(A) The provisions of this section apply to the Manufacturing Meadows Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on August 8, 1989, and amended by the Council by resolution adopted on November 23, 1993. For use in this section, the following areas are described:
(1) Manufacturing Meadows Urban Renewal Area includes the lots and parcels within the boundaries as follows:
Commencing as a point of beginning at the intersection of the centerlines of South Bluff Boulevard and South Nineteenth Street; thence southerly on the centerline of South Nineteenth Street to the centerline of Harrison Drive; thence southwesterly on the centerline of Harrison Drive to the centerline of U.S. Highway 30, thence west on the centerline of U.S. Highway 30 to the north/south centerline of Section 15, Township 81 North, Range 6, East of the 5th P.M.; thence north on said north/south centerline to the centerline of Harts Mill Road; thence easterly on the centerline of Harts Mill Road and South Bluff Boulevard to the centerline of South Nineteenth Street, the point of beginning, all in the City of Clinton, Clinton County, Iowa; and
(2) The Target Store Development Project, a designated urban renewal project contained within the Manufacturing Meadows Urban Renewal Area, includes the lots and parcels within the boundaries described as follows:
Commencing at the point of intersection of the centerline of U.S. Highway No. 30 and the north/south quarter line of Section 15, Township 81 North, Range 6 East of the 5th P.M.; thence north on the said north/south quarter line of Section 15 to the center of said Section 15; thence east on the east/west quarter line of Section 15 and Section 14 to the centerline of South Nineteenth Street; thence southerly on the centerline of South Nineteenth Street to the centerline of Harrison Drive; thence southwesterly on the centerline of Harrison Drive to the centerline of U.S. Highway No. 30; thence westerly on the centerline of said U.S. Highway No. 30 to the point of beginning, all in the City of Clinton, Clinton County, Iowa.
However, Lot 1 and Lot 2 of The Landing Subdivision, which are a re-plat of Lots 10 through 18 in the Valley Bluff Horizons Second Addition, are expressly excluded from this area and are not subject to the division of taxes under Iowa Code § 403.19.
(B) The taxes levied on the taxable property in the urban renewal project area known as the Target Store 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 Target Store 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 Target Store 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 Target Store 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, § 9.05) (Ord. 1981, passed - - ; Ord. 2548, passed 11-8-2016)