(A) The provisions of this section apply to the Saddle Ridge Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on November 8, 2016. For use in this section, the following areas are described:
Being part of the southeast quarter of the northwest quarter of Section 2, Township 81 North, Range 6 East, of the 5th PM in the City of Clinton, Clinton County, Iowa more particularly described as follows:
Commencing at the center of Section 2; thence south 86° 49' 41" west, 50.0 feet to the west right of way line of North 18th Street and the point of beginning; thence south 86° 49' 41" west, 889.03 feet along the south line of the northwest quarter of Section 2 to the east right of way line of Mill Creek Parkway; north 12° 53' 15" east, 168.31 feet along the east right of way of Mill Creek Parkway; thence north 72° 00' 42" east, 392.00 feet; thence north 52° 51' 52" east, 415.00 feet; thence north 41° 51' 22" east, 148.57 feet to the west right of way of North 18th Street; thence south 02° 14' 25" east, 598.81 feet along the west right of way of North 18th Street to the point of beginning. Said parcel contains 6.17 acres and is subject to easements of record.
Also, the 100 feet in width of right-of-way immediately adjacent to the east side of the previously described property.
(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 on 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) 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. 2551, passed 11-22-2016)