(A) The provisions of this section apply to the Liberty Avenue Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on December 27, 1988. For use in this section, the following areas are described:
(1) Liberty Avenue Urban Renewal Area includes the lots and parcels within the boundaries as follows:
Commencing at a point of reference at a point on the centerline of U.S. Highways 30 and 67 and Eighteenth Place; thence southeasterly on the said Eighteenth Place centerline to the northerly boundary of the right-of-way of the Chicago and Northwestern Railroad; thence southwesterly on the said northerly boundary of the right-of-way of the Chicago and Northwestern Railroad to the centerline of U.S. Highway 67; thence northerly on the said U.S. Highway 67 centerline to the centerline of U.S. Highway 30; thence easterly on the said centerline of U.S. Highways 30 and 67 to the centerline of Eighteenth Place (being the point of beginning); and
(2) The Plaza West Development Project, a designated urban renewal project contained within the Liberty Avenue Urban Renewal Area, includes the lots and parcels within the boundaries as follows:
A part of the southeast quarter of the southwest quarter of Section 14, and a part of the northeast quarter of the northwest quarter of Section 23, all in Township 81 North, Range 6, East of the 5th P.M., within the City of Clinton, Clinton County, Iowa, described as commencing at a one-inch iron rod stake in concrete marking the quarter corner between said Section 14 and Section 23, as shown on the plat of Miracle Mile Commercial Addition; thence north 00°14' east, along the west line of said Miracle Mile Commercial Addition, also being along the east line of the said southeast quarter of the southwest quarter of Section 14, a distance of 155.9 feet to the south right-of-way line of U.S. Highways No. 30 and 67, thence south 87º 12' west along said south line of U.S. Highways No. 30 and 67, being a line 70 feet normally distant from the centerline of said highway, a distance of 188.14'; thence south 04°01'13" east a distance of 146.32 feet to the line between the said southeast quarter of the southwest quarter of Section 14 and the northeast quarter of the northwest quarter of Section 23; thence north 89°46' west along the said line between the southeast quarter of the southwest quarter of Section 14 and the northeast quarter of the northwest quarter of Section 23, a distance of 178.07 feet; thence north 02°48' west a distance of 136.9 feet to the said south right-of-way line of U.S. Highways No. 30 and 67; thence south 87°12' west along said south right-of-way line of U.S. Highways No. 30 and 67 a distance of 275.0 feet; thence south 37°32' west continuing along the said south right-of-way line of U.S. Highways No. 30 and 67 a distance of 153.70 feet to the said line between the southeast quarter of the southwest quarter of Section 14 and the northeast quarter of the northwest quarter of Section 23; thence north 89°46' west along the said south right-of-way line of U.S. Highways No. 30 and 67, being along the said line between the southeast quarter of the southwest quarter of Section 14 and the northeast quarter of the northwest quarter of Section 23, a distance of 599.41 feet to the northwest corner of the said northeast quarter of the northwest quarter of Section 23, as now monumented by a 1-inch iron rod stake replacing a rail monument over a stone monument; thence south 00° 12'11" west along the west line of the said northeast quarter of the northwest quarter of Section 23, a distance of 632.44 feet to the north line of a 60-foot wide Liberty Avenue per deed recorded at instrument number 6796-87, Clinton County, Iowa Recorder’s office; thence south 65°47'49" east, along said north line of 60-foot wide Liberty Avenue, a distance of 146.3 feet; thence south 79°47'49" east, along said north line of 60-foot wide Liberty Avenue, a distance of 188.63 feet; thence north 78°43'25" east along the north line of Liberty Avenue a distance of 324.78 feet to a point relocated per former ancient fence, which was in place and located, tied, by James F. Tallett, Registered Land Surveyor in past years; thence north 69°06'47" east along said north line of Liberty Avenue per said former ancient fence a distance of 240.43 feet; thence north 65°41'42" east along said north line of Liberty Avenue per said former fence a distance of 513.55 feet, to the said west line of Miracle Mile Commercial Addition and also being the east line of the said northeast quarter of the northwest quarter of Section 23; thence north 00°14' east along the said west line of Miracle Mile Commercial Addition and also being the said east line of the northeast quarter of the northwest quarter of Section 23, a distance of 359.60 feet to the point of beginning.
(B) The taxes levied on the taxable property in the urban renewal project area known as the Plaza West Development Project, by and for the benefit of the state, the city, the county, the Clinton Community School District and all other taxing districts, from and after the effective date of this section, shall be divided as follows:
(1) The 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 taxing property in the urban renewal area upon the total sum of the assessed value of the taxable property in the urban renewal project, as shown on the January 1 assessment roll last equalized prior to the effective date of 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;
(2) The portion of the taxes each year in excess of the base period taxes determined as provided by division (B)(1) above shall be allocated to and when collected be paid into a special tax increment fund hereby established, to pay the principal of and interest on loans, advances or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under the authority of Iowa Code §§ 403.9 and 403.12, incurred by the city to finance or refinance, in whole or in part, the Plaza West Development Project, except that taxes for the payment of bonds and interest of each taxing district levying taxes on said project area shall be collected against all taxable property within the project area without any limitation as hereinafter provided;
(3) All taxes levied and collected upon the taxable property in the Plaza West Development Project shall be paid into the funds of the taxing districts as taxes by or for the taxing district in the same manner as all other property taxes unless or until the total assessed valuation of the taxable property in the urban renewal project shall exceed the total assessed value of the taxable property in the urban renewal project on the date of the adoption of the urban renewal plan, as shown by the last equalized assessment rolls prior to the effective date of this section; and
(4) At the time as the moneys advanced, bonds and interest thereon and indebtedness of the city referred to in division (B)(2) above have been paid, all moneys thereafter received from taxes upon the taxable property in the urban renewal project known as the Plaza West Development Project shall be paid into the funds for the respective taxing district in the same manner as taxes on all other property.
(1999 Code, § 9.02) (Ord. 1872, passed - -)