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HomeMy WebLinkAbout5810-11.03.2025.docxDocusign Envelope ID: 2A40818A-4C04-4605-8CFC-A57BAE9A7CF0 Prepared by Austin J. McMahon, City Attorney, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. ORDINANCE NO. 5810 AN ORDINANCE AMENDING ORDINANCE NOS. 4494, 4605, 5085 AND 5254, 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, territory has now been added to the Downtown Waterloo Riverfront Urban Renewal and Redevelopment Plan 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: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: (a) Original Project Area and Amendment No. 1 Area 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 Docusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Ordinance No. 5810 Page 2 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. (b) 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, lltn 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. (c) 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 No. 4 Area shall mean that portion of the City of Waterloo, Iowa described in Amendment No. 4 to the Urban Renewal and Redevelopment Plan for the Downtown Waterloo Riverfront Urban 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) 2025 Expansion Area Amendment shall mean that portion of the City of Waterloo, Iowa, described in an Amendment approved by Resolution No. 2025-630 on November 3, 2025, as follows: Beginning at the intersection of the centerline of Southbound Washington Street as now located (also known as U.S. Highway 218) and the centerline of W. 4th Street, thence Southwesterly along the centerline of W. 4th Street to a point that Docusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Ordinance No. 5810 Page 3 (f) would intersect a Northwesterly extension of the Southwest line of the public alley as platted in Block 31 of the Original Plat of Waterloo West of the Cedar River, thence Southeasterly along said Northwesterly extension of the Southwest line of said alley, and Southeasterly along the Southwest line of said alley, and Southeasterly along a Southeasterly extension of the Southwest line of said alley to the centerline of W. 5th Street, thence Northeasterly along the centerline of W. 5th Street to the centerline of Southbound Washington Street, thence Northwesterly along the centerline of Southbound Washington Street to the point of beginning. Amended and Restated Project Area, which remains unchanged from the Amended Project Area set forth in Ordinance No. 5254, shall mean that portion of the City of Waterloo, Iowa included within the Original Project Area, the Amendment No. 1 Area, the Amendment No. 2 Area, the Amendment No. 3 Area, the Amendment No. 4 Area, and the 2025 Expansion Amendment 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. 11th Street, thence Northeasterly along the centerline of the l lth 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. 31d 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 Docusign Envelope ID: 2A40818A-4C04-4605-8CFC-A57BAE9A7CF0 Ordinance No. 5810 Page 4 Street to the centerline of Southbound Washington Street, thence Southeasterly along the centerline of Southbound Washington Street to the point of beginning And Beginning at the intersection of the centerline of Southbound Washington Street as now located (also known as U.S. Highway 218) and the centerline of W. 4th Street, thence Southwesterly along the centerline of W. 4th Street to a point that would intersect a Northwesterly extension of the Southwest line of the public alley as platted in Block 31 of the Original Plat of Waterloo West of the Cedar River, thence Southeasterly along said Northwesterly extension of the Southwest line of said alley, and Southeasterly along the Southwest line of said alley, and Southeasterly along a Southeasterly extension of the Southwest line of said alley to the centerline of W. 5th Street, thence Northeasterly along the centerline of W. 5th Street to the centerline of Southbound Washington Street, thence Northwesterly 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 ofJanuary 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 ofJanuary 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 ofJanuary 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. As to the 2025 Expansion Amendment 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, 2024, 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, Docusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Ordinance No. 5810 Page 5 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 fmance 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 mariner 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: PASSED 1st CONSIDERATION: PASSED 2nd CONSIDERATION: PASSED 3rd CONSIDERATION: November 3, 2025 November 3, 2025 November 3, 2025 November 3, 2025 PASSED AND ADOPTED this 3rd day of November 2025. DocuSigned by: ATTEST: Signed by: KellF6uQC,OFFBC�..64A ey r elc le, ity Clerk Ct�tu,tiftw fk-avi DO �,D78AAC8449... Quentin Hart, Mayor Docusign Envelope ID: 2A40818A-4C04-4B05-8CFC-A57BAE9A7CF0 Ordinance No. 5810 Page 6 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. 5810 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 3rd day of November 2025. Witness my hand and seal of office on this 20th day of November 2025. Signed by: WE Ksc[ey fdale F60 OFF 4AB . Kelley elchle, City Clerk