The provisions of this section apply to the Altoona Urban Renewal Plan Area, the boundaries of which are set out below, such area having been identified in the Urban Renewal Plan approved by the Council by resolution adopted on December 10, 1990:
Northeast Portion
Commencing at the southeast corner of the Southwest Quarter (SW¼) of Section 11, Township 79 North, Range 23 West of the 5th P.M., Polk County, Iowa, thence west along the south line of said Southwest Quarter (SW¼) 450.5 feet; thence north 576.4 feet to the south right-of-way (ROW) line of Interstate Hwy. No. 80; thence northeasterly along said ROW to a point on the east line of the Northeast Quarter (NE¼) of Section 12-79-23; thence northeasterly along said southerly ROW to a point on the west line of NE 72nd Street, approximately 400 feet north and 80 feet west of the southeast corner of the Northeast Quarter (NE¼) of Section 12-79-23; thence southeasterly along said west line to a point approximately 1,100 feet north and 33 feet west of the southeast corner of the Northeast Quarter of the Southeast Quarter (NE¼ SE¼) of Section 12-79-23; thence south along said west line to the south line of said NE¼ SE¼; thence east along said south line 33 feet to the northwest corner of the Southwest Quarter of the Southwest Quarter (SW¼ SW¼) of Section 7-79-22; thence east along the north line of said SW¼ SW¼ to the northeast corner thereof; thence south along the east line of said SW¼ SW¼ to the northwest corner of the Northeast Quarter of the Northwest Quarter (NE¼ NW¼) of Section 18-79-22; thence east along the north line of said NE¼ NW¼ to the northeast corner of the NW¼ of said Section 18-79-22; thence south along the east line of said NW¼ to the center of said Section 18-79-22; thence south along the east line of the Northeast Quarter of the Southwest Quarter (NE¼ SW¼) to a point on the centerline of Fourth Street Southeast; thence west along the centerline of Fourth Street Southeast to a point on the west line of the Northwest Quarter of the Southwest Quarter (NW¼ SW¼) of Section 18-79-22; thence westerly along the centerline of Fourth Street Southwest to a point on the west line of the Northeast Quarter of the Southeast Quarter (NE¼ SE¼) of Section 13-79-23; thence north along said line to the southwest corner of the Southeast Quarter of the Northeast Quarter (SE¼ NE¼) of said Section 13-79-23; thence north along the west line of said SE¼ NE¼ 658.8 feet; thence east 652.13 feet; thence north 329.5 feet; thence east 618.9 feet to a point on the east line of said SE¼ NE¼; thence north along said east line approximately 1650 feet to the northeast corner of Section 13-79-23; thence west along the north line of the Northeast Quarter (NE¼) of Section 13-79-23 2601 feet; thence west along the north line of the Northwest Quarter (NW¼) 2609 feet; thence west along the north line of the Northeast Quarter (NE¼) of Section 14-79-23 2662 feet to the point of beginning. Said parcel contains 640 acres more or less.
Northwest Portion
Commencing at the southeast corner of the Southeast Quarter (SE¼) of Section 10, Township 79 North, Range 23 West of the 5th P.M. Polk County, Iowa, thence west along the south line of said SE¼, 1979.86 feet; thence north 678.47 feet to the south right-of-way line of Interstate Hwy. No. 80; thence southwesterly along said right-of-way 833.0 feet; thence northwesterly 348 feet; thence southwesterly along said Interstate 80 ROW to a point on the west line of the Southwest Quarter (SW¼) of Section 10-79-23; thence south along said west line 350 feet to the southwest corner thereof; thence south along the west line of the Northwest Quarter (NW¼) of Section 15-79-23 to the southwest corner of the Northwest Quarter (NW¼) of said Northwest Quarter (NW¼); thence east along the south line of the Northwest Quarter of the Northwest Quarter (NW¼ NW¼) to the northeast corner of the Southwest Quarter of the Northwest Quarter (SW¼ NW¼); thence south along the west line of the Southeast Quarter of the Northwest Quarter (SE¼ NW¼) to the north-west corner of the Northeast Quarter of the Southwest Quarter (NE¼ SW¼) of said Section 15-79-23; thence continuing south to the southwest corner of the Northwest Quarter of the Southeast Quarter of the Southwest Quarter (NW¼ SE¼ SW¼) of said Section 15-79-23; thence east along the south line of said Northeast Quarter of the Southeast Quarter of the Southwest Quarter (NE¼ SE¼ SW¼) to a point on the northwesterly ROW line of U.S. Hwy. No. 65 as it is presently established; thence northeasterly along said northwesterly ROW line to a point on the east line of the Northeast Quarter (NE¼) of Section 15-79-23; thence north along said east line to the northeast corner of said Section 15, said point also the point of beginning. Said parcel contains 350 acres more or less.
The taxes levied on the taxable property in the Altoona Urban Renewal Plan Area each year by and for the benefit of the State, the City, the County, the Southeast Polk Community School District and all other taxing districts from and after the effective date of Ordinance No. 12-90 #1 (80) shall be divided as follows:
1. 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 Altoona Urban Renewal Plan Area, as shown on the assessment roll as of January 1, 1989, 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. That portion of the taxes each year in excess of such base period taxes shall be allocated to and when collected be paid into a special tax increment fund of the City to pay the principal of and interest on loans, advances or indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Section 403.9 and 403.12 of the Code of Iowa, incurred by the City to finance or refinance, in whole or in part, projects in the Altoona Urban Renewal Plan Area, except that taxes for the payment of bonds and interest of each taxing district shall be collected against all taxable property within the taxing district without limitation by the provisions of this section. Unless and until the total assessed valuation of the taxable property in the Altoona Urban Renewal Plan Area exceeds the total assessed value of the taxable property in such area as shown on the assessment roll referred to in subsection 1 of this section, all of the taxes levied and collected upon the taxable property in the Altoona Urban Renewal Plan Area shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. When such loans, advances, indebtedness, and bonds, if any, and interest thereon, have been paid, all money thereafter received from taxes upon the taxable property in the Altoona Urban Renewal Plan Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.