(A) The provisions of this section apply to the Central Business District Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on August 8, 1989. The Hy-Vee Redevelopment Project, a designated urban renewal project contained within the Central Business District Urban Renewal Area, includes the lots and parcels within the boundaries described as follows:
(1) HY-VEE REDEVELOPMENT PROJECT AREA means that portion of the Urban Renewal Area within the City of Clinton, State of Iowa, described in Ordinance No. 2036, adopted April 9, 1996, which Hy-Vee Redevelopment Project Area includes the lots and parcels located within the Urban Renewal Area legally described as follows:
Commencing as a point of beginning at the intersection of the centerlines of the now vacated portion of Thirteenth Avenue South and South Fifth Street; thence north on said South Fifth Street centerline to the centerline of Fifth Avenue South; thence east on said Fifth Avenue South centerline to the centerline of South Fourth Street; thence north on said centerline of South Fourth Street to the centerline of Third Avenue South; thence east on said Third Avenue South centerline to the centerline of South First Street; thence south on said South First Street centerline and the now vacated portion of South First Street located south of Seventh Avenue South to the north boundary of the right-of-way of the Canadian Pacific Railroad Company property; thence southwesterly on the northern right-of-way line of the Canadian Pacific Railroad tracks to the centerline of the now vacated Thirteenth Avenue South; thence westerly on said centerline of the now vacated Thirteenth Avenue South to the centerline of South Fifth Street and the point of beginning; and an amended area described as follows:
(2) AMENDED AREA means that portion of the City of Clinton, State of Iowa, remaining within the Urban Renewal Area following the adoption of Amendment No. 8 to the Urban Renewal Plan approved on the 26th day of May, 2020, which Amended Area contains the lots and parcels located within the Hy-Vee Redevelopment Project Area and the Urban Renewal Area legally described as follows:
CHI Parcel
Lot 16 and the east 20 feet of lot 15 in block 31 in the Plat known as the "Town of Clinton" within the City of Clinton, Clinton County, Iowa.
AND
A tract or parcel of land described as Church Lot I according to the Plat known as the "Town of Clinton" within the City of Clinton, Clinton County, Iowa.
AND
A tract or parcel of land described as School Lot H according to the Plat known as the "Town of Clinton" within the City of Clinton, Clinton County, Iowa.
AND
VAC 20' X 140' ALLEY ABTG LOT 16 BLK 31
Clinton County Parcel # 80-1755-0001
AND
Fourth Avenue Lofts Parcel
Lot 1 in Final Plat for Fourth Avenue Lofts Subdivision, an Official Plat, now included in and forming a part of the City of Clinton, Clinton County, Iowa.
Clinton County Parcel # 80-4892-0003
(B) The taxes levied on the taxable property in the Central Business District Urban Renewal Area known as the Hy-Vee Redevelopment 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)
As to the amended area, 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 amended area upon the total sum of the assessed value of the taxable property in the amended area as shown on the assessment roll as of January 1, 1995, being the first day 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 Ordinance 2036, passed April 4, 1996, 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. The taxes so determined shall be referred to herein as the "base period taxes" for such area;
(2) The portion of the taxes each year in excess of the base period taxes for the amended area, as provided in division (B)(1) above, shall be allocated to and when collected be paid into the special tax increment fund previously established by the city to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Iowa Code §§ 403.9 or 403.12, incurred by the city to finance or refinance, in whole or in part, urban renewal projects undertaken within the amended area pursuant to the Urban Renewal Plan, as amended, except that (a) 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 Code of Iowa § 403.19(2)); (b) taxes for the payment of bonds and interest of each taxing district; (c) taxes imposed under Iowa Code § 346.27(22), related to joint county-city buildings; and (d) any other exceptions under Iowa Code § 403.19 shall be collected against all taxable property within the amended area without any limitation as hereinabove provided;
(3) Unless or until the total assessed valuation of the taxable property in the areas of the amended area exceeds the total assessed value of the taxable property in the amended area shown by the assessment rolls referred to in division (B)(1) above, all of the taxes levied and collected upon the taxable property in the amended 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; and
(4) At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the city referred to in division (B)(2) above have been paid, all monies thereafter received from taxes upon the taxable property in the amended area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
(1999 Code, § 9.07) (Ord. 2036, passed 4-9-1996; Ord. 2641, passed 5-26-2020; Ord. 2641-A, passed 12-22-2020)