(A) The provisions of this section apply to the Zara Heights Urban Renewal Area, the area having been identified in the urban renewal plan approved by the Council by resolution passed and approved on July 14, 2020. For use in this section, the following areas are described:
Part of the northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11, Township 81 North (T81N), Range 6 East (R6E) of the Fifth Principal Meridian (5th PM), City of Clinton, Clinton County, Iowa bounded and described as follows, to wit:
Beginning at the southwest corner of the north half (N 1/2) of the southwest quarter (SW 1/4) of said northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 00 degrees 01 minutes 39 seconds west, along the west line thereof, a distance of 326.08 feet to the line of the historic fence marking the north line of said southwest quarter (SW 1/4) of the northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 89 degrees 57 minutes 12 seconds east, along said fence, a distance of 662.51 feet to the west line of the east half (E 1/2) of said northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 00 degrees 01 minutes 39 seconds west, along the west line thereof, a distance of 326.08 feet to the line of the historic fence marking the north line of said southwest quarter (SW 1/4) of the northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 89 degrees 57 minutes 12 seconds east, along said fence, a distance of 662.51 feet to the west line of the east half (E 1/2) of said northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 00 degrees 00 minutes 52 seconds west, along said west line, a distance of 16.61 feet (1 rod deeded) to the historic fenced and occupied north line of the south 1 rod of the northeast quarter (NE 1/4) of said northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 89 degrees 44 minutes 52 seconds east, along said line, a distance of 662.52 feet to the east line of said northwest quarter (NW 1/4) of Section 11; thence south 00 degrees 00 minutes 06 seconds east, along said east line, a distance of 350.43 feet to the northeast corner of Mill Creek Heights Subdivision in said City of Clinton; thence south 89 degrees 58 minutes 56 seconds west, along the north line thereof, and the north line of Mill Creek Highlands Subdivision in said City of Clinton, a distance of 662.44 feet to said west line of the east half (E 1/2) of the northeast quarter (NE 1/4) of the northwest quarter (NW 1/4) of Section 11; thence north 00 degrees 00 minutes 52 seconds west, along said west line, a distance of 6.63 feet (6.89 feet platted) to the north line of said Mill Creek Highlands Subdivision; thence south 89 degrees 48 minutes 50 seconds west, along said north line, a distance of 662.44 feet to the point of beginning.
Containing 10.256 acres, more or less.
Platted as Lots 1-24 of Zara Heights Subdivision, City of Clinton, Clinton County, Iowa.
(B) That the taxes levied on the taxable property in the Urban Renewal Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Clinton, County of Clinton, 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) 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 upon the total sum of the assessed value of the taxable property in the Urban Renewal Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Clinton, State of Iowa, certifies to the Auditor of Clinton County, Iowa the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, 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.
(D) That portion of the taxes each year in excess of the base period taxes determined as provided in division (C) above shall be allocated to and when collected be paid into a special tax increment fund of the City of Clinton, State of Iowa, hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Iowa Code §§ 403.9 or 403.12, as amended, incurred by the City of Clinton, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the urban renewal plan, 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 Urban Renewal Area without any limitation as hereinabove provided.
(E) Unless or until the total assessed valuation of the taxable property in the Urban Renewal Area exceeds the total assessed value of the taxable property in the Urban Renewal Area as shown by the assessment roll referred to in division (C) above, all of the taxes levied and collected upon the taxable property in the Urban Renewal 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, advances, indebtedness, bonds and interest thereon of the City of Clinton, State of Iowa, referred to in division (D) hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
(Ord. 2646, passed 7-14-2020)