(A) The provisions of this section apply to the Ashford University Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution adopted on November 28, 2005. For use in this section, the following areas are described:
A part of the northeast quarter and part of the southeast quarter of Section 1, Township 81 North, Range 6 East of the 5th P.M., and part of the southwest quarter and part of the northwest quarter of Section 6, Township 81 North, Range 7 East of the 5th P.M., and part of Lot 1 and Lot 2 of Iowa Land Company Subdivision of part of said Sections 1 and 6, according to the plat thereof recorded in the records of Clinton County in Book 18, Page 262, located in the City of Clinton, Iowa, described as follows:
Parcel 1: beginning at the northwest corner of the southwest quarter of Section 6, thence north 89°23' 55" east (assumed bearings), along the northerly line thereof, a distance of 485.85 feet, thence south 62°28'29" east, a distance of 342.19 feet to a point on the east line of Lot 1 of said Iowa Land Company Subdivision, being also the centerline of North Bluff Boulevard, thence south 33°34'45" west, along said east line, a distance of 769.12 feet to the southeast corner of said Lot 1, thence north 53°46'59" west, along the south line of said Lot 1 and Lot 2, a distance of 610.50 feet, thence north 42°25'43" west, along the south line of Lot 2, a distance of 582.12 feet to the northwest corner of said Lot 2, thence north 89°37'23" east, along the north line thereof, a distance of 52.57 feet to a point on the northeasterly right-of-way line of Springdale Drive, thence north 41°57'15" west, along said right-of-way line, a distance of 158.05 feet, thence north 37°42'15" west along said right-of-way line, a distance of 75.89 feet, thence north 58°02'50" east, a distance of 330.61 feet, thence south 76°51'40" east, a distance of 349.38 feet to a point on the east line of said northeast quarter of Section 1, thence south 00°01'58" east, along said east line, a distance of 270.05 feet to the point of beginning.
Parcel 2: beginning at the southwest corner of said northwest quarter of Section 6, thence north 89°23'55" east (assumed bearings), along the southerly line thereof, a distance of 175.00 feet, thence north 33°08'42" west, a distance of 320.33 feet to a point on the west line of said northwest quarter, thence south 00°01'58" east, along said west line, a distance of 270.05 feet to the point of beginning.
Parcels 1 and 2 also described as parcels A and C respectively on the plat of survey recorded September 27, 1996, as instrument no. 6939-96.
Excepting therefrom the following: part of the southwest quarter of Section 6, Township 81 North, Range 7, East of the 5th P.M., Clinton County, Iowa, bounded and described as follows, to-wit: beginning at a point on the north line of said southwest quarter of Section 6, said point being north 89°09'51" east, a distance of 343.74 feet from the northwest corner thereof, thence south 13°20'44" west, a distance of 64.37 feet, thence south 79°58'21" east, a distance of 50.08 feet, thence north 13°20'44" east, a distance of 74.11 feet to the north line of said southwest quarter of Section 6, thence south 89°09'51" west along said north line, a distance of 51.57 feet to the point of beginning.
Reserving unto the grantor and its successors an easement for the purpose of ingress and egress over, across and through a 22 foot strip of land lying 11 feet on each side of the following described centerline. Commencing at the northwest corner of the southwest quarter of said Section 6, thence north 89°09'51" east, along the north line thereof, a distance of 395.31 feet, thence south 13°20'44" west, a distance of 63.11 feet to the point of beginning of the hereinafter described centerline, thence south 48°18'33" east, a distance of 53.62 feet; thence south 60°49'50" east, a distance of 135.67 feet, thence south 85°23'58" east, a distance of 54.67 feet, thence north 85°48'03" east, a distance of 57.71 feet, thence south 83°39'18" east, a distance of 27.72 feet, thence south 69°37'20" east, a distance of 55.24 feet to the northwesterly right-of-way line of Bluff Boulevard, and the point of termination of said centerline.
Subject to any and all existing rights-of-way for public highways, utilities and other easements, covenants, restrictions and reservations of record.
Projects contained within the Ashford University Urban Renewal Area are potential urban renewal projects within said urban renewal area, and whose boundaries are as follows:
A part of the northeast quarter and part of the southeast quarter of Section 1, Township 81 North, Range 6 East of the 5th P.M., and part of the southwest quarter and part of the northwest quarter of Section 6, Township 81 North, Range 7 East of the 5th P.M., and part of Lot 1 and Lot 2 of Iowa Land Company Subdivision of part of said Sections 1 and 6, according to the plat thereof recorded in the records of Clinton County in Book 18, Page 262, located in the City of Clinton, Iowa, described as follows:
Parcel 1: beginning at the northwest corner of the southwest quarter of Section 6, thence north 89°23' 55" east (assumed bearings), along the northerly line thereof, a distance of 485.85 feet, thence south 62°28'29" east, a distance of 342.19 feet to a point on the east line of Lot 1 of said Iowa Land Company Subdivision, being also the centerline of North Bluff Boulevard, thence south 33°34'45" west, along said east line, a distance of 769.12 feet to the southeast corner of said Lot 1, thence north 53°46'59" west, along the south line of said Lot 1 and Lot 2, a distance of 610.50 feet, thence north 42°25'43" west, along the south line of Lot 2, a distance of 582.12 feet to the northwest corner of said Lot 2, thence north 89°37'23" east, along the north line thereof, a distance of 52.57 feet to a point on the northeasterly right-of-way line of Springdale Drive, thence north 41°57'15" west, along said right-of-way line, a distance of 158.05 feet, thence north 37°42'15" west along said right-of-way line, a distance of 75.89 feet, thence north 58°02'50" east, a distance of 330.61 feet, thence south 76°51'40" east, a distance of 349.38 feet to a point on the east line of said northeast quarter of Section 1, thence south 00°01'58" east, along said east line, a distance of 270.05 feet to the point of beginning.
Parcel 2: beginning at the southwest corner of said northwest quarter of Section 6, thence north 89°23'55" east (assumed bearings), along the southerly line thereof, a distance of 175.00 feet, thence north 33°08'42" west, a distance of 320.33 feet to a point on the west line of said northwest quarter, thence south 00°01'58" east, along said west line, a distance of 270.05 feet to the point of beginning.
Parcels 1 and 2 also described as parcels A and C respectively on the plat of survey recorded September 27, 1996, as instrument no. 6939-96.
Excepting therefrom the following: part of the southwest quarter of Section 6, Township 81 North, Range 7, East of the 5th P.M., Clinton County, Iowa, bounded and described as follows, to-wit: beginning at a point on the north line of said southwest quarter of Section 6, said point being north 89°09'51" east, a distance of 343.74 feet from the northwest corner thereof, thence south 13°20'44" west, a distance of 64.37 feet, thence south 79°58'21" east, a distance of 50.08 feet, thence north 13°20'44" east, a distance of 74.11 feet to the north line of said southwest quarter of Section 6, thence south 89°09'51" west along said north line, a distance of 51.57 feet to the point of beginning.
Reserving unto the grantor and its successors an easement for the purpose of ingress and egress over, across and through a 22 foot strip of land lying 11 feet on each side of the following described centerline. Commencing at the northwest corner of the southwest quarter of said Section 6, thence north 89°09'51" east, along the north line thereof, a distance of 395.31 feet, thence south 13°20'44" west, a distance of 63.11 feet to the point of beginning of the hereinafter described centerline, thence south 48°18'33" east, a distance of 53.62 feet; thence south 60°49'50" east, a distance of 135.67 feet, thence south 85°23'58" east, a distance of 54.67 feet, thence north 85°48'03" east, a distance of 57.71 feet, thence south 83°39'18" east, a distance of 27.72 feet, thence south 69°37'20" east, a distance of 55.24 feet to the northwesterly right-of-way line of Bluff Boulevard, and the point of termination of said centerline.
Subject to any and all existing rights-of-way for public highways, utilities and other easements, covenants, restrictions and reservations of record.
(B) The taxes levied on the taxable property in the Ashford University Urban Renewal Project Area known as the Ashford University Urban Renewal Area, 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 Ashford University Urban Renewal Area upon the total sum of the assessed value of the taxable property in the Ashford University Urban Renewal Project as shown on the January 1 assessment roll last equalized prior to the date of the effective date of Ordinance 2308 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)(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, moneys 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 Ashford University Urban Renewal 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 Ashford University Urban Renewal 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 Ashford University Urban Renewal Project shall exceed the total assessed value of the taxable property in the Ashford University Urban Renewal Project as shown by the assessment roll referred to in division (B)(2) above; and
(4) At the time as the monies 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 Ashford University Urban Renewal Project, shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
(Ord. 2308, passed 11-28-2005)