HomeMy WebLinkAbout5085-12/05/2011 (RECORDED)I IIIIIII IIIlII iii IIIII nisi IIIII IIIII IIIII IIIII IIIII IOII IIIII IIIII OIII ilii ilii
Doc ID 004671870007 Type GEN
Kind ORDINANCE
Recorded: 12/30/2011 at 09:10:10 AM
Fee Amt: $37.00 Page 1 of 7
Black Hawk County Iowa
JUDITH A MCCARTHY RECORDER
F11e2012-00012102
01 161010(10
This Ordinance prepared by Carol Failor, Deputy City Clerk, 715
Mulberry Street, Waterloo, Iowa.
ORDINANCE NO. 5085
AN ORDINANCE AMENDING ORDINANCE NO. 4494,
PROVIDING THAT GENERAL PROPERTY TAXES LEVIED
AND COLLECTED EACH YEAR ON ALL PROPERTY
LOCATED WITHIN THE AMENDED DOWNTOWN WATERLOO
RIVERFRONT URBAN RENEWAL 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 DOWNTOWN
WATERLOO RIVERFRONT URBAN RENEWAL AND
REDEVELOPMENT PROJECT.
WHEREAS, the City Council of the City of Waterloo, Iowa has
heretofore, in Ordinance No. 4494, provided for the division of
taxes within the Downtown Waterloo Riverfront Urban Renewal
Project Area, pursuant to Section 403.19 of the Code of Iowa;
and
WHEREAS, additional territory now has been added to the
Downtown Waterloo Riverfront 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 Downtown Waterloo Riverfront Urban Renewal Project Area,
and the continuing needs of redevelopment within the amended
Downtown Waterloo Riverfront Urban Renewal Project Area are such
as to require the continued application of the incremental tax
resources of the amended Downtown Waterloo Riverfront Urban
Renewal Project Area; and
WHEREAS, the following enactment is necessary to accomplish
the objectives described in the Downtown Waterloo Riverfront
Urban Renewal and Redevelopment Plan, as amended.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA THAT:
Ordinance Number 4494 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 and Amendment No. 1 Area
shall mean that portion of the City of Waterloo,
Iowa described in the Urban Renewal and
Ordinance No. 5085
Page 2
Redevelopment Plan for the Downtown Waterloo
Riverfront Urban Renewal Area approved by
Ordinance No. 2723, adopted on December 23, 1974,
and amended by Resolution No. 27385 adopted in
1980 and Resolution No. 1996-804, adopted
December 16, 1996 (no new area added), which
Original Project Area includes the lots and
parcels located within the area legally described
as follows:
Beginning at a point at the intersection of
Franklin and East Seventh Streets, thence
Southwesterly along Seventh Street to the
alley between Jefferson and Bluff Streets,
thence Northwesterly along said alley to
West Third Street, thence Northeasterly
along West Third Street to Franklin Street,
thence Southeasterly on Franklin Street to
the point of beginning, all in the City of
Waterloo, Black Hawk County, Iowa.
(b) 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 Downtown Waterloo Riverfront Urban
Renewal Area approved by Resolution No. 2001-394,
adopted on August 6, 2001, which Amendment No. 2
Area includes the lots and parcels located within
the area legally described as follows:
Bounded by Southbound Washington Street,
West 12th Street, Cedar River, 11th Street,
Sycamore Street, East 7th Street, Franklin
Street, East 3rd Street, Sycamore Street,
Fairview Avenue, Conger Street, River Road,
Black Hawk Creek to Southbound Washington
Street.
(c) Amendment No. 3 Area shall mean that portion of
the City of Waterloo, Iowa described in Amendment
No. 3 to the Urban Renewal and Redevelopment Plan
for the Downtown Waterloo Riverfront Urban
Renewal Area approved by Resolution No. 2003-225
on April 7, 2003, which Amendment No. 3 Area
includes the lots and parcels located within the
area legally described as follows:
Bounded by Southbound Washington Street,
West 4th Street, South Street, West 2nd
Street to Southbound Washington Street.
(d) Amendment No. 4 Area shall mean that portion of
the City of Waterloo, Iowa described in Amendment
No. 4 to the Urban Renewal and Redevelopment Plan
for the Downtown Waterloo Riverfront Urban
Renewal Area approved by Resolution No. 2011-1109
on December 5, 2011, which Amendment No. 4 Area
Ordinance No. 5085
Page 3
includes the lots and parcels located within the
area legally described as follows:
Beginning at the point where the centerline
of West Conger Street intersects the
centerline of relocated Ansborough Avenue
(said point also being the intersection with
the centerlines of River Road and Westfield
Avenue), thence Westerly along the
centerline of relocated Ansborough Avenue to
its intersection with the West line of
Courier Street, thence South along the West
line of Courier Street, and an extension
thereof, to the centerline of the Canadian
National/Illinois Central Railroad spur
line, thence Southwesterly along the
centerline of said Railroad to the
centerline of West Washington Street (also
known as U.S. Highway 218), thence
Southeasterly along the centerline of West
Washington Street to the centerline of
Vaughn Street, thence Northeasterly along
the centerline of Vaughn Street to the
centerline of Westfield Avenue, thence
Southeasterly along the centerline of
Westfield Avenue to its intersection with
the East bank of Black Hawk Creek, thence
Northerly along the Easterly bank of Black
Hawk Creek to the centerline of River Road,
thence Northwesterly and Westerly along the
centerline of River Road to the point of
beginning.
(e) Amended Project Area shall mean that portion of
the City of Waterloo, Iowa included within the
Original Project Area and Amendment No. 1 Area,
Amendment No. 2 Area, Amendment No. 3 Area, and
Amendment No. 4 Area, which Amended Project Area
includes the lots and parcels located within the
area legally described as follows:
Beginning at the point where the centerline
of W. 12th Street, if extended, would
intersect the centerline of the Southbound
Washington Street as now located (also known
as U.S. Highway 218), thence Northeasterly
along the extension of the centerline of W.
12th Street, and the centerline of W. 12th
Street to the Southerly line of the Cedar
River, thence Northwesterly along the
Southerly bank of the Cedar River to the
centerline of W. 11th Street, thence
Northeasterly along the centerline of the
11th Street Bridge and E. 11th Street to the
centerline of Sycamore Street, thence
Northwesterly along the centerline of
Sycamore Street to its intersection with the
centerline of E. 7th Street, thence
Ordinance No. 5085
Page 4
Northeasterly along the centerline of E. 7th
Street to the centerline of Franklin Street,
thence Northwesterly along the centerline of
Franklin Street to the centerline of E. 3rd
Street, thence Southwesterly along the
centerline of E. 3rd Street to the centerline
of Sycamore Street, thence Northwesterly
along the centerline of Sycamore Street, and
an extension thereof, to the Northerly line
of the Cedar River, thence following the
Northerly bank of the Cedar River to a point
where it would intersect the centerline of
Fairview Avenue, if extended Southerly,
thence North along the extension of the
centerline of Fairview Avenue, and the
centerline of Fairview Avenue to the
centerline of Conger Street, thence Westerly
and Southwesterly along the centerline of
Conger Street and W. Conger Street to the
centerline of relocated Ansborough Avenue
(said point also being the intersection with
the centerlines of River Road and Westfield
Avenue), thence Westerly along the
centerline of relocated Ansborough Avenue to
its intersection with the West line of
Courier Street, thence South along the West
line of Courier Street, and an extension
thereof, to the centerline of the Canadian
National/Illinois Central Railroad spur
line, thence Southwesterly along the
centerline of said Railroad to the
centerline of West Washington Street (also
known as U.S. Highway 218), thence
Southeasterly along the centerline of West
Washington Street to the centerline of
Vaughn Street, thence Northeasterly along
the centerline of Vaughn Street to the
centerline of Westfield Avenue, thence
Southeasterly along the centerline of
Westfield Avenue to its intersection with
the East bank of Black Hawk Creek, thence
Southwesterly along the Easterly bank of
Black Hawk Creek to the centerline of
southbound Washington Street, thence
Easterly and Southeasterly along the
centerline of Southbound Washington Street
to the centerline of W. 2nd Street, thence
Southwesterly along the centerline of W. 2nd
Street to the centerline of South Street,
thence Southeasterly along the centerline of
South Street to the centerline of W. 4th
Street, thence Northeasterly along the
centerline of W. 4th Street to the centerline
of Southbound Washington Street, thence
Southeasterly along the centerline of
Southbound Washington Street to the point of
beginning.
Ordinance No. 5085
Page 5
Section 2: The taxes levied on the taxable property in the
Amended Project Area, legally described in Section 1 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 and Amendment
No. 1 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 and Amendment No. 1 Area upon the total sum of the assessed
value of the taxable property in the Original Project Area and
Amendment No. 1 Area as shown on the assessment roll as of
January 1, 1974, being the first day of the calendar year
preceding the effective date of Ordinance No. 2723, 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. 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 1,2000, 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. 4494.
As to Amendment No. 3 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, 2002, 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. 4605.
As to Amendment No. 4 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, 2010, 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 403.22 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
Ordinance No. 5085
Page 6
to Section 298.2 of the Code of Iowa and 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 hereinabove 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
area shown by the last equalized assessment rolls referred to in
Section 3 of this Ordinance, 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.
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 and Amendment No. 1
Area under the provisions of Section 403.19 of the Code of Iowa,
as authorized in Ordinance No. 2723, as amended by Ordinance No.
4494 for the addition of Amendment No. 2 Area, as amended by
Ordinance No. 4605 for the addition of Amendment No. 3 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. 4 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:
PASSED 1st CONSIDERATION:
PASSED 2nd CONSIDERATION:
PASSED 3rd CONSIDERATION:
December 5, 2011
December 5, 2011
December 5, 2011
December 5, 2011
Ordinance No. 5085
Page 7
PASSED AND ADOPTED by the City Council of the City of
Waterloo, Iowa, on the 5th day of December, 2011, and approved by
the Mayor on the 5th day of December, 2011.
Ernest G. Clark, Mayor
ATTEST:
Suzy Scha es, CMC
City Cler
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. 5085, as passed and adopted by the City Council of
the City of Waterloo, Iowa, on the 5th day of December, 2011.
2011.
SEAL
Witness my hand and seal of office this 5th day of December,
Suzy Sch:res, CMC
City Cl:.rk
4
•
C T ♦ IRT
SUMMARY OF ORDINANCE NO. 5085
ADOPTED ON DECEMBER 5, 2011 BY
THE WATERLOO CITY COUNCIL AS AN
ORDINANCE AMENDING ORDINANCE
NO. 4494, PROVIDING THAT GENERAL
PROPERTY TAXES LEVIED AND COL-
LECTED EACH YEAR ON ALL PROP-
ERTY LOCATED WITHIN THE AMENDED
DOWNTOWN WATERLOO RIVERFRONT
URBAN RENEWAL AREA OF THE CITY OF
WATERLOO, COUNTY OF BLACK HAWK,
STATE OF IOWA, BY AND FOR THE BEN-
EFIT OF THE STATE OF IOWA, CITY OF
WATERLOO, COUNTY OF BLACK HAWK,
WATERLOO COMMUNITY SCHOOL DIS-
TRICT, AND OTHER TAXING DISTRICTS,
BE PAID TO A SPECIAL FUND FOR PAY-
MENT OF PRINCIPAL AND INTEREST ON
LOANS, MONIES ADVANCED TO AN IN-
DEBTEDNESS, INCLUDING BONDS IS-
SUED OR TO BE ISSUED, INCURRED BY
SAID CITY IN CONNECTION WITH THE
AMENDED DOWNTOWN WATERLOO
RIVERFRONT URBAN RENEWAL AND
REDEVELOPMENT PROJECT.
This is a summary of the amendment to
Ordinance No. 4494, which provides for
the Amended Downtown Waterloo Riv-
erfront Urban Renewal Area (the "Project
Area") to be a special taxing district with-
in the City of Waterloo (referred to below
as the "Ordinance"):
The general pupose_yf_She 4D 4intaance
of
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.awk County, SS
I do solemnly swear that the annexed copy of legal
City of Waterloo
Summary of Ordinance No. 5085
Notice was published in the Waterloo -Cedar Falls
Courier, a daily newspaper printed in Waterloo, Black
Hawk County, Iowa, once commencing on the 23rd
day of December, 2011 in the name of said
newspaper, and that the annexed rate of advertised is
the regular legal rate of said newspaper, and that the
following is a correct bill for publishing said notice.
Printer's Bill $86.43
Subscribed and sworn to before me this WI
Day of
A.D., 20 1(
SUE A AMZ
COMMISSION NO. 761976
MY COtd ° S^!CN .XPIRES
Notary Public
Received of
the sum of
Dollars.
In full for publication of the above notice.
This Ordinance prepared by Carol Failor, Deputy City Clerk, 715
Mulberry Street, Waterloo, Iowa.
ORDINANCE NO. 5085
AN ORDINANCE AMENDING ORDINANCE NO. 4494,
PROVIDING THAT GENERAL PROPERTY TAXES LEVIED
AND COLLECTED EACH YEAR ON ALL PROPERTY
LOCATED WITHIN THE AMENDED DOWNTOWN WATERLOO
RIVERFRONT URBAN RENEWAL 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 DOWNTOWN
WATERLOO RIVERFRONT URBAN RENEWAL AND
REDEVELOPMENT PROJECT.
WHEREAS, the City Council of the City of Waterloo, Iowa has
heretofore, in Ordinance No. 4494, provided for the division of
taxes within the Downtown Waterloo Riverfront Urban Renewal
Project Area, pursuant to Section 403.19 of the Code of Iowa;
and
WHEREAS, additional territory now has been added to the
Downtown Waterloo Riverfront 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 Downtown Waterloo Riverfront Urban Renewal Project Area,
and the continuing needs of redevelopment within the amended
Downtown Waterloo Riverfront Urban Renewal Project Area are such
as to require the continued application of the incremental tax
resources of the amended Downtown Waterloo Riverfront Urban
Renewal Project Area; and
WHEREAS, the following enactment is necessary to accomplish
the objectives described in the Downtown Waterloo Riverfront
Urban Renewal and Redevelopment Plan, as amended.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA THAT:
Ordinance Number 4494 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 and Amendment No. 1 Area
shall mean that portion of the City of Waterloo,
Iowa described in the Urban Renewal and
Ordinance No. 5085
Page 2
Redevelopment Plan for the Downtown Waterloo
Riverfront Urban Renewal Area approved by
Ordinance No. 2723, adopted on December 23, 1974,
and amended by Resolution No. 27385 adopted in
1980 and Resolution No. 1996-804, adopted
December 16, 1996 (no new area added), which
Original Project Area includes the lots and
parcels located within the area legally described
as follows:
Beginning at a point at the intersection of
Franklin and East Seventh Streets, thence
Southwesterly along Seventh Street to the
alley between Jefferson and Bluff Streets,
thence Northwesterly along said alley to
West Third Street, thence Northeasterly
along West Third Street to Franklin Street,
thence Southeasterly on Franklin Street to
the point of beginning, all in the City of
Waterloo, Black Hawk County, Iowa.
(b) 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 Downtown Waterloo Riverfront Urban
Renewal Area approved by Resolution No. 2001-394,
adopted on August 6, 2001, which Amendment No. 2
Area includes the lots and parcels located within
the area legally described as follows:
Bounded by Southbound Washington Street,
West 12th Street, Cedar River, 11th Street,
Sycamore Street, East 7th Street, Franklin
Street, East 3rd Street, Sycamore Street,
Fairview Avenue, Conger Street, River Road,
Black Hawk Creek to Southbound Washington
Street.
(c) Amendment No. 3 Area shall mean that portion of
the City of Waterloo, Iowa described in Amendment
No. 3 to the Urban Renewal and Redevelopment Plan
for the Downtown Waterloo Riverfront Urban
Renewal Area approved by Resolution No. 2003-225
on April 7, 2003, which Amendment No. 3 Area
includes the lots and parcels located within the
area legally described as follows:
Bounded by Southbound Washington Street,
West 4th Street, South Street, West 2nd
Street to Southbound Washington Street.
(d) Amendment No. 4 Area shall mean that portion of
the City of Waterloo, Iowa described in Amendment
No. 4 to the Urban Renewal and Redevelopment Plan
for the Downtown Waterloo Riverfront Urban
Renewal Area approved by Resolution No. 2011-1109
on December 5, 2011, which Amendment No. 4 Area
Ordinance No. 5085
Page 3
includes the lots and parcels located within the
area legally described as follows:
Beginning at the point where the centerline
of West Conger Street intersects the
centerline of relocated Ansborough Avenue
(said point also being the intersection with
the centerlines of River Road and Westfield
Avenue), thence Westerly along the
centerline of relocated Ansborough Avenue to
its intersection with the West line of
Courier Street, thence South along the West
line of Courier Street, and an extension
thereof, to the centerline of the Canadian
National/Illinois Central Railroad spur
line, thence Southwesterly along the
centerline of said Railroad to the
centerline of West Washington Street (also
known as U.S. Highway 218), thence
Southeasterly along the centerline of West
Washington Street to the centerline of
Vaughn Street, thence Northeasterly along
the centerline of Vaughn Street to the
centerline of Westfield Avenue, thence
Southeasterly along the centerline of
Westfield Avenue to its intersection with
the East bank of Black Hawk Creek, thence
Northerly along the Easterly bank of Black
Hawk Creek to the centerline of River Road,
thence Northwesterly and Westerly along the
centerline of River Road to the point of
beginning.
(e) Amended Project Area shall mean that portion of
the City of Waterloo, Iowa included within the
Original Project Area and Amendment No. 1 Area,
Amendment No. 2 Area, Amendment No. 3 Area, and
Amendment No. 4 Area, which Amended Project Area
includes the lots and parcels located within the
area legally described as follows:
Beginning at the point where the centerline
of W. 12th Street, if extended, would
intersect the centerline of the Southbound
Washington Street as now located (also known
as U.S. Highway 218), thence Northeasterly
along the extension of the centerline of W.
12t" Street, and the centerline of W. 12ta
Street to the Southerly line of the Cedar
River, thence Northwesterly along the
Southerly bank of the Cedar River to the
centerline of W. 11th Street, thence
Northeasterly along the centerline of the
11th Street Bridge and E. 11th Street to the
centerline of Sycamore Street, thence
Northwesterly along the centerline of
Sycamore Street to its intersection with the
centerline of E. 7th Street, thence
Ordinance No. 5085
Page 4
Northeasterly along the centerline of E. 7th
Street to the centerline of Franklin Street,
thence Northwesterly along the centerline of
Franklin Street to the centerline of E. 3rd
Street, thence Southwesterly along the
centerline of E. 3rd Street to the centerline
of Sycamore Street, thence Northwesterly
along the centerline of Sycamore Street, and
an extension thereof, to the Northerly line
of the Cedar River, thence following the
Northerly bank of the Cedar River to a point
where it would intersect the centerline of
Fairview Avenue, if extended Southerly,
thence North along the extension of the
centerline of Fairview Avenue, and the
centerline of Fairview Avenue to the
centerline of Conger Street, thence Westerly
and Southwesterly along the centerline of
Conger Street and W. Conger Street to the
centerline of relocated Ansborough Avenue
(said point also being the intersection with
the centerlines of River Road and Westfield
Avenue), thence Westerly along the
centerline of relocated Ansborough Avenue to
its intersection with the West line of
Courier Street, thence South along the West
line of Courier Street, and an extension
thereof, to the centerline of the Canadian
National/Illinois Central Railroad spur
line, thence Southwesterly along the
centerline of said Railroad to the
centerline of West Washington Street (also
known as U.S. Highway 218), thence
Southeasterly along the centerline of West
Washington Street to the centerline of
Vaughn Street, thence Northeasterly along
the centerline of Vaughn Street to the
centerline of Westfield Avenue, thence
Southeasterly along the centerline of
Westfield Avenue to its intersection with
the East bank of Black Hawk Creek, thence
Southwesterly along the Easterly bank of
Black Hawk Creek to the centerline of
southbound Washington Street, thence
Easterly and Southeasterly along the
centerline of Southbound Washington Street
to the centerline of W. 2nd Street, thence
Southwesterly along the centerline of W. 2nd
Street to the centerline of South Street,
thence Southeasterly along the centerline of
South Street to the centerline of W. 4th
Street, thence Northeasterly along the
centerline of W. 4th Street to the centerline
of Southbound Washington Street, thence
Southeasterly along the centerline of
Southbound Washington Street to the point of
beginning.
Ordinance No. 5085
Page 5
Section 2: The taxes levied on the taxable property in the
Amended Project Area, legally described in Section 1 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 and Amendment
No. 1 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 and Amendment No. 1 Area upon the total sum of the assessed
value of the taxable property in the Original Project Area and
Amendment No. 1 Area as shown on the assessment roll as of
January 1, 1974, being the first day of the calendar year
preceding the effective date of Ordinance No. 2723, 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. 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 1,2000, 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. 4494.
As to Amendment No. 3 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, 2002, 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. 4605.
As to Amendment No. 4 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, 2010, 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 403.22 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
Ordinance No. 5085
Page 6
to Section 298.2 of the Code of Iowa and 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 hereinabove 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
area shown by the last equalized assessment rolls referred to in
Section 3 of this Ordinance, 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.
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 and Amendment No. 1
Area under the provisions of Section 403.19 of the Code of Iowa,
as authorized in Ordinance No. 2723, as amended by Ordinance No.
4494 for the addition of Amendment No. 2 Area, as amended by
Ordinance No. 4605 for the addition of Amendment No. 3 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. 4 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:
PASSED 1st CONSIDERATION:
PASSED 2nd CONSIDERATION:
PASSED 3rd CONSIDERATION:
December
December
December
December
5, 2011
5, 2011
5, 2011
5, 2011
Ordinance No. 5085
Page 7
PASSED AND ADOPTED by the City Council of the City of
Waterloo, Iowa, on the 5th day of December, 2011, and approved by
the Mayor on the 5th day of December, 2011.
ATTEST:
Suzy Scha es, CMC
City Clerk
Ernest G. Clark, Mayor
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. 5085, as passed and adopted by the City Council of
the City of Waterloo, Iowa, on the 5th day of December, 2011.
2011.
SEAL
Witness my hand and seal of office this 5th day of December,
• y • ares, CMC
City C erk