(A) The provisions of this section apply to the Liberty Square Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on November 25, 2003. For use in this section, the following areas are described:
Commencing at a point of reference at a point on the centerline of U.S. Highway 30 and 67 and South Fifth Street; thence southerly on the said South Fifth Street centerline to the northerly boundary of the right-of-way of Union Pacific Railroad; thence southwesterly on said northerly boundary of the right-of-way of the Union Pacific Railroad to the centerline of U.S. Highway 67, thence northerly on said U.S. Highway 67 centerline to the centerline of U.S. Highway 30; thence easterly on said centerline of U.S. Highway 30 and 67 to the centerline of South Nineteenth Street; thence northerly on said centerline of South Nineteenth Street to the centerline of Twenty-Seventh Avenue South; thence easterly on said centerline of Twenty-Seventh Avenue South to the centerline of South Sixteenth Street; thence southerly on said centerline of South Sixteenth Street to the centerline of U.S. Highway 30 and 67; thence northeasterly on said centerline of U.S. Highway 30 and 67 to the centerline of South Fifth Street, being the point of beginning, all within the City of Clinton, Clinton County, Iowa.
Projects contained within the Home Depot Development Project are potential urban renewal projects within the Liberty Square Urban Renewal Area, and whose boundaries are as follows:
Lots 1, 2, 3 and 4, Windmill Hill Addition in the City of Clinton, Clinton County, Iowa.
(B) The taxes levied on the taxable property in the urban renewal project area known as the Home Depot 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 date of 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 in division (B)(2) 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, monies advanced to, 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 Home Depot Development Project, except that taxes for the payment of bonds and interest of each taxing district levying taxes on the project area shall be collected against all taxing property within the project area without any limitation as hereinafter provided;
(3) All taxes levied and collected upon the taxable property in the Home Depot 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 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 hereinafter received from taxes upon taxable property in the urban renewal project, known as the Home Depot Development Project, shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
(Ord. 2274, passed 2-24-2004)