(A) The provisions of this section apply to the Phase Three Lincolnway Industrial Rail and Air Park Urban Renewal Area, the area having been identified in the Urban Renewal Plan approved by the Council by ordinance passed and approved on June 25, 2024. For use in this section, the following areas, known as "Industrial Facility Project Area," are described:
Part of the southwest quarter Section 24 & the southeast quarter Section 23, Township 81 north, Range 5 east of the 5th p.m., more particularly described as follows:
Commencing at the northwest corner of the southwest quarter of said Section 24; thence, along the west line of the southwest quarter of said Section 24, south 01 degrees 55 minutes 11 seconds of said Section 24; thence, along the west line of the southwest quarter of said Section 24, south 01 degrees 55 minutes 11 seconds east, to the point of beginning, also being a point on the south right of way line per plat 2023-00309, a distance of 130.00 feet; thence, along said south right of way line, north 88 degrees 04 minutes 49 seconds east, a distance of 1,397.76 feet; thence, south 01 degrees 52 minutes 55 seconds east, a distance of 1,194.73 feet; thence, north 88 degrees 04 minutes 49 seconds east, a distance of 875.00 feet; thence, south 01 degrees 52 minutes 55 seconds east, a distance of 255.27 feet; thence, south 88 degrees 04 minutes 49 seconds west, a distance of 2,344.96 feet; thence, north 82 degrees 51 minutes 16 seconds west, a distance of 1,121.50 feet; thence, north 84 degrees 38 minutes 28 seconds west, a distance of 521.99 feet; right of way line per plat 2023-00309, a distance of 130.00 feet; thence, along said south right of way line, north 88 degrees 04 minutes 49 seconds east, a distance of 1,397.76 feet; thence, south 01 degrees 52 minutes 55 seconds east, a distance of 1,194.73 feet; thence, north 88 degrees 04 minutes 49 seconds east, a distance of 875.00 feet; thence, south 01 degrees 52 minutes 55 seconds east, a distance of 255.27 feet; thence, south 88 degrees 04 minutes 49 seconds west, a distance of 2,344.96 feet; thence, north 82 degrees 51 minutes 16 seconds west, a distance of 1,121.50 feet; thence, north 84 degrees 38 minutes 28 seconds west, a distance of 521.99 feet; thence, north 71 degrees 41 minutes 39 seconds west, a distance of 413.21 feet; thence, north 55 degrees 46 minutes 18 seconds west, a distance of 329.31 feet; thence, north 23 degrees 52 minutes 43 seconds west, a distance of 268.23 feet; thence, north 01 degrees 32 minutes 17 seconds west, a distance of 621.30 feet; thence, north 88 degrees 04 minutes 49 seconds east, a distance of 2,448.26 feet, to the point of beginning, containing 121.14 acres, distance of 413.21 feet; thence, north 55 degrees 46 minutes 18 seconds west, a distance of 329.31 feet; thence, north 23 degrees 52 minutes 43 seconds west, a distance of 268.23 feet; thence, north 01 degrees 32 minutes 17 seconds west, a distance of 621.30 feet; thence, north 88 degrees 04 minutes 49 seconds east, a distance of 2,448.26 feet, to the point of beginning, containing 121.14 acres, more or less.
(B) That the taxes levied on the taxable property in the Industrial Facility Project Area of 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, Camanche Community School District, Central DeWitt 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 Industrial Facility Project Area of the Urban Renewal Area, as shown on the assessment rolls 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:
(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 Industrial Facility Project Area of the Urban Renewal Area without any limitation as hereinabove provided.
(E) Unless or until the total assessed valuation of the taxable property in the Industrial Facility Project Area of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Industrial Facility Project Area of 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 Industrial Facility Project Area of the Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing district 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 Industrial Facility Project Area 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.