(A) The provisions of this section apply to the Washington Middle School Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on October 25, 2016. For use in this section, the following areas are described:
A part of Block 1 and Block 2 in Lambertson's Subdivision and also a part of Block 3 in Curtis & Leslie's addition, all within the city of Clinton, Clinton County, Iowa, more particularly described as; beginning at the northeast corner of Lot 1, in said Block 1, Lambertson's addition, thence south 00°05'05" west, along the east line of said Block 1, a distance of 160.00 feet to the northeast corner of Lot 24 of said Block 1, Lambertson's Subdivision; thence north 89°58'35" west, along the north line of said Lot 24 and its westerly extension, a distance of 120.00 feet; thence south 00°01'09" west, a distance of 38.16 feet; thence north 89°45'45" west, a distance of 251.92 feet; thence south 47°29'38" west, a distance of 64.69 feet; thence south 00°00'14" east, a distance of 129.10 feet to a point 20 feet south of the centerline of vacated 3rd Avenue South; thence north 89°59'14" west, parallel to and 20 feet southerly distant from the said centerline of vacated 3rd Avenue South, a distance of 302.91 feet to the east line of South 8th Street; thence north 00°02'50" west, along the said east line of South 8th Street, a distance of 70.00 feet to the north line of 3rd Avenue South; thence north 89°52'42" west, along the said north line of 3rd Avenue South, a distance of 117.56 feet to the southwest corner of Lot 1, of said Block 3 of Curtis & Leslie's addition; thence north 00°15'01" east, along the said west line of Lot 1, a distance of 140.00 feet to the northwest corner of said Lot 1; thence south 89°58'35" east, along the north line of said Lot 1, a distance of 50.00 feet to the northeast corner of said Lot 1; thence north 00°02'50" west, a distance of 20.00 feet to the southeast corner of Lot 14, in said Block 3 of Curtis & Leslie's addition; thence north 89°58'35" west, along the south line of said Lot 14, a distance of 50.00 feet to the southwest corner of said Lot 14; thence north 00°15'01" east, along the west line of said Lot 14, a distance of 140.00 feet to the northwest corner of said Lot 14; thence south 89°59'14" east, along the south line of 2nd Avenue South, a distance of 839.07 feet to the point of beginning. Subject, however, to an easement to Clinton Community School district over the southerly 11' of the vacated alley immediately north and adjacent to Lots 23 and 24 in Block 1 of Lambertson's Subdivision and any other easements of record.
(B) That 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, Clinton Community School District, 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 being January 1 of the calendar year preceding the first calendar year in which the municipality certified to the county auditor the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described in this section, 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) of this section 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) of this section, 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) hereof 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. 2550, passed 11-22-2016)