(A) For purposes of this section, the following terms shall have the following meanings:
ORIGINAL AREA.
That portion of the City of Clinton, State of Iowa, described in the Urban Renewal Plan for the Clinton Business Park Urban Renewal Area approved by Resolution No. 02-388 on the 22nd day of October, 2002, which original area includes the lots and parcels located within the area legally described as follows:
A tract of land in parts of Section 35 and 36, Township 82 North, Range 6 East of the 5th P.M., City of Clinton; described as commencing at the point of beginning of said tract at the northwest corner of said Section 36; thence easterly on the north line of Section 36 to the north quarter (n ¼) corner thereof; thence southerly on the north-south quarter line of Section 36 to the south quarter (s ¼) corner thereof, thence westerly on the south line of Section 36 to the southeast corner of Section 35; thence continuing westerly along the south line of Section 35 to the centerline of 16th Street N.W.; thence northerly along the centerline of 16th Street N.W. to the north line of Section 35; thence easterly on the north line of Section 35 to the northwest corner of Section 36, being the point of beginning, all within the city of Clinton, Clinton County, Iowa.
AMENDMENT NO. 1 AREA.
That portion of the City of Clinton, State of Iowa, described in Amendment No. 1 to the Urban Renewal Plan for the Clinton Business Park Urban Renewal Area approved by Resolution No. 2013-099 on the 12th day of March, 2013, which Amendment No. 1 Area removes the lots and parcels located within the area legally described as follows:
Part of Southwest Quarter of Section 36, Township 82 North, Range 6 East of the 5th Principal Meridian in the City of Clinton, County of Clinton, State of Iowa.
Beginning at the Northeast Corner of West View Heights 1st Addition; thence, along the north line of said 1st Addition, South 87 degrees 45 minutes 30 seconds West, a distance of 391.04 feet; thence continuing along said north line for the next two courses, South 65 degrees 41 minutes 31 seconds West, a distance of 419.84 feet;
thence, South 87 degrees 45 minutes 30 seconds West, to the east line of Prince of Peace Catholic Parish 1st Addition, a distance of 78.05 feet; thence along said east line, North 01 degrees 56 minutes 24 seconds West, to the Southerly Right of Way line of Lametta Wynn Drive, a distance of 745.73 feet; thence, along said southerly line, North 87 degrees 44 minutes 55 seconds East, to the East line of the Southwest Quarter of Section 36, a distance of 856.82 feet; thence, along said East line, South 01 degrees 59 minutes 31 East, a distance of 588.14 feet, to the point of beginning, containing 12.556 acres more or less.
For the purposes of this description the east line of the southwest quarter of Section 36 bears South 01 degrees 59 minutes 31 seconds East.
AMENDED AREA.
That portion of the City of Clinton, State of Iowa, included within the original area except the portion removed by Amendment No. 1.
(B) The taxes levied on the taxable property in the amended area, legally described in division (A) hereof, by and for the benefit of the State of Iowa, County of Clinton, Iowa, 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) (1) As to the original area (less the Amendment No. 1 area), 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 taxing property in the original area (less the Amendment No. 1 area) upon the total sum of the assessed value of the taxable property in the original area (less the Amendment No. 1 area) as shown on the assessment roll as of January 1, 2002, (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 revenues), 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 herein as the "base period taxes" for such area.
(2) As to Amendment No. 1 area, no base period taxes are applicable because such area has been removed from the Clinton Business Park Urban Renewal Area.
(D) That portion of the taxes each year in excess of the base period taxes for the amended area, determined as provided in division (C), 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 (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 amended area without any limitation as hereinabove provided.
(E) 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 areas shown by the assessment rolls referred to in division (C), 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.
(F) At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the city referred to in division (D) 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.
(Ord. 2260, passed 11-12-2002; Ord. 2492, passed 5-28-2013)