The URL can be used to link to this page

Home My WebLink About5821-12.15.2025_Waterloo_South_Unified.docxDocusign Envelope ID: A72A4491-61F7-4DE3-95B5-3549B5B94270 Prepared by Austin McMahon, City Attorney, City of Waterloo, 222 First Street East, Independence, IA 50644, (319) 334-4488. ORDINANCE NO. 5821 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE 2025 EXPANSION AREA, AS DESCRIBED HEREIN, OF THE AMENDED AND RESTATED SOUTH WATERLOO UNIFIED 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 SOUTH WATERLOO UNIFIED URBAN RENEWAL AND REDEVELOPMENT PLAN AREA. 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 2025 Expansion Area of the Amended and Restated South Waterloo Unified Urban Renewal and Redevelopment Plan Area, pursuant to Section 403.19 of the Code of Iowa; and WHEREAS, the terms of the Amended and Restated South Waterloo Unified Urban Renewal and Redevelopment 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 2025 Expansion Area; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the Amended and Restated South Waterloo Unified Urban Renewal 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) 2025 Expansion Area shall mean that portion of the City of Waterloo, Iowa described as the 2025 Expansion Area in the Urban Renewal Plan for the Amended and Restated South Waterloo Unified Urban Renewal and Redevelopment Plan approved by this Ordinance, which said 2025 Expansion Area includes the lots and parcels located within the area legally described as follows: The South Two Hundred Fifty (250.00) feet of Lot No. Sixteen (16), Kingswood Second Addition, Waterloo, Black Hawk County, Iowa. And, Lot 9 of San Marnan Business Park First Addition. Section 2: The taxes levied on the taxable property within the 2025 Expansion Area, which is a portion of the Plan Area as set forth in Amended and Restated South Waterloo Unified Urban Renewal and Docusign Envelope ID: A72A4491-61F7-4DE3-95B5-3549B5B94270 Ordinance No. 5821 Page 2 Redevelopment Plan, and 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. The taxes levied on the taxable property within the Martin Road Development Plan Area and the San Marnan Urban Renewal and Redevelopment Plan Area shall not be affected by this Ordinance and shall be governed by Ordinances passed in connection with the Martin Road Development Plan and the San Marnan Urban Renewal and Redevelopment Plan, respectively. Section 3: As to the 2025 Expansion 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 2025 Expansion 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 2025 Expansion 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 (as legally described in the Urban Renewal Plan) 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 2025 Expansion 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 2025 Expansion 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 2025 Expansion 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 2025 Expansion 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 2025 Expansion 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: December 1, 2025 PASSED THIRD CONSIDERATION: December 15, 2025 PASSED AND ADOPTED this 15th day of December 2025. Docusign Envelope ID: A72A4491-61F7-4DE3-95B5-3549B5B94270 Ordinance No. 5821 Page 3 ATTEST: Signed by: lathy f -rouis��t B}.oy�s Kelley t elcllle, City Clerk CERTIFICATE r—DocuSigned by: 61tuAlitA, lktW? �D0525D78AAC8449... Quentin 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. 5821 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 15th day of December 2025. SEAL -ti ti u Witness my hand and seal of office on this 16th day of December 2025. G "—Signed by: Katy f tecat Kelley Petc `ile, City Clerk