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HomeMy WebLinkAbout4902-3 /26/2008`<Document Number: 2008025912 CITYCF WATERLOO I� Date: Jun 24, 2008 4:30:00 pm 3' Aud Fee: 0.00 Rec Fee: 55.00 CITY CLERK J P Trans Tax: 0.00 Rec Management Fee: E -Com Fee: 1.00 Non -Standard Page Fee: Filed for record in Black Hawk County, Iowa Z Judith A. McCarthy, County Recorder This Ordinance prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. ORDINANCE NO. 4902 AN ORDINANCE AMENDING ORDINANCE NO. 4665 PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE LOGAN AVENUE 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 AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH THE AMENDED LOGAN AVENUE URBAN RENEWAL AND REDEVELOPMENT PLAN. WHEREAS, the City Council of the City of Waterloo, Iowa has heretofore, in Ordinance No. 4665 provided for the division of taxes within the Logan Avenue Urban Renewal Project Area pursuant to Section 403.19 of the Code of Iowa; and WHEREAS, additional territory now has been added to the Logan Avenue Urban Renewal 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 the amended Logan Avenue Urban Renewal Project Area, and the continuing needs of redevelopment within the amended Logan Avenue Urban Renewal Project Area are such as to require the continued application of the incremental tax resources of the amended Logan Avenue Renewal Project Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA, THAT: Ordinance Number 4665 is hereby amended to read as follows: Section 1: For purposes of this 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 Plan for the Logan Avenue Urban Renewal Area approved by Ordinance No. 4665, adopted on January 12, 2004, which Original Project Area includes the lots and parcels located within the area legally described as follows: Attached Exhibit "A" 1.00 0.00 4 � Ordinance No. 4902 Page 2 (b) Amendment No. 1 Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 1 to the Urban Renewal Plan for the Logan Avenue Urban Renewal Area approved by Resolution 2008-197, approved on March 17, 2008 which Amendment No. 1 Area includes the lots and parcels located within the area legally described as follows: Attached Exhibit "B" (c) Amended Project Area shall mean that portion of the City of Waterloo, Iowa included within the Original Project Area and the Amendment No. I Area, which Amended Project Area includes the lots and parcels located within the area legally described as follows: Attached Exhibit "C" Section 2: The taxes levied on the taxable property in the Amended Project Area, legally described in Section I 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 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, 2004, being the first day of the calendar year preceding the effective date of Ordinance No. 4665, 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 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, 2007, 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 indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 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 payment of bonds and interest of each taxing district shall be collected against all taxable property within the Amended Project Area without any limitation as here in above provided. 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 areas shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable Ordinance No. 4902 Page 3 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. Section 7: 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 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. 4665, 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. 1 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. Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. INTRODUCED: March 17, 2008 PASSED 1st CONSIDERATION: March 17, 2008 PASSED 2nd CONSIDERATION: March 24, 2008 PASSED 3rd CONSIDERATION: March 24, 2008 PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa, on the 24th day of March, 2008, and approved by the Mayor on the 26th day of March, 2008. - Z:ewo� Tim Hurley, Mayor ATTEST: Nancy Ecke , City Clerk Ordinance No. 4902 Page 4 CERTIFICATE I, Nancy Eckert, City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Ordinance No. 4902, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 24th day of March, 2008. Witness my hand and seal of office this 26th day of March, 2008. SEAQ, Nancy ckert C City Clerk Ordinance No. 4902 Page 5 EXHIBIT "A" LOGAN AVENUE URBAN RENEWAL AREA Legal Description Logan Avenue Urban Renewal Area Beginning at the intersection of the Centerline of West Donald Street and the Centerline of Heath Street, thence North, Northeasterly and Easterly along the Centerline of Heath Street to its intersection with the West line of Tract "A" of BV Addition, thence North along the West line of BV Addition to the North line of Lot 2 said addition, thence East along the North line of Lot 2 BV Addition and an extension of said line East to the Centerline of Logan Avenue (also known as U.S. Highway 63), thence North along the Centerline of Logan Avenue to the North line of Ralston Road, thence East along the North line of Ralston Road to the East line of East 4th Street, thence South along the East line of East 4th Street to the Centerline of East Donald Street, thence West along the Centerlines of East Donald Street and West Donald Street to the point of beginning. Ordinance No. 4902 Page 6 EXHIBIT "B" Logan Avenue Urban Renewal Area and Redevelopment Amendment #1 Ola Rhodes Addition to the City of Waterloo; And also: Beginning at the intersection of the centerline of Columbia St. and the centerline of West Donald St.; thence East along the centerline of West Donald St. and East Donald St. to the intersection with the centerline of Barclay St. as originally platted in Enterprise Place addition to the City of Waterloo, said line also being the North and South centerline of Section 13 Township 89 Range 13; thence South along the North and South centerline of said Section to its intersection with the centerline of the Canadian National Railroad right-of-way; thence Southeasterly following the centerline of said main railroad right-of-way to its intersection with the centerline of Linden Ave., said line also being the East line of Section 24 Township 89 Range 13; thence South along the centerline of Linden Ave. to the Southeast corner of said Section 24, said point also being the intersection with the centerline of Independence Ave.; thence West along the South line of said Section 24 to the Southwest line of the Canadian National Railroad (formerly known as the Chicago, Central and Pacific Railroad); thence Northwesterly following the Southwesterly line of said railroad to the intersection with the East line of Mobile St.; thence South along the East line of Mobile St. to a point where the North line of Lot 7 Block 13 of William Watkin's Subdivision of a Part of Lots 12, 13, and 14 of Hardy and Virden's Plat of the Southeast Quarter of Section 24 Township 89 Range 13 extended Easterly would intersect said East line of Mobile St.; thence West to the Northeast corner of Lot 7 Block 13 said addition; thence West along the North line of said Watkins Addition to the Northwest corner of Lot 9 Block 13 said addition; thence South along the East line of Elm St. to the Northwest corner of Lot 1 Block 13 said addition; thence West to a point on the North line of Lot 2 Block 14 said addition that is 10 feet West of the Northeast corner of Lot 2 Block 14 said addition; thence Southwesterly to a Ordinance No. 4902 Page 7 point that is 35 feet East of and 30 feet South of the Northwest corner of Lot 1 Block 14 said addition; thence West 35 feet to the East line of Lane St.; thence South along said East line of Lane St. to the Northwest corner of Lot 10 Balliet & Gilberts Subdivision, said point also being a point on the South line of Glenwood St.; thence West along the South line of Glenwood St. to the West line of Irving St.; thence North 22' on an extension of the West line of Irving St.; thence West along a line that is 11' South of and parallel to the North line of Glenwood St. as platted to a point that is 100 feet normally distant East of the East line of South Barclay St.; thence Southwesterly to a point on the East line of South Barclay St. that is 8 feet North of the Northwest corner of Lot 7 Alford, Gates & Krapfel's Subdivision; thence South along the East line of South Barclay St. as platted to the point where the North line of Lot 12 Auditor Rainbow's Plat of Cooley Subdivision extended Easterly would intersect said East line; thence West to the Northeast corner of said Lot 12; thence West 41' along the North line of said Lot 12; thence Southwesterly to a point on the Northwesterly line of Lot 7 Auditor Rainbow's Plat of Cooley Subdivision that is 92.8 feet Northeasterly of the most Westerly corner of said lot; thence Southwesterly 92.8 feet along the Southwesterly line of Lot 7 said addition to the Northeasterly line of Walnut St.; thence Southwesterly across Walnut St. to the most Easterly corner of Lot 1 Block 58 of Cooley Addition; thence Northwesterly along the Southwesterly line of Walnut St. to its intersection with the centerline of East 5th St. as originally platted; thence Southwesterly along said centerline of East 5th St. to the centerline of Franklin St.; thence Northwesterly along the centerline of Franklin St. to the centerline of East 3`d St.; thence Southwesterly along the centerline of East 3`d St. to the centerline of Sycamore St.; thence Northwesterly along the centerline of Sycamore St. to the Easterly line of Auditor's Bayou Plat; thence Northeasterly along the Easterly line of Auditor's Bayou Plat to the Southwesterly line of Lafayette St.; thence Northwesterly along the Southwesterly line of Lafayette St. to the point of intersection with the centerline of Oak Ave., if extended Southwesterly; thence Northeasterly along said Southwesterly extension of the centerline of Oak Ave., and the centerline of Oak Ave. to the centerline of Lafayette St.; thence Northwesterly along the centerline of Lafayette St. to the centerline of Utica St.; thence Northeasterly following Ordinance No. 4902 Page 8 the centerline of Utica St. as platted to the centerline of Broadway St.; thence Northwesterly and Northerly following the centerline of Broadway St. to the intersection with the centerline of Bratnober St.; thence East along the centerline of Bratnober St. to the centerline of Columbia St.; thence North along the centerline of Columbia St. to the North line of Litchfield First Addition; thence East along the North line of said addition to the East line of the Southwest Quarter of the Northeast Quarter of Section 14 Township 89 Range 13; thence North along the East line of the Southwest Quarter of the Northeast Quarter of said Section to the Northeast corner of said Southwest Quarter of the Northeast Quarter; thence West along the North line of said Southwest Quarter of the Northwest Quarter, also being the centerline of West Louise St., to the centerline of Columbia St.; thence North along the centerline of Columbia St. to the centerline of West Donald St.; said point also being the point of beginning; except all that part of the Southeast Quarter of Section 24 Township 89 Range 13 lying Southeasterly of the Southeasterly line of the Union Pacific Railroad right-of-way (formerly known as the Chicago & Northwestern Transportation Company), Northeasterly of the Northeasterly line of the Canadian National Railroad (formerly known as the Chicago Central & Pacific Railroad) right-of-way, and West of the East line of said Section 24 Township 89 Range 13. Ordinance No. 4902 Page 9 EXHIBIT "C" Logan Avenue Urban Renewal Area and Redevelopment Including Amendment #1 Beginning at the intersection of the Centerline of West Donald Street and the Centerline of Heath Street; thence North, Northeasterly and Easterly along the Centerline of Heath Street to its intersection with the West line of Tract "A" of BV Addition; thence North along the West line of BV Addition to the North line of Lot 2 said addition; thence East along the North line of Lot 2 BV Addition and an extension of said line East to the Centerline of Logan Avenue (also known as U.S. Highway 63); thence North along the Centerline of Logan Avenue to the North line of Ralston Road; thence East along the North line of Ralston Road to the East line of East 4th Street; thence South along the East line of East 4th Street to the Centerline of East Donald Street; thence West along the Centerlines of East Donald Street and West Donald Street to the point of beginning. And also: Ola Rhodes Addition to the City of Waterloo; And also: Beginning at the intersection of the centerline of Columbia St. and the centerline of West Donald St.; thence East along the centerline of West Donald St. and East Donald St. to the intersection with the centerline of Barclay St. as originally platted in Enterprise Place addition to the City of Waterloo, said line also being the North and South centerline of Section 13 Township 89 Range 13; thence South along the North and South centerline of said Section to its intersection with the centerline of the Canadian National Railroad right-of-way; thence Southeasterly following the centerline of said main railroad right-of-way to its intersection with the centerline of Linden Ave., said line also being the East line of Section 24 Township 89 Range 13; thence South along the centerline of Linden Ave. to the Southeast corner of said Section 24, said point also being the intersection with the centerline of Independence Ave.; thence West along the South line of said Section 24 to the Southwest line of the Canadian National Railroad (formerly known as the Chicago, Central and Pacific Railroad); thence Northwesterly Ordinance No. 4902 Page 10 following the Southwesterly line of said railroad to the intersection with the East line of Mobile St.; thence South along the East line of Mobile St. to a point where the North line of Lot 7 Block 13 of William Watkin's Subdivision of a Part of Lots 12, 13, and 14 of Hardy and Virden's Plat of the Southeast Quarter of Section 24 Township 89 Range 13 extended Easterly would intersect said East line of Mobile St.; thence West to the Northeast corner of Lot 7 Block 13 said addition; thence West along the North line of said Watkins Addition to the Northwest corner of Lot 9 Block 13 said addition; thence South along the East line of Elm St. to the Northwest corner of Lot 1 Block 13 said addition; thence West to a point on the North line of Lot 2 Block 14 said addition that is 10 feet West of the Northeast corner of Lot 2 Block 14 said addition; thence Southwesterly to a point that is 35 feet East of and 30 feet South of the Northwest corner of Lot 1 Block 14 said addition; thence West 35 feet to the East line of Lane St.; thence South along said East line of Lane St. to the Northwest corner of Lot 10 Balliet & Gilberts Subdivision, said point also being a point on the South line of Glenwood St.; thence West along the South line of Glenwood St. to the West line of Irving St.; thence North 22' on an extension of the West line of Irving St.; thence West along a line that is 11' South of and parallel to the North line of Glenwood St. as platted to a point that is 100 feet normally distant East of the East line of South Barclay St.; thence Southwesterly to a point on the East line of South Barclay St. that is 8 feet North of the Northwest corner of Lot 7 Alford, Gates & Krapfel's Subdivision; thence South along the East line of South Barclay St. as platted to the point where the North line of Lot 12 Auditor Rainbow's Plat of Cooley Subdivision extended Easterly would intersect said East line; thence West to the Northeast corner of said Lot 12; thence West 41' along the North line of said Lot 12; thence Southwesterly to a point on the Northwesterly line of Lot 7 Auditor Rainbow's Plat of Cooley Subdivision that is 92.8 feet Northeasterly of the most Westerly corner of said lot; thence Southwesterly 92.8 feet along the Southwesterly line of Lot 7 said addition to the Northeasterly line of Walnut St.; thence Southwesterly across Walnut St. to the most Easterly corner of Lot 1 Block 58 of Cooley Addition; thence Northwesterly along the Southwesterly line of Walnut St. to its intersection Ordinance No. 4902 Page 11 with the centerline of East 5th St. as originally platted; thence Southwesterly along said centerline of East 5th St. to the centerline of Franklin St.; thence Northwesterly along the centerline of Franklin St. to the centerline of East 3rd St.; thence Southwesterly along the centerline of East 3rd St. to the centerline of Sycamore St.; thence Northwesterly along the centerline of Sycamore St. to the Easterly line of Auditor's Bayou Plat; thence Northeasterly along the Easterly line of Auditor's Bayou Plat to the Southwesterly line of Lafayette St.; thence Northwesterly along the Southwesterly line of Lafayette St. to the point of intersection with the centerline of Oak Ave., if extended Southwesterly; thence Northeasterly along said Southwesterly extension of the centerline of Oak Ave., and the centerline of Oak Ave. to the centerline of Lafayette St.; thence Northwesterly along the centerline of Lafayette St. to the centerline of Utica St.; thence Northeasterly following the centerline of Utica St. as platted to the centerline of Broadway St.; thence Northwesterly and Northerly following the centerline of Broadway St. to the intersection with the centerline of Bratnober St.; thence East along the centerline of Bratnober St. to the centerline of Columbia St.; thence North along the centerline of Columbia St. to the North line of Litchfield First Addition; thence East along the North line of said addition to the East line of the Southwest Quarter of the Northeast Quarter of Section 14 Township 89 Range 13; thence North along the East line of the Southwest Quarter of the Northeast Quarter of said Section to the Northeast corner of said Southwest Quarter of the Northeast Quarter; thence West along the North line of said Southwest Quarter of the Northwest Quarter, also being the centerline of West Louise St., to the centerline of Columbia St.; thence North along the centerline of Columbia St. to the centerline of West Donald St.; said point also being the point of beginning; except all that part of the Southeast Quarter of Section 24 Township 89 Range 13 lying Southeasterly of the Southeasterly line of the Union Pacific Railroad right-of-way (formerly known as the Chicago & Northwestern Transportation Company), Northeasterly of the Northeasterly line of the Canadian National Railroad (formerly known as the Chicago Central & Pacific Railroad) right-of-way, and West of the East line of said Section 24 Township 89 Range 13.