(A) The provisions of this section apply to the Riverstone Crossing Urban Renewal Area, the area having been identified in the Urban Renewal Plan approved by the Council by resolution passed and approved on October 27, 2020. For use in this section, the following areas, known as “Phase 1 Property,” are described:
Riverstone Crossing 1st Addition being a replat of Lot 1, Springdale Cross Subdivision, part of the Northeast Quarter Section 1, Township 81 North, Range 6 East of the 5th P.M., City of Clinton, Clinton County, Iowa;
EXCEPT
Lot 25 of Riverstone Crossing 1st Addition.
(B) The taxes levied on the taxable property in Phase 1 Property of the urban renewal area, by and for the benefit of the state, the county, the city, 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 upon the total sum of the assessed value of the taxable property in Phase 1 Property of 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 certifies to the County Auditor 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;
(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 of the city 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 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 (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 Iowa Code § 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 Phase 1 Property of the Urban Renewal Area without any limitation as hereinabove provided;
(3) Unless or until the total assessed valuation of the taxable property in Phase 1 Property of the Urban Renewal Area exceeds the total assessed value of the taxable property in Phase 1 Property of the Urban Renewal Area as shown by the assessment roll referred to in division (B)(1) above, all of the taxes levied and collected upon the taxable property in Phase 1 Property of 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.
(C) At such time as the loans, advances, indebtedness, bonds and interest thereon of the city referred to in division (B)(2) above have been paid, all monies thereafter received from taxes upon the taxable property in Phase 1 Property of 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. 2661, passed 11-10-2020)