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HomeMy WebLinkAbout5676 -12.19.2022 TIF ordinance - RathPrepared by Chris Wendland, City Attorney, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 ORDINANCE NO. 5676 AN ORDINANCE AMENDING ORDINANCE NOS. 3749, 4697 AND 4949 PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE AMENDED RATH URBAN RENEWAL AND REDEVELOPMENT 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 RATH URBAN RENEWAL AND REDEVELOPMENT PROJECT. WHEREAS, the City Council of the City of Waterloo, Iowa has heretofore, in Ordinance Nos. 3749, 4697 and 4949 provided for the division of taxes within the Rath Urban Renewal and Redevelopment Plan Project Area, pursuant to Section 403.19 of the Code of Iowa; and WHEREAS, territory has now been added to the Rath Urban Renewal and Redevelopment 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 Project Area are such as to require the continued application of the incremental tax resources of the amended Project Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the Rath Urban Renewal and Redevelopment Plan, as amended. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA THAT: Ordinance Numbers 3749, 4697 and 4949 are 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 shall mean that portion of the City of Waterloo, Iowa described in the urban renewal and redevelopment plan for the Rath Urban Renewal and Redevelopment Plan Area approved by Resolution No. 1990-644 adopted on November 19, 1990, which Original Project Area includes the lots and parcels located within the area legally described as follows: Ordinance No. 5676 Page 2 Beginning at the point of intersection of the centerline of East Eleventh Street and the Northerly bank of the Cedar River, thence Northeasterly along the centerline of East Eleventh Street to its intersection with the centerline of Franklin Street, thence Southeasterly and Easterly along the centerline of Franklin Street to its intersection with the centerline of Vinton Street, thence Southerly along the centerline of Vinton Street to its intersection with the centerline of Sycamore Street, thence Southeasterly along the centerline of Sycamore Street to its intersection with the centerline of Dunham Place, thence Southerly along the centerline of Dunham Place and an extension of the centerline of Dunham Place to its intersection with the Cedar River, thence Northwesterly along the Northerly bank of the Cedar River to the point of beginning. (b) Amendment No. 1 Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 1 to the urban renewal and redevelopment plan for the Rath Urban Renewal and Redevelopment Plan Area approved by Resolution No. 2004-372, adopted on June 14, 2004, which Amendment No. 1 Area includes the lots and parcels located within the area legally described as follows: Beginning at the intersection of the centerline of Nevada Street and Lafayette Street, thence Southeasterly along the centerline of Lafayette Street to the centerline of Glendale Street, thence South along the centerline of Glendale Street and an extension thereof, to the point where said extension would intersect the extension Easterly of the centerline of Hawthorne Avenue, thence West along the extension of the centerline of Hawthorne Avenue and the centerline of Hawthorne Avenue to the centerline of northbound Washington Street, thence Northwesterly along the centerline of northbound Washington Street to the centerline of West 12t' Street, thence Northeasterly along the centerline of West 12t' Street and its extension Northeasterly to the Southerly line of the Cedar River, thence Northwesterly along the Cedar River to centerline of West 11t' Street, thence Northeasterly across Cedar River along the centerline of 11t' Street bridge and continuing Northeasterly along the centerline of East 11' Street to the centerline of Sycamore Street, thence Northwesterly along the centerline of Sycamore Street to the centerline of East 7th Street, thence Northeasterly along the centerline of East 7th Street to the centerline of Franklin Street, thence Northwesterly along the centerline of Franklin Street to the centerline of Westbound Martin Luther King Jr. Drive, thence Northeasterly following said Westbound centerline to the centerline of South Barclay Street, thence South along the centerline of South Barclay Street to the centerline of Martin Luther King Jr. Drive, thence Northeasterly along the centerline of Martin Luther King Jr. Drive to the centerline of Linden Avenue, thence South along the centerline of Linden Avenue to the centerline of the Canadian National Illinois Central Railroad, thence following said railroad centerline to the centerline of Nevada Street, thence South along the centerline of Nevada Street to the point of beginning. Ordinance No. 5676 Page 3 (c) 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 Rath Urban Renewal and Redevelopment Plan Area approved by Resolution No. 2009-633, adopted on July 6, 2009, which Amendment No. 2 Area includes the lots and parcels located within the area legally described as follows: That part of Sections 29, 30, 31 and 32 in Township 89 North, Range 12 West of the 5th Principal Meridian in the City of Waterloo, Black Hawk County, Iowa, more particularly described as follows: Commencing at the intersection of the centerline of Lafayette Street and the centerline of Glendale Street; thence South along the centerline of Glendale Street to its intersection with the centerline of the existing spur line of the Canadian National Railroad, said point also being the Point of Beginning; thence continuing South along the platted, now vacated centerline of Glendale Street to the point of intersection with the Northeasterly line of the Cedar River; thence Southeasterly following the Northeasterly line of the Cedar River to its intersection with the East line of the City of Waterloo Corporate Limits (as now established in Section 32, Township 89 North, Range 12 West); thence North following said Corporate Limit line to the Southerly line of Dubuque Road; thence Northwesterly following the Southerly line of Dubuque Road to its intersection with the East line of Block 8 of Blowers Addition; thence South along the East line of said Block 8 to the most Southerly corner of Lot 19 Block 8 said addition; thence South to the most Northeasterly corner of Lot 9 Block 17 Blowers Addition; thence South along the East line of said Block 17, and an extension thereof to the Southerly line of Lafayette Street; thence Northwesterly along the Southerly line of Lafayette Street to the Southeasterly line of Block 2 Kahler's Addition; thence Southwesterly along the Southeasterly line of Block 2 Kahler's Addition to the centerline of the existing spur line of the Canadian National Railroad; thence Northwesterly along said railroad line to the point of beginning. (d) Amendment No. 3 Area shall mean that portion of the City of Waterloo, Iowa described in an Amendment to the urban renewal and redevelopment plan for the Rath Urban Renewal and Redevelopment Plan Area approved by Resolution No. 2022-742, adopted on December 5, 2022, which Amendment Area includes the lots and parcels located within the area legally described as follows: Beginning at the intersection of the East line of Block 8 of Blowers Addition and the Southerly right-of-way line of Dubuque Road; thence Northwesterly along said Southerly right-of-way line to its intersection with the West line of said Block 8; thence Northwesterly to the Northeast corner of Lot 30 of Block 9 of Blowers Addition; thence West along the North line of said Block 9 to the Northwest corner of Lot 1 of said Block 9; thence Northwest to the Southeast corner of Lot 16 of Block 5 of Blowers Addition; thence North along the East line of said Block 5 to a point on Ordinance No. 5676 Page 4 the East line of Lot 18 of said Block 5 that is 20 feet South of the Northeast comer of said Lot 18; thence Northwesterly to a point on the North line of said Lot 18 that is 10 feet West of the Northeast corner of said Lot 18; thence Northwesterly to the Northwesterly corner of the parcel described by Warranty Deed to the City of Waterloo recorded in Book 570 of City Lot Deeds, Page 92; thence Northwest to a point on the West line of Lot 21 of said Block 5 that is 6.1 feet South of the Northwest corner of said Lot 21; thence Northwest to the Southeast corner of Lot 7 of said Block 5, also being a point along the Southerly right-of-way line of Dubuque Road; thence Northwesterly along said Southerly right-of-way line to its intersection with the centerline of Colorado Street; thence North along the centerline of Colorado Street to the centerline of French Street; thence East along the centerline of French Street to the centerline of Arizona Street; thence South along the centerline of Arizona Street to the centerline of Archer Avenue; thence West along the centerline of Archer Avenue to the Northerly line of the Canadian National Illinois Central Railroad; thence Southeasterly along said Northerly line to its intersection with the Northerly line of Sunshine Subdivision; thence East along said Northerly line of Sunshine Subdivision to the Northeast corner of Sunshine Subdivision, said point also being on the Westerly right-of-way line of the former Chicago Central and Pacific Railroad; thence North along said former Westerly right-of-way line to a point that is90.7 feet South of the North line of the Southwest '/4 of the Northeast '/4 of Section 30, T89N, R12W; thence Northeasterly to a point on the Easterly line of said former Railroad right-of-way that is 48.72 feet South of the North line of the Southeast 14 of the Northeast'/4 of said Section 30; thence North along the Easterly line of said former Railroad right-of-way to a line that is 33 feet South of and parallel with said North quarter -quarter line; thence East along said parallel line to the East line said Section 30; thence South along said East line to the centerline of Ann Street; thence East along the centerline of Ann Street to the centerline of Creston Avenue; thence South along the centerline of Creston Avenue to the centerline of Fulton Street; thence East along the centerline of Fulton Street to its intersection with a Northerly extension of the East line of Lot 4 of Block 8 of Auditor Rainbows Plat of Maywood Second Filing; thence South along said Northerly extension and the East line of said Lot 4 and a Southerly extension of the East line of said Lot 4 to the Northeast corner of Lot 21 of said Block 8; thence West to the Northwest corner of said Lot 21; thence South along the West line of said Lot 21 and a Southerly extension of the West line of said Lot 21 to the Southerly line of Wyandotte Street; thence Westerly along the Southerly line of Wyandotte Street to the Northerly line of the Canadian National Illinois Central Railroad; thence Southeasterly along said Northerly line to the North line of Section 32, T89N, R12W; thence East along the North line of said Section 32 to the centerline of North Evans Road; thence South along the centerline of North Evans Road to its intersection with an Easterly line of the City of Waterloo Corporate Limits (as now established in Section 32, T89N, Ordinance No. 5676 Page 5 R12W); thence Northwesterly and Southerly following said Corporate Limit line to the Southerly line of Dubuque Road; thence Northwesterly along the Southerly line of Dubuque Road to the Point of Beginning. And also, that part of Lot 19 of Auditor's consolidated Plat lying Northeasterly of the centerline of the spur line of the Canadian National Railroad, except the Northwest 68 feet of the Northeast 180 feet of said Lot 19, and except the Southeast 60 feet of the Northeast 180 feet of said Lot 19. (e) Amended Project Area shall mean that portion of the City of Waterloo, Iowa included within the Original Project Area, Amendment No. 1 Area, Amendment No. 2 Area, and Amendment No. 3 Area, as each is legally described in paragraphs (a) through (d) above. 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 provided in this Ordinance. Section 3: As to the Original 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 Original Project Area upon the total sum of the assessed value of the taxable property in the Original Project Area as shown on the assessment roll as of January 1, 1989, being the first day of the calendar year preceding the effective date of Ordinance No. 3749, 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 the Amendment No. 1 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, 2003, 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. 4697. As to the 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, 2008, 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. 4949. As to the 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, 2021, 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 Ordinance No. 5676 Page 6 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 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 provided above. 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 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 under the provisions of Section 403.19 of the Code of Iowa, as authorized in Ordinance No. 3749, as amended by Ordinance No. 4697 for the addition of the Amendment No. 1 Area, as amended by Ordinance No. 4949 for the addition of the Amendment No. 2 Area, and as amended by this Ordinance for the addition of the 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 foregoing areas 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: December 5, 2022 PASSED FIRST CONSIDERATION: December 5, 2022 PASSED SECOND CONSIDERATION: December 19, 2022 PASSED THIRD CONSIDERATION: December 19, 2022 Ordinance No. 5676 Page 7 PASSED AND ADOPTED by the City Council of the City of Waterloo, Iowa on the 19th day of December, 2022, and approved by the Mayor on the 20th day of December, 2022. ATTEST: Kelley Felchle Kelley Felchle, City Clerk CERTIFICATE Quet7a 9-tarE DIGITALLY SIGNED If 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. 5676 as passed and adopted by the Council of the City of Waterloo, Iowa, on the 19th day of December, 2022. Witness my hand and seal of office this 20t' day of December, 2022. SEAL �f T 7 , \\1111 0 i i f belle Felchle Kelley Felchle, City Clerk