01'01" West 166.19- feet, thence North 15°32'50" West 194.91 feet, thence North 02°34'55" West 174.45 feet, thence North 32°18'09" East 115.17 feet, thence North 57°10'27" East 111.27 feet to the South line of the Chicago Northwestern Transportation Company, thence South 70°11'41" West along said South right-of-way line to a point that is 264.54 feet Northeasterly of the West line Section 22, thence South 86°28'27" East 190.29 feet, thence South 73°13'02" East -119.21 feet, thence South 61°04'21" East 154.14 feet, thence South 40°08'51" East 145.09 feet, thence South 24°47'31" East 141.92 feet, thence South 9°45'15" East 287.51 feet, thence South 0°06' West 261.27 feet, 2 Ordinance No. 5309 Page 3 thence South 14°18" West 256.24 feet, thence South 65.02 feet, thence West 766 feet to' the East line of North Elk Run Road, thence South 70 feet along said right-of-way, thence East 391 feet, thence South 60 feet, thence East 130 feet, thence South 60 feet, thence East 165 feet, thence South 0°07'14" East 777.35 feet, thence; South 81°02'06" West 255.19 feet, thence South 94.32 feet to the South line of the Northwest quarter (NW 1/4) said section, thence West along said South line to the centerline of North Elk Run Road, which is also a point on the West line Section 22, Township 89, Range 12, thence North along said West line to the South line of the Chicago Northwestern Transportation Company, thence Southwesterly along said South right-of-way line through Section 21, Township 89, Range 12 to its intersection with the West line of Southeast quarter (SE 1/4) of the Northwest quarter (NW 1/4), Section 21, thence South along said West line to the Northwest corner of the Northeast quarter (NE 1/4) of the Southwest quarter (SW 1/4) said Section, thence East along the North line of the Southwest quarter (SW 1/4) said section to the center of Section 21, said point also being a point on the corporate limit line of Waterloo, thence South along the East line of Southwest quarter (1/4) said section to the South line of said section, thence West along the South line Section 21 to the point of beginning, all in the City of Waterloo, Black Hawk County, Iowa; (b) Amendment No. 1 Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 1 to the urban renewal and redevelopment plan for the Northeast Industrial Area Urban Renewal and Redevelopment Plan Area approved by Resolution No. 2004-254, adopted on April 26, 2004, which Amendment No. 1 Area includes the lots and parcels located within the area legally described as follows: That part of Section 21, Township 89 North, Range 12 West, as follows: The Southeast 1/4 of said section, except the Southeast 1/4 of the Southeast 1/4 of said section, and except the East 332 feet of the South 693 feet of the Southwest 1/4 of the Southeast 1/4 said section. And, i - That part of Section 20, Township 89 North, Range 12 West, as follows: Beginning, at a point on the West line of said Section 20 that is 990' North of the Southwest corner of said section, thence North along the West line of said section to the West 1/4 corner of said section thence East along the centerline of said section to the point where it intersects the Northwest corner of the Northeast 1/4 of the Southeast 1/4 of said section, thence South along the West line of the Northeast 1/4 of the Southeast 1/4 of said section to the South line of Union Pacific Railroad, thence Southwesterly along said South right- of-way line to the 1 South line of the North 1/2 of the Northeast 1/4 of the Southwest 1/4 of Section 20 Township 89 Range 13, thence East along the South line of North X1/2 of the Northeast 1A of the Southwest 1/4 and the South line of the North 1/2 of the Northwest 1/4 of the Southeast 1/4 to its intersection with a line 66 feet West of and parallel to the West line of the East 1/2 of the Southeast 1/4 said section, thence South along said parallel line to the South line of said Section, thence West along the South line of said section to the centerline of Bishop Avenue, thence Northerly along the centerline of Bishop Avenue, as now established, to North line of the South 990' of said section, 3 Ordinance No. 5309 Page 4 a thence West""along the North line of the South 990' of said section to the point of beginning, all in the City of Waterloo, Black Hawk County, Iowa; (c) Amendment No. 2' !Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 2 to the urban renewal and "redevelopment plan for the Northeast Industrial Area Urban Renewal and Redevelopment Plan Area { approved by Resolution No. 2015-801 adopted on October 5, 2015, which Amendment No. 2Area includes the lots and parcels located within the area legally described as follows: That part of the East One-half of the Southwest Quarter of Section 15, Township 89 North, Range 12 West of the Fifth Principal Meridian, Waterloo, Black Hawk_County Iowa, lying North of the Chicago and Northwestern Transportation>Com.pany Right -of -Way, except the North 990 feet thereof. (d) Amended Project Area shall mean that portion of the City of Waterloo, Iowa included within the Original Project Area, Amendment No. 1 Area, and Amendment No. 2 Area as each is legally described in paragraphs (a), (b) and (c) above. Section 2: The taxes levied on the taxable property in the Amended Project Area, legally described in Section 1 hereof, by land 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 provided in this Ordinance. Section 3: As to the Original Project Area, 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 the Original Project Area upon the total sum of the assessed value of the taxable property in the Original Project Area as shown on the assessment roll as of January 1, 1993, being the first day of the calendar year preceding the effective date of Ordinance No'. 3925, 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. The taxes so determined shall be referred herein as the "base period taxes" for such area. As to the Amendment No. 1 Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 2004, being the assessment roll applicable to property in such area as of January 1 of the calendar year preceding the effective date of Ordinance No. 4688. As to the Amendment No: 2 Area, base period taxes shall 'be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 2014, being the assessment roll applicable to property in such area as of January 1 of the calendar year preceding the effective date of this Ordinance. Section 4: That portion of the taxes each year in excess of the base period taxes for the Amended Project Area, determined for each sub -area thereof as provided in Section 3 of this Ordinance, shall be allocated to and when collected be paid into the special tax increment fund previously established by the City of Waterloo to pay the principal of and interest on loans, monies advanced to, or indebtednes, whether -funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.22 of the Code of Iowa, incurred by the City of Waterloo, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Amended Project Area pursuant to the Urban Renewal Plan, as amended, except that taxes for the `regular and voter -approved physical plant and equipment levy of(.a. school district imposed pursuant totSection 298.2 of the Code of Iowa and taxes for the payment 4 Ordinance No. 5309 Page 5 of bonds and interest of each taxing district shall be collected against all taxable property within the Amended Project Area withoui any limitation as provided above. Section 5: Unless or until the total assessed valuation of the taxable property in the areas of the Amended Project Area exceeds the total assessed value of the taxable property in said area shown by the last equalized assessment rolls referred to in Section 3 above, all of the taxes levied and collected upon the taxable property in the Amended Project Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes.. Section 6: At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Waterloo -referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Amended Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. ,. ,t. Section 7: All ordinances for 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 continue the division of taxes from property within the Original Project Area under the provisions of Section 403.19 of the Code of Iowa, as authorized in Ordinance No. 3925, as amended by Ordinance No. 4688 for the addition of the Amendment No. 1 Area, and to fully implement the provisions of Section 403.19 of the Code of Iowa with respect to the division of taxes from property within the Amendment No. 2 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 the Amended Project Area and the territory contained therein. t,. Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. INTRODUCED: October 5, 2015 PASSED FIRST CONSIDERATION: October 5, 2015 PASSED SECOND CONSIDERATION: October 12, 2015 PASSED THIRD CONSIDERATION: October 12, 2015 PASSED AND ADOPTED, by the City Council of the City of Waterloo, Iowa on the 12th day of October, 2015, and approved by the Mayor on the ' day of Qc b -r , 2015. ATTEST: } Suzy Scharr s, City Clerk 5 Ernest G. Clark, Mayor Ordinance No. 5309 Page 6 CERTIFICATE I, Suzy Schares, City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Ordinance No. 5309, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 12th day of October, 2015. Witness my hand and seal of office this f�� day of oJ. , 2015. SEAL 6 Suzy Schares, City Clerk