(A) The provisions of this section apply to the West View Heights Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on March 12, 2013. For use in this section, the following areas are described:
Part of Southwest Quarter of Section 36, Township 82 North, Range 6 East of the 5th Principal Meridian in the City of Clinton, County of Clinton, State of Iowa.
Beginning at the Northeast Corner of West View Heights 1st Addition; thence, along the north line of said 1st Addition, South 87 degrees 45 minutes 30 seconds West, a distance of 391.04 feet; thence continuing along said north line for the next two courses, South 65 degrees 41 minutes 31 seconds West, a distance of 419.84 feet; thence, South 87 degrees 45 minutes 30 seconds West, to the east line of Prince of Peace Catholic Parish 1st Addition, a distance of 78.05 feet; thence along said east line, North 01 degrees 56 minutes 24 seconds West, to the Southerly Right of Way line of Lametta Wynn Drive, a distance of 745.73 feet; thence, along said southerly line, North 87 degrees 44 minutes 55 seconds East, to the East line of the Southwest Quarter of Section 36, a distance of 856.82 feet; thence, along said East line, South 01 degrees 59 minutes 31 East, a distance of 588.14 feet, to the point of beginning, containing 12.556 acres more or less.
For the purposes of this description the east line of the southwest quarter of Section 36 bears South 01 degrees 59 minutes 31 seconds East.
The West View Heights Urban Renewal Area also includes the full right-of-way of all adjacent roads and streets bordering the Area.
(B) The taxes levied on the taxable property in the Urban Renewal Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Clinton, County of Clinton, State of Iowa, and all other taxing districts from and after the effective date of this section shall be divided as hereinafter in this section provided.
(C) 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 Urban Renewal Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the city certifies to the Auditor of Clinton County, Iowa the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid.
(D) That portion of the taxes each year in excess of the base period taxes determined as provided in division (C) shall be allocated to and when collected be paid into a special tax increment fund of the city hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Iowa Code § 403.9 or 403.12, as amended, incurred by the city to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter-approved physical plant and equipment levy of a school district imposed pursuant to Iowa Code § 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code § 257.19 (but in each case only to the extent required under Iowa Code § 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code § 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code § 403.19 shall be collected against all taxable property within the Urban Renewal Area without any limitation as hereinabove provided.
(E) Unless or until the total assessed valuation of the taxable property in the Urban Renewal Area exceeds the total assessed value of the taxable property in the Urban Renewal Area as shown by the assessment roll referred to in division (C), all of the taxes levied and collected upon the taxable property in the Urban Renewal 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.
(F) At such time as the loans, advances, indebtedness, bonds and interest thereon of the city, referred to in division (D) have been paid, all monies thereafter received from taxes upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
(Ord. 2488, passed 3-19-2013)