Loading...
HomeMy WebLinkAbout5818-12.01.2025_Baltimore_Fields.docxDocusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Prepared by Austin McMahon, City Attorney, City of Waterloo, 222 First Street East, Independence, IA 50644, (319) 334-4488. ORDINANCE NO. 5818 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE BALTIMORE FIELDS URBAN RENEWAL 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 BALTIMORE FIELDS URBAN RENEWAL PLAN AREA PROJECT(S). 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 Baltimore Fields Urban Renewal Plan Area, pursuant to Section 403.19 of the Code of Iowa; and WHEREAS, the terms of the Baltimore Fields Urban Renewal Plan have been approved and adopted with respect to the Plan 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 Plan Area, and the continuing needs of redevelopment within the Plan Area are such as to require the continued application of the incremental tax resources of the Plan Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the Baltimore Fields Urban Renewal Plan. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: (a) Plan Area shall mean that portion of the City of Waterloo, Iowa described in the Urban Renewal Plan for the Baltimore Fields Urban Renewal Plan Area approved by this Ordinance, which Plan Area includes the lots and parcels located within the area legally described as follows: Lot No. 5, except the East 156 feet thereof and except those parts deeded to the City of Waterloo, Iowa in T.L.D. Book 151 Page 562 and T.L.D. Book 272 at page 391, in Auditor Francis' Reitzel Plat; and the Northerly Half of that part of Byron Avenue in the City of Waterloo, Iowa, lying East of a Northerly extension of the West line of Lot No. 1 in Orlo C. Miller Addition, and West of a line that is 156 feet West of the West line of Baltimore Street, all in the City of Waterloo, Black Hawk County, State of Iowa, excluding thereof the area platted as Hawthorne Estates First Addition. AND Docusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Ordinance No. 5818 Page 2 Orlo C. Miller Addition, all of Lot 1 except the West 30 feet, Lot 2, and all that part of the Southerly one-half of Byron Avenue in the City of Waterloo, Iowa, lying East of a Northerly extension of the West line of Lot No. 1 in Orlo C. Miller Addition, and West of a line that is 156 feet West of the West line of Baltimore Street. Also, all that part of Denver Street in the City of Waterloo, Iowa, lying South of the South line of Byron Avenue and North of the North line of Eureka Street, all in the City of Waterloo, Black Hawk County, Iowa, excluding thereof the area platted as Baltimore Field First Addition. AND All that part of Hawthorne Avenue as it presently exists lying East of a Northerly extension of the East line of Hawthorne Estates First Addition, and West of a line that is 156 feet West of the West line of Baltimore Street, City of Waterloo, Black Hawk County, Iowa. AND All that part of Eureka Street as it presently exists lying East of a Southerly extension of the East line of Baltimore Field 1st Addition, and West of a line that is 156 feet West of the West line of Baltimore Street, City of Waterloo, Black Hawk County, Iowa. Section 2: The taxes levied on the taxable property in the Plan 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 Plan 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 Plan 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. Section 4: That portion of the taxes each year in excess of the base period taxes for the Plan 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 Plan 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 Plan 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 Plan 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 Docusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Ordinance No. 5818 Page 3 in the Plan 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 Plan 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 Plan 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 Plan 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 3, 2025 PASSED FIRST CONSIDERATION: November 3, 2025 PASSED SECOND CONSIDERATION: November 17, 2025 PASSED THIRD CONSIDERATION: December 1, 2025 PASSED AND ADOPTED this 1st day of December 2025. DocuSigned by: ATTEST: 1-Signed by: f 414 KellF6uQ(,urF¢4bnAQ ey t e cnn1le, ((�ity Clerk CERTIFICATE Quentin Hart, Mayor CD0525D78AAC8449 iu,tiftw fk-avi 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. 5818 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 1st day of December 2025. Witness my hand and seal of office on this 1st day of December 2025. Signed by:__7 f L Keleyeclile;Atity Clerk ireff or ird Are iIIIIMl11P1110111111