(A) The provisions of this section apply to the Cottage Bluff Urban Renewal Area, the area having been identified in the Urban Renewal Plan approved by the Council passed and approved on May 24, 2022. For use in this section, the following areas are described:
Lots 13 and 14 of Iowa Land Company Subdivision, except Mt. Pleasant Park public road right-of-way and adjacent public road right-of-way acquisitions, being part of the east half of the southwest quarter of the southeast quarter of Section 1, Township 81 North, Range 6 East of the Fifth Principal Meridian, City of Clinton, Clinton County, Iowa, and more particularly described by the following metes and bounds:
Beginning at the intersection of the west line of Lot 14, said Iowa Land Company Subdivision and northerly right-of-way line of 2nd Avenue; thence north 02 degrees 20 minutes 49 seconds west, 911.16 feet with the west line of said Lots 13 and 14 to the southerly right-of-way line of a public roadway known as Ike's Peak Road; thence continuing along said right-of-way line of Ike's Peak Road, south 49 degrees 54 minutes 04 seconds east, 622.07 feet; thence south 77 degrees 40 minutes 36 seconds east, 65.25 feet; thence south 57 degrees 09 minutes 04 seconds east, 111.40 feet; thence south 32 degrees 41 minutes 33 seconds east, 54.11 feet to its intersection on the westerly right-of-way line of South Bluff Boulevard; thence south 44 degrees 59 minutes 59 seconds west, 43.30 feet and south 35 degrees 33 minutes 44 seconds east, 29.41 feet with the westerly right-of-way line to its intersection with the undeveloped right-of-way of Mt. Pleasant Park; thence continuing along right-of-way lines of Mt. Pleasant Park the following courses and distances: north 72 degrees 42 minutes 14 seconds west, 271.18 feet; north 59 degrees 42 minutes 14 seconds west, 133.61 feet; north 81 degrees 42 minutes 14 seconds west, 70.97 feet; south 08 degrees 17 minutes 46 seconds west, 40.00 feet; south 81 degrees 42 minutes 14 seconds east, 63.19 feet; south 59 degrees 42 minutes 14 seconds east, 130.39 feet; south 72 degrees 42 minutes 14 seconds east, 262.48 feet to its intersection of the said westerly right-of-way line of South Bluff Boulevard; thence continuing along said right-of-way line of South Bluff Boulevard south 35 degrees 33 minutes 44 seconds west, 349.82 feet; thence south 41 degrees 16 minutes 47 seconds west, 98.15 feet to the intersection of South Bluff Boulevard and 2nd Avenue right-of-way lines; thence going along the northerly right-of-way line of 2nd Avenue; thence northwesterly with the said northerly right-of-way line of 2nd Avenue 206.28 feet along a curve concave southeasterly, having a radius of 1190.18 feet, a chord bearing of north 76 degrees 56 minutes 49 seconds west and a chord distance of 206.03 feet; thence continuing north 82 degrees 09 minutes 58 seconds west, 30.48 feet with the northerly right-of-way line of 2nd Avenue; thence north 82 degrees 58 minutes 48 seconds west, 54.03 feet with the said northerly right-of-way line to its intersection with the west line of said Lot 14 and the point of beginning, containing 7.815 acres more or less and subject to any utilities as located and all easements of public record.
And all of Mt. Pleasant Park public road right-of-way within the Iowa Land Company Subdivision, being part of the east half of the southwest quarter of the southeast quarter of Section 1, Township 81 North, Range 6 East of the Fifth Principal Meridian, City of Clinton, Clinton County, Iowa, and more particularly described by the following metes and bounds:
Commencing at the intersection of the south right-of-way line of Ike's Peak Road and westerly right-of-way line of South Bluff Boulevard, being the easterly corner of Lot 13, said Iowa Land Company Subdivision; thence south 44 degrees 59 minutes 59 seconds west, 43.30 feet and south 35 degrees 33 minutes 44 seconds east, 29.41 feet with the westerly right-of-way line to its intersection with the undeveloped right-of-way of Mt. Pleasant Park, and also being the point of beginning; thence continuing along right of way lines of Mt. Pleasant Park the following courses and distances: north 72 degrees 42 minutes 14 seconds west, 271.18 feet; north 59 degrees 42 minutes 14 seconds west, 133.61 feet; north 81 degrees 42 minutes 14 seconds west, 70.97 feet; south 08 degrees 17 minutes 46 seconds west, 40.00 feet; south 81 degrees 42 minutes 14 seconds east, 63.19 feet; south 59 degrees 42 minutes 14 seconds east, 130.39 feet; south 72 degrees 42 minutes 14 seconds east, 262.48 feet to its intersection of the said westerly right-of-way line of South Bluff Boulevard; thence continuing along said right-of-way line of South Bluff Boulevard north 35 degrees 33 minutes 44 seconds east, 42.12 feet to the point of beginning, containing 0.428 acres, more or less, and subject to any public utilities as now located within said public road right-of-way and all easements of public record.
(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) of this section 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:
(1) 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));
(2) Taxes for the payment of bonds and interest of each taxing district;
(3) Taxes imposed under Iowa Code § 346.27(22) related to joint county-city buildings; and
(4) 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) of this section, 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. 2699, passed 5-24-2022)