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HomeMy WebLinkAbout5617-09.20.2021Prepared by Chris Wendland, City Attorney, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. ORDINANCE NO. 5617 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE SCHOITZ 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 SCHOITZ 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 Schoitz Urban Renewal and Redevelopment Plan Project Area, pursuant to Section 403.19 of the Code of Iowa; and WHEREAS, the terms of the Schoitz 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 Schoitz 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 Schoitz 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 the Northeast corner of Lot 23 of Southgate; thence Northwesterly to a point on the North right-of-way line of West Ridgeway Avenue that is 263.99 feet East of the point of intersection of the said North right-of-way line and the East right-of-way line of Bellaire Road; thence North 44°11'41" East, 37.81 feet; thence North 1°47'12" West, 47.20 feet; thence North 88°12'48" East, 9.00 feet to the West right-of-way line of Kimball Avenue; thence North along said West right-of- way line to the Westerly extension of the centerline of Acadia Street; thence Easterly along the Westerly extension of the centerline of Acadia Street, the centerline of Acadia Street, and an Easterly extension of the centerline of Acadia Street to the East right-of-way line of Vansyoc Drive as presently established; thence Southerly along said East right-of-way line to the North line of Lot 46 of Sunset Hills; thence Easterly along the North line of said Lot 46 to the Northeast corner of said Lot 46; thence South along the East line of said Lot 46 to the southeast corner of said lot 46; thence South along a line that is parallel with the East right-of-way line of Kimball Avenue (as originally established) a distance of 255 feet; thence East parallel with the North right-of-way line of Ridgeway Avenue (as originally established) a distance of 5 feet; thence South parallel with the said East right-of-way line of Kimball Avenue (as originally established) a distance of 90 feet; thence East parallel with the north right-of-way line of Ridgeway Avenue (as originally established) a distance of 20 feet; thence South parallel with the East right-of-way line of Kimball Avenue (as originally established) a distance of 255 feet to the North right-of-way line of East Ridgeway Avenue as presently established; thence due South to the Southerly right-of-way line of East Ridgeway Avenue as presently established; thence Westerly along said Southerly right-of-way line and a Westerly extension of said Southerly right-of-way line 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 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 of the calendar year preceding the first calendar year in which the City of Waterloo certifies to the County Auditor the amount of loans, advances, indebtedness or bonds payable from the division of property tax revenue described 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. 2 Section 4: That portion of the taxes each year in excess of the base period taxes for the Project Area determined as provided in Section 3 above shall be allocated to and when collected be paid into the special tax increment fund 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 or obligations issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, as amended, 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, but only to the extent authorized by Section 403.19(2), and taxes for the payment of bonds and interest of 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 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, advances, indebtedness, 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. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provision of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Project 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 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: September 20, 2021 PASSED FIRST CONSIDERATION: September 20, 2021 PASSED SECOND CONSIDERATION: September 20, 2021 PASSED THIRD CONSIDERATION: September 20, 2021 PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa on the 20th day of September 2021, and approved by the Mayor on the 20th day of September, 2021. 3 ATTEST: Kelley Felchle, City Clerk CERTIFICATE DIGITAL? SIGNED Quentin M. Hart, Mayor 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. 5617, as passed and adopted by the Council of the City of Waterloo, Iowa, on the 20th day of September, 2021. SEAL Witness my hand and seal of office this 6th day of December, 2020. 4 Kelley Felchle, City Clerk