HomeMy WebLinkAbout5588-03.01.2021Prepared by Chris Wendland, City Attorney, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703 (319)291-4323
ORDINANCE NO. 5588
AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES
LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED
WITHIN THE UNIVERSITY AVENUE AREA 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 UNIVERSITY
AVENUE AREA URBAN RENEWAL AND REDEVELOPMENT PROJECT.
WHEREAS, the City Council of the City of Waterloo, Iowa believes it to be in the best
interests of the City of Waterloo to provide for the division of taxes within the University Avenue
Area Urban Renewal and Redevelopment Plan Project Area, pursuant to Section 403.19 of the
Code of Iowa; and
WHEREAS, the terms of the University Avenue Area Urban Renewal and Redevelopment
Plan have been approved and adopted 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 Project Area are such as to
require the continued application of the incremental tax resources of the Project Area; and
WHEREAS, the following enactment is necessary to accomplish the objectives described
in the University Avenue Area Urban Renewal and Redevelopment Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA THAT:
Section 1: For purposes of this Ordinance, the following terms shall have the following
meanings:
(a) Project Area shall mean that portion of the City of Waterloo, Iowa described in the
Urban Renewal and Redevelopment Plan for the University Avenue Area Urban Renewal
Area approved by this Ordinance, which Project Area includes the lots and parcels located
within the area legally described as follows:
Beginning at a point on the centerline of Midway Drive (also currently a point
on the Westerly Corporate Limits of the City of Waterloo), and its intersection
with the Westerly extension of the South line of Lot W-7 Cedarloo Park;
thence East along said extension of the South line of said Lot W-7, and the
South line of said Lot W-7 to the Southeast corner of said Lot W-7; thence
East along the North line of Lot 6 of Centennial Addition and the North line
of Lot 5 of Centennial Addition to an angle point on the North line of said Lot
5; thence N00° 17' 11"E 70.00 feet; thence S89°42'49"E 85.00 feet; thence
N00° 17' 11 "E 300.00 feet to the South line of Acorn Addition; thence Easterly
along the South line of Acorn Addition to the Westerly right-of-way line of
Progress Avenue; thence due East to the Easterly right-of-way line of Progress
Avenue; thence Southerly along said Easterly right-of-way line of Progress
Avenue to the North line of Lot W-115 of Cedarloo Park; thence East along
the North line of said Lot W-115 to the East line of said Lot W-115; thence
South along the East line of said Lot W-115 to the South line of Pine Meadows
Addition; thence East along said South line of Pine Meadows Addition to the
West line of Forrest Hill Subdivision; thence South along said West line of
Forrest Hill Subdivision to a point on the North line of Lot 21 of Forest Hill
Subdivision; thence Southeasterly along the Southerly line of Lot 17 of Forest
Hill Subdivision to the present Westerly right-of-way line of South Hackett
Road; thence North along said present Westerly right-of-way line to its
intersection with the Westerly extension of the centerline of Maynard Avenue;
thence Easterly along said Westerly extension and the centerline of Maynard
Avenue to the West line of Lawless Addition; thence South along the West
line of Lawless Addition to the Northwest corner of Paul's Replat; thence
South along the West line of Paul's Replat to the North line of Tract A of
Paul's Replat; thence East along said North line to the West line of H. Ray
Hughes Addition; thence South along said West line to the Southerly most line
of H. Ray Hughes Addition; thence East along said Southerly most line to the
West line of Carriage Hill 2nd Addition; thence South along said West line to
the Southerly line of Carriage Hill 2nd Addition; thence Southeasterly along
the Southerly line of Carriage Hill 2nd Addition and the Southerly line of
Carriage Hill to the West line of Carriage Hill3rd Addition; thence South along
said West line to the North line of Minard's University Avenue Addition;
thence East along said North line to the East line of Minard's University
2
Avenue Addition; thence South along said East line to the Southeast corner of
Lot 2 of Minard's University Avenue Addition; thence East 138.3 feet to the
Westerly right-of-way line of Stephan Avenue; thence due East to the West
line of Lot 46 of Hansen -Noble Addition; thence South along the West lines
of Lot 46 and Lot 45 of Hansen -Noble Addition to a point on said West line
of Lot 45 that is 51 feet North of the Southwest corner of said Lot 45; thence
Southeasterly to a point on the South line of said Lot 45 that is 17 feet East of
said Southwest corner; thence East along said South line to the Northwest
corner of Lot 23 of Hansen -Noble Addition; thence South along the West line
of said Lot 23 to the Southwest corner of said Lot 23; thence East along the
South line of said Lot 23 to the Southeast corner of said Lot 23; thence East to
the Southwest comer of Lot 2 of Hansen -Noble Addition; thence South along
the West line of Lot 1 of Hansen -Noble Addition 5.2 feet; thence East along a
line that is 5.2 feet normally distant from the North line of said Lot 1 to the
West line of Lot 16 of Block 4 of Kreb's Addition; thence North along the
West line of said Lot 16 to the Northwest corner of said Lot 16; thence Easterly
along the Northerly line of said Lot 16 to the Northeast corner of said Lot 16;
thence North along the East lines of Lot 15 and Lot 14 of Block 4 of Kreb's
Addition to the Northeast corner of said Lot 14; thence Easterly to the
Northwest comer of Lot 14 of Block 5 of Kreb's Addition; thence East along
the North line of said Lot 14 to the Northeast corner of said Lot 14; thence
South along the East line of said Lot 14 to the Southeast corner of said Lot 14;
thence East along the south line of Lot 33 of Block 5 of Kreb's Addition to
the Southeast corner of said Lot 33; thence Easterly to the Southwest corner
of Lot 10 of Block 6 of Kreb's Addition; thence East along the south line of
said Lot 10 to the Southeast corner of said Lot 10; thence Northerly along the
East line of Kreb's Addition to the Northeast corner of Lot 1 of Block 6 of
Kreb's Addition; thence East along the South line of the Southwest '/4 of the
Northeast'/4 of the Southeast 14 of Section 21, T89NR13W to the East line of
the West 660 feet of said SW'/4 of the NW 14 of the SE'/4; thence North along
said East line to the South line of the North 30 acres of the Northeast 14 of the
Southeast'/4 of Section 21, T89NR13W; thence East along said South line to
its intersection with the Southerly extension of the East right-of-way of
Aladdin Street as platted in Nelson Addition; thence North along said
Southerly extension and East right-of-way of Aladdin Street as platted in
Nelson Addition to the Northwest corner of Lot 6 of Block 1 of Nelson
Addition; thence West to the Northeast corner of Lot 1 of Block 2 of Nelson
3
Addition; thence Northerly to the Southeast corner of Lot 18 of Block 4 of
Aladdin Addition, said point also being on the Westerly right-of-way of
Aladdin Street; thence Northerly along said Westerly right-of-way of Aladdin
Street and a Northerly extension of said Westerly right-of-way of Aladdin
Street to the Northerly right-of-way of Upton Avenue; thence East along said
Northerly right-of-way of Upton Avenue to the East line of Clyde Miller
Heights; thence North along said East line of Clyde Miller Heights and the
East line of Zelmar 1 st Addition to the centerline of Rainbow Drive as
presently established; thence Northwesterly along said centerline of Rainbow
Drive to its intersection with a Northeasterly extension of the Southeasterly
line of Lot 41 of Zelmar First Addition; thence Southwesterly along said
Northeasterly extension to the Easterly most corner of said Lot 41; thence
Northwesterly along the Northeasterly lines of Lot 41 and 42 of Zelmar First
Addition and the Northeasterly lines of Lots 1 thru 7 of Clyde Miller Heights
Second Subdivision to the Northerly most corner of said Lot 7; thence
Southerly and Southwesterly along the Westerly and Northwesterly lines of
said Lot 7 to the Southwesterly corner of said Lot 7; thence Southwesterly
along an extension of the Northwesterly line of said Lot 7 to the centerline of
Joy Drive; thence Northwesterly along said centerline of Joy Drive to its
intersection with a Southerly extension of the East line of Lot 7 of Block 1 of
Clyde Miller Heights; thence Northerly along said Southerly extension of the
East line and the East line of said Lot 7 to the Northeast corner of said Lot 7;
thence Northeasterly along the Southeasterly line of Lot 3 of Block 1 of Clyde
Miller Heights to the Northeasterly line of the Southwesterly 89.2 feet of said
Lot 3; thence Northwesterly along said Northeasterly line to the Northwesterly
line of said Lot 3; thence Northeasterly along the Northwesterly line of said
Lot 3 to the Northeasterly corner of Lot 2 of Block 1 of Clyde Miller Heights;
thence Northwesterly along the Northeasterly line of said Lot 2 to the
Northwest corner of said Lot 2; thence North along the West line of Lot 1 of
Block 1 of Clyde Miller Heights to the Northwest corner of said Lot 1; thence
North along an extension of said West line to the centerline of Rainbow Drive;
thence Northwesterly along the centerline of Rainbow Drive to its intersection
with a Southerly extension of the West line of Lot 9 of Auditor's Whitney
Road Plat; thence North along said Southerly extension and the West line of
said Lot 9 to the Northwest corner of said Lot 9; thence Northwesterly along
the Northerly lines of Lot 10 and Lot 11 of Auditor's Whitney Road Plat to
the Northwest comer of said Lot 11; thence North to the Southwest corner of
4
Lot 12 of Auditor's Whitney Road Plat; thence North along the West line of
said Lot 12 to the Northwest corner of said Lot 12; thence East and
Southeasterly along the Northerly lines of said Lot 12 to the Northwest corner
of Lot 4 of Sherwood Park; thence Southeasterly along the Northerly lines of
Lots 4, 3, 2 and 1 of Sherwood Park to the Northeast corner of said Lot 1;
thence North to the Southeast corner of Lot 5 of Sherwood Park; thence
Easterly to the Southwest corner of Lot 25 California Subdivision; thence
Southeasterly along the Southwesterly lines of Lots 25 thru 45 of California
Subdivision to the Southeast corner of said Lot 45; thence Southeasterly to the
most Westerly corner of Massey Pullman Diner Plat; thence Southeasterly
along the Southwesterly line of Massey Pullman Diner Plat to the
Southeasterly corner of said Plat; thence Southeasterly to the Southwest corner
of Lot 1 of Congress Addition; thence Southeasterly along the Southwesterly
lines of Lots 1 and 2 of Congress Addition to the most Southerly corner of Lot
2 of Congress Addition; thence South on an extension of the most Easterly
line of said Lot 2 to the intersection with the centerline of the Railroad
(formerly known as the WCF&N Railroad); thence Westerly following said
Railroad centerline to its intersection with a Northerly extension of the West
line of the East 10 feet of Lot B of Hummel Addition; thence Southerly along
a Northerly extension of the West line of the East 10 feet of said Lot B, and
the West line of the East 10 feet of said Lot B to its intersection with a Westerly
extension of the South line of Lot 8 of Harry Hummel's Subdivision of Lot C
of Hummel Addition; thence East along said Westerly extension to the
Southwest corner of said Lot 8; thence South along the West line of Harry
Hummel's Subdivision of Lot C of Hummel Addition and a Southerly
extension of said West line to the centerline of Upton Avenue; thence West
along the centerline of Upton Avenue to the centerline of the platted alley
between Lot 1 and Lot 71 of Galloway First Addition; thence South on the
centerline of said alley (crossing Stratford Avenue and Bismark Avenue) to
the centerline of Harwood Avenue; thence Northeasterly and Southeasterly
along the centerline of Harwood Avenue to the centerline of the platted alley
between Lot 170 and Lot 171 of Galloway First Addition; thence North along
the centerline of said alley to the centerline of Bismark Avenue; thence East
along the centerline of Bismark Avenue to the centerline of Magnolia
Parkway; thence South and Southwesterly along the centerline of Magnolia
Parkway to the centerline of the platted alley between Lot 349 and Lot 408 of
Galloway Addition; thence Southeasterly along the centerline of said alley
5
(crossing Wallgate Avenue, Englewood Avenue and Knoll Avenue) to its
intersection with a Southwesterly extension of the Northwesterly line of Lot
375 of Galloway Addition; thence Northeasterly along said Southwesterly
extension, said Northwesterly line, and a Northeasterly extension of said
Northwesterly line to the centerline of Harwood Avenue; thence
Northwesterly along the centerline of Harwood Avenue to the centerline of
the platted alley between Lot 315 and Lot 316 of Galloway Addition; thence
North along the centerline of said alley (crossing Rock Island Avenue) to the
centerline of Bismark Avenue; thence East along the centerline of Bismark
Avenue and an Easterly extension of the centerline of Bismark Avenue to the
centerline of U.S. Highway 218 as presently established; thence Southeasterly
along the centerline of U.S. Highway 218 as presently established to the
Northwesterly right-of-way line of the former Chicago Great Western
Railroad; thence Southwesterly along said Northwesterly right-of-way line to
the centerline of University Avenue as presently established; thence Westerly
along the centerline of University Avenue as presently established to the
centerline of the alley as platted in Block 34 of Hagerman Place; thence
Southwesterly along the centerline of said alley to the centerline of Howrey
Avenue; thence Northwesterly along the centerline of Howrey Avenue to the
centerline ofJoder Avenue; thence Southwesterly along the centerline ofJoder
Avenue to the centerline of Knoll Avenue; thence North along the centerline
of Knoll Avenue to its intersection with an Easterly extension of the South line
of Lot 19 of Block 30 of Hagerman Place; thence Westerly along said Easterly
extension, said South line, and a Westerly extension of said South line to the
centerline of the alley in said Block 30; thence North along the centerline of
said alley (crossing University Avenue) to its intersection with the Westerly
extension of the North line of Lot 12 of Block 19 of Hagerman Place; thence
Easterly along said Westerly extension and the North line of said Lot 12 to the
Northeast comer of said Lot 12; thence East to the Northwest corner of Lot 11
of Block 18 of Hagerman Place; thence East along the North line of said Lot
11 to the Northeast corner of said Lot 11; thence East to the Northwest corner
of Lot 12 of Block 18 of Hagerman Place; thence East along the North line of
said Lot 12 to the Northeast corner of said Lot 12, said point also being on the
Westerly right-of-way line of Howrey Avenue; thence North along said
Westerly right-of-way line of Howrey Avenue and an extension thereof to the
centerline of Janney Avenue; thence Easterly along the centerline of Janney
Avenue to the Easterly right-of-way of Fletcher Avenue (originally Cleveland
6
Street); thence Southerly along said Easterly right-of-way to the centerline of
Joder Avenue; thence Northeasterly along the centerline of Joder Avenue to
the centerline of Janney Avenue; thence Northeasterly along the centerline of
Janney Avenue to the centerline of Falls Avenue; thence West along the
centerline of Falls Avenue to its intersection with a Northerly extension of the
East line of Lot 4 of Block 1 of Hagerman Place; thence South along said
Northerly extension, the East line of said Lot 4, and a Southerly extension of
the East line of said Lot 4 to the centerline of the platted alley in said Block 1;
thence West along the centerline of said alley to the centerline of Fletcher
Avenue as presently established; thence North along the centerline of Fletcher
Avenue as presently established to the centerline of the platted alley in Block
2 of Hagerman Place; thence Northwesterly along the centerline of the platted
alley in Block 2, Block 3, Block 4 and Block 5 of Hagerman Place (crossing
Knoll Avenue, Englewood Avenue and Wallgate Avenue) to the centerline of
Magnolia Parkway; thence Westerly to a point on the Southeasterly line of Lot
14 of Block 6 of Hagerman Place that is 103.61 feet Northeasterly of the
Southerly most corner of said Lot 14; thence Northwesterly to a point on the
Northwesterly line of Lot 12 of said Block 6 that is 102.32 feet Northeasterly
of the Westerly most corner of said Lot 12; thence Northeasterly along the
Northwesterly line of said Lot 12 and a Northeasterly extension of the
Northwesterly line of said Lot 12 to the centerline of the alley as platted in
said Block 6; thence Northwesterly along the centerline of said alley to the
centerline of Evergreen Avenue; thence Northwesterly and Southwesterly
along the centerline of the platted alley in Block 7 of Hagerman Place to the
centerline of Dundee Avenue; thence Southwesterly along the centerline of
the platted alley of Block 8 of Hagerman Place to the Easterly right-of-way
line of Ansborough Avenue as presently established; thence South along said
Easterly right-of-way line to the centerline of Janney Avenue; thence East
along the centerline of Janney Avenue to the centerline of the alley as platted
in Block 24 of Hagerman Place; thence South along the centerline of said alley
to the Easterly extension of the North line of Lot 8 of Block 24 of Hagerman
Place; thence West along said Easterly extension to the Northeast corner of
said Lot 8; thence South along the East line of said Lot 8 20 feet; thence East
on a line parallel with the North line of Lot 15 of said Block 24 to the West
line of said Lot 15; thence South along the West line of said Lot 15 to the
Southwest corner of said Lot 15; thence East along the South line of said Lot
15 and an Easterly extension of the South line of said Lot 15 to the Easterly
7
right-of-way line of Dundee Avenue; thence South along said Easterly right-
of-way line to the Northwest comer of Lot 11 of Block 23 of Hagerman Place;
thence Easterly along the North line of said Lot 11 to the Northeast comer of
said Lot 11; thence South along the East line of said Lot 11 to the Southeast
comer of said Lot 11; thence South to the Northeast corner of Lot 1 of Block
26 of Hagerman Place; thence South along the East lines of Lot 1, Lot 2, Lot
3, and Lot 4 of said Block 26 to the Southeast corner of said Lot 4; thence
West along the South line of said Lot 4 to the Southwest comer of said Lot 4;
thence South along the West lines of Lot 5 and Lot 6 of said Block 26 to the
Southwest corner of said Lot 6; thence West to the Northeast corner of Lot 16
of Block 25 of Hagerman place; thence South along the East line of said Lot
16 to the South line of the North 10 feet of said Lot 16; thence West along said
South line and a Westerly extension of said South line to its intersection with
the East line of Lot 7 of said Block 25; thence South along the East lines of
Lot 7, Lot 8, Lot 9, Lot 10, and Lot 11 of said Block 25 to the Southeast comer
of said Lot 11; thence East to the Southwest corner of Lot 12 of said Block 25;
thence East along the South line of said Lot 12 to its intersection with a
Northerly extension of a line that is 66 feet East and parallel with the West
line of Lot 7 of Auditor's Plat of Part of Meadowdale; thence South along said
Northerly extension and a line that is 66 feet East and parallel with the West
line of said Lot 7 to the South line of said Lot 7; thence West along said South
line to the Southwest corner of said Lot 7; thence South along the East line of
Lot 9 of said Auditor's Plat of Part of Meadowdale and a Southerly extension
of said East line to the centerline of Black Hawk Road; thence Easterly along
the centerline of Black Hawk Road to the East line of the Southwest 14 of the
Northwest 1/4 of Section 27, T89NR13W; thence South along said East line to
the North line of the Northwest 1/4 of the Southwest 1/4 of said Section 27;
thence South along the East line of said Northwest 1/4 of the Southwest 1/4 to
the South line of the North 23 1/2 Rods of the Northwest 14 of the Southwest 14
of said Section 27; thence West along said South line to the West line of said
Section 27; thence North along said West line to the Northeast comer of Lot
104 of Huntington Park; thence West along the North lines of Lot 104, Lot
105, Lot 106, and Lot 1 of Huntington Park to the Southwest comer of Lot 3
of Decathlon Place; thence North along the West line of said Lot 3 to the
Northwest corner of said Lot 3; thence East along the North line of said Lot 3
to the Westerly most corner of Lot 2 of Decathlon Place; thence Northeasterly
along the Northwest line of said Lot 2 and the Northwest line of Lot 5 of
8
Decathlon Place to the West line of Lot 6 of Decathlon Place; thence North
along said West line and an extension of said West line to the Northerly right-
of-way line of Garden Avenue; thence Easterly along said Northerly right-of-
way line to the West line of the East 50 feet of Lot 1 of Meadowdale Second
Filing; thence North along said West line to the North line of said Lot 1; thence
East along said North line to the Westerly right-of-way line of Ansborough
Avenue; thence North along said Westerly right-of-way line to the Southeast
corner of Lot 16 of Block 32 of Downing Place; thence West along the South
line of said Lot 16 and a Westerly extension of said South line to the East line
of Lot 8 of Kearns Addition; thence North along said East line of Lot 8 and
the East line of Lot 9 of Kearns Addition to the Northeast corner of said Lot
9, said point being on the Southerly right-of-way line of Headford Avenue as
platted (now known as University Avenue Frontage Road); thence Westerly
along said Southerly right-of-way line to the Westerly right-of-way line of
Sylvia Avenue; thence Southerly along said Westerly right-of-way line to the
Southerly most corner of Lot 39 of Kearns Addition; thence Westerly along
the Southerly line of said Lot 39 to the Southwest corner of said Lot 39; thence
Northerly along the Westerly most line of said Lot 39 to the Northeasterly
most corner of Lot 55 of Kearns Addition; thence Northwesterly along the
Northeasterly lines of Lots 55, 54, 53, 52, 51, 50, 49, 48, and 47 of Kearns
Addition to the Northerly most corner of said Lot 47; thence Northwesterly to
the Easterly most corner of Lot 86 of Kearns Addition; thence Northwesterly
along the Northeasterly line of said Lot 86 and the Northeasterly line of Lots
85 and 84 of Kearns Addition to the West line of Kearns Addition; thence
North along the West line of Kearns Addition to the North line of Lockard
Addition; thence West along said North line to the East line of Blakeswood
Place Condominiums recorded as Document 2005-11329; thence North along
said East line to the North line of Blakeswood Place Condominiums; thence
West along said North line to the East line of Alabar Hills; thence North along
said East line to the centerline of Alabar Avenue; thence Northwesterly along
the centerline of Alabar Avenue to the centerline of Littlefield Road; thence
Southerly along the centerline of Littlefield Road to the centerline of Flower
Street; thence Northwesterly along the centerline of Flower Street to the
centerline of Sheerer Avenue; thence Northerly along the centerline of Sheerer
Avenue to the centerline of Flower Street; thence West along the centerline of
Flower Street to the West line of Alabar Hills Second Addition; thence South
along said West line, and a Southerly extension of said West line to the
9
centerline of Sager Avenue; thence Westerly along the centerline of Sager
Avenue to the centerline of South Hackett Road as presently established;
thence due North to the South line of Section 21 of T89NR13W; thence West
along said South line to the Southeast corner of Section 20 of T89NR13W;
thence West along the South line of said Section 20 to the Southeast corner of
Cedarloo Park; thence North along the East line of Cedarloo Park to the
centerline of Richland Drive; thence West along the centerline of Richland
Drive to the centerline of Progress Avenue; thence North along the centerline
of Progress Avenue to the centerline of Crossway Drive; thence Westerly
along the centerline of Crossway Drive and a Westerly extension of said
centerline to a point on the Westerly Corporate Limits of the City of Waterloo;
thence North along the Westerly Corporate Limits of the City of Waterloo to
the Point of Beginning.
Section 2: The taxes levied on the taxable property in the 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 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 Project Area upon the total sum of the assessed value of the taxable property in the Project
Area as shown on the assessment roll as of January 1, 2020, being the first day of the calendar
year preceding the effective date of this Ordinance, 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.
Section 4: That portion of the taxes each year in excess of the base period taxes for the
Project Area 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 Project Area pursuant to the Urban Renewal Plan, 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
10
each taxing district shall be collected against all taxable property within the 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 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 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 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. 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 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 1, 2021
PASSED FIRST CONSIDERATION: March 1, 2021
PASSED SECOND CONSIDERATION: March 1, 2021
PASSED THIRD CONSIDERATION: March 1, 2021
PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa on the 1st
day of March, 2021, and approved by the Mayor on the 1st day of March, 2021.
Quentin M. Hart, Mayor
11
ATTEST:
Kele, �et'chie
Kelley Felchle
City Clerk
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Ordinance No. 5588, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 1st day of March, 2021.
SEAL
Witness my hand and seal of office this 1st day of March, 2021.
12
Kelle, eichie
Kelley Felchle, City Clerk