The purpose of this chapter is to provide for the division of taxes levied on the taxable property in the LeClaire Road Urban Renewal Area of the city, each year by and for the benefit of the state, city, county, school districts or other taxing districts after the effective date of this chapter in order to create a special fund to pay the principal of and interest on loans, monies advanced to or indebtedness, including bonds proposed to be issued by the city to finance projects in such area.