HomeMy WebLinkAbout5254-11/17/2014Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
ORDINANCE NO. 5254
AN ORDINANCE AMENDING ORDINANCE NOS. 4494,
4605 AND 5085, PROVIDING THAT GENERAL
PROPERTY TAXES LEVIED AND COLLECTED EACH
YEAR ON ALL PROPERTY LOCATED WITHIN THE
AMENDED AND RESTATED DOWNTOWN WATERLOO
RIVERFRONT URBAN RENEWAL AND REDEVELOPMENT
PLAN 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 AND RESTATED DOWNTOWN WATERLOO
RIVERFRONT URBAN RENEWAL AND REDEVELOPMENT
PROJECT.
WHEREAS, the City Council of the City of Waterloo, Iowa has
heretofore, in Ordinance Nos. 4494, 4605, and 5085, provided for
the division of taxes within the Downtown Waterloo Riverfront
Urban Renewal and Redevelopment Plan Project Area, pursuant to
Section 403.19 of the Code of Iowa; and
WHEREAS, the terms of the Downtown Waterloo Riverfront
Urban Renewal and Redevelopment Plan have been amended and
restated with respect to the 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 and restated Project Area are such as to require the
continued application of the incremental tax resources of the
amended and restated Project Area; and
WHEREAS, the following enactment is an amendment and
restatement of prior actions and is necessary to accomplish the
objectives described in the Amended and Restated Downtown
Waterloo Riverfront Urban Renewal and Redevelopment Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA THAT:
Ordinance Numbers 4494, 4605, and 5085 are hereby amended
and restated to read as follows:
Section 1: For purposes of this Ordinance, the following
terms shall have the following meanings:
Ordinance No. 5254
Page 2
(a) Original Project Area and Amendment No. 1 Area
M
(c)
shall mean that portion of the City of Waterloo,
Iowa described in the Urban Renewal and
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.
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.
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
the City
No. 4 to
for the
No. 4 Area shall mean that portion of
of Waterloo, Iowa described in Amendment
the Urban Renewal and Redevelopment Plan
Downtown Waterloo Riverfront Urban
Ordinance No. 5254
Page 3
Renewal Area approved by Resolution No. 2011-1109
on December 5, 2011, which Amendment No. 4 Area
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 and Restated Project Area, which remains
unchanged from the Amended Project Area set forth
in Ordinance No. 5085, 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 and Restated
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. lith Street, thence
Northeasterly along the centerline of the
Ordinance No. 5254
Page 4
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
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
Ordinance No. 5254
Page 5
of Southbound Washington Street, thence
Southeasterly along the centerline of
Southbound Washington Street to the point of
beginning.
Section 2: The taxes levied on the taxable property in the
Amended and Restated 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 and Restated 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
Ordinance No. 5254
Page 6
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 and Restated Project Area pursuant
to the Urban Renewal Plan, as amended and restated, except that
taxes for the regular and voter -approved physical plant and
equipment levy of a school district imposed pursuant 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 and Restated 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 and Restated
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 and Restated 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 and Restated 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
as authorized in Ordinance No. 5085 for the addition of
Amendment No. 4 Area. 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 and Restate 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:
November
17,
2014
PASSED 1St CONSIDERATION:
November
17,
2014
PASSED 2nd CONSIDERATION:
November
17,
2014
PASSED 3rd CONSIDERATION:
November
17,
2014
Ordinance No. 5254
Page 7
PASSED AND ADOPTED this
ATTEST:
'uzy Sc ares, CMC
City Clerk
17th day of November, 2014.
I
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. 5254, as passed and adopted by the Council of
the City of Waterloo, Iowa, on the 17th day of November, 2014.
Witness my hand and seal of office this 17th day of
November, 2014.
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Suzy S ares, CMC
City Clerk