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Home My WebLink About2723-12/23/1974 41 5 P 7 -- ci ORDINANCE N0, of 2122 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL REAL PROPERTY LOCATED WITHIN THE DOWNTOWN WATERLOO URBAN RENEWAL AND 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 AND REDEVELOPMENT PROJECT. WHEREAS, the City Council of the City of Waterloo, Iowa, after public notice and hearing as prescribed by law and pursuant to a Resolution passed and approved December 23, 1974, adopted an Urban Renewal Plan for an area known as the Downtown Waterloo Urban Renewal and Redevelopment Project, which project area is 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 South- easterly on Franklin Street to the point of beginning and WHEREAS, indebtedness has been incurred and will be incurred by the City of Waterloo, Iowa, in connection with said Urban Renewal and Redevelopment Project; and WHEREAS, the City Council of the City of Waterloo, Iowa, desires to provide for the division of revenue from taxation in the Downtown Waterloo Urban Renewal and Redevelopment Project area, as above described, in accordance with the provisions of Section 403.19 of the 1973 Code of Iowa. 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 Downtown Waterloo Urban Renewal and Redevelopment Project Area, legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Waterloo, Iowa, 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 the Ordinance provided. Section 2: That a 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 Urban Renewal Area upon the total sum of the assessed value of the taxable property in said Urban Renewal Project as shown on the assessment roll last equalized prior to the date of initial adoption of the Urban Renewal Plan for the Downtown Waterloo Urban Renewal and Redevelopment Project Area 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 date of assessment for the assessment roll last equalized prior to the date of adoption of the Urban Renewal and Redevelopment Plan was January 1, 1973, and the assessed value of the taxable property within said Urban Renewal Project area on January 1, 1973, was in the amount of $4,428,951. Section 3: That portion of the taxes each year in excess of such amount shall be allocated to and when collected be paid into a special fund to be hereafter established by resolution of the City of Waterloo, Iowa, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under the authority of Section 403.9 of the 1973 Code of Iowa, and Section 403.12 of the 1973 Code of Iowa, incurred by the City of Waterloo, Iowa, to finance or refinance in whole or in part the Downtown Waterloo Urban Renewal and Redevelopment Project Area, 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. R' �r ,A# a ... • .... • :,-t. �a_.. lit. ..- k:tir]il .. ! _t. ,15 t' {e L•. t f..xc .^a.�: .. _.e- ._. ♦Fu.-. ..u .� c - Vii. ..\ -, -`tom. `A.. T`I S�S•""W.: - lt. '✓ 'i } _ \i i�� .� fl1�^_;3A: _ ..~� f�:�_ t.i a.a.�k � :_ v-_� i(-v.l ti* - ,. - _ ,•C.: ,:! _ n,., _ � - _ rte- t AL 17 . ] .-.. a _.... atL3 s'tf '. 1 -. .-: T Be;- ..'..\ _ '_!]t-• r _ _ :.0. -... R ZD a ..^ i.' is ita..�'_ ':tx. -� .. _ •�} _ 1 - • r .� _ .�..•.. . ;'"_1._X61 .. a. �._,.«.. - � } .e_ .. n� ._ � �'v,�«!`.,� 2 - Section 4: All taxes levied and collected upon the taxable property in said Downtown Waterloo Urban Renewal and Redevelopment Project 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, as shown by the last equalized assessment roll dated January 1, 1973. Section 5 : At such time as the loans, advances, indebtedness, and bonds and interest thereon of the City of Waterloo, hereinabove referred to have been paid all monies thereafter received from taxes upon the taxable property in the Urban Renewal Project Area known as the Downtown Waterloo Urban Renewal and 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. Section 7: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. Passed and adopted this 23rd day of December, 1974. CK" Mayor Read First Time: December 23 , 1974 Read Second Time: December 23, 1974 Read Third Time: December 23, 1974 PASSED AND APPROVED: December 23, 1974 ATTEST: 7 City Clerk ZnHn �dHHnOH � t7 C70Hy0 9 �-Ca' t7r9nxH9 ��,-� rCC� Oz �-C � � [�1 � yHOH rHdozU) 9 ` t' 0 or9e > zzo Htnz9Woro cozy ty0 tziZHd � nz` t4 £ >t zt4 ;d ZH H 0 > H 0E-3 9rtil nZ trJZ0HCIJ HHHt70 H < M0 Ctn-3lMTJt��JU] C�J t' 00H0t� 00po trJ H to H 0 'TJ ,d C-4 O 'o o N r0HH 0H0 rl0 t7C oZcl mo 9 Hon PJz tj v ro M t7 Z ni 7>j 0 Z '%7 H C H U :VCC 0HOHt=J �d rC N t�] H C� m r id Z CT] w > bdn Z H t ) C/) o 0 ;;dd trJ r id r 0 w F-3 M- cn > rd t Cs > MZ Or Z > u ozna 0 �dmH to HHomx Pd >m z > zH- CnH- 'TJ HM HnH OHOZ HxZZ MF-3a C-4a (::: n �4Zz nH9 t�7 C7t�7t�] LTJ p1r0HHM0 £ F-3 U n [ [ z nn � o x9 � t=i HP t7HoHpgZFt- ITJr F-4M bdt7HM74UnOH F-3 > y ztd4Z� � b` t-4 ZHrn-azrxiW c 97bbd om > HtiZ Fid bd ty H til t j 'TJ H rC ;d rQ 'd I 92 0 m 90dvnbdHC) m => b HH t:1v > I t7' o> 0 FJ I CTJ '�7j M dt=i ;d