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The City Council of the City of Mount Vernon, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 12-18-2017A passed and approved on the 18th day of December, 2017, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Spring Meadow Heights Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows ("Phase I Parcel"):
PART OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER AND PART OF THE NORTH NINE AND A HALF ACRES OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER BOTH IN SECTION 10, TOWNSHIP 82 NORTH, RANGE 5 WEST OF THE 5TH PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF LOT 3, WOLFE-MARTIN SECOND ADDITION TO MOUNT VERNON, IOWA AS RECORDED IN BOOK 4027, PAGE 378 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE N0°51'22"W 1184.67 FEET ALONG THE EAST LINE OF SAID WOLFE-MARTIN SECOND ADDITION AND THE EAST LINE OF WOLFE-MARTIN FIRST ADDITION TO MOUNT VERNON, IOWA AS RECORDED IN BOOK 3753, PAGE 277 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER AND THE EAST LINE OF HOBBIE FIRST ADDITION TO MOUNT VERNON, LINN COUNTY, IOWA AS RECORDED IN BOOK 3820, PAGE 610 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER AND THE EAST LINE OF HOBBIE SECOND ADDITION TO THE CITY OF MOUNT VERNON, LINN COUNTY, IOWA AS RECORDED IN BOOK 4436, PAGES 508-518 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER TO THE NORTHEAST CORNER OF SAID HOBBIE SECOND ADDITION AND THE SOUTH LINE OF PARCEL A, PLAT OF SURVEY NO. 591 AS RECORDED IN BOOK 3908, PAGE 662 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE N88°17'35"E 486.51 FEET ALONG SAID SOUTH LINE; THENCE S1°58'43"E 144.10 FEET; THENCE N88°01'17"E 0.22 FEET; THENCE S1°58'43"E 195.00 FEET; THENCE S88°01'17"W 2.31 FEET; THENCE S1°58'43"E 140.00 FEET; THENCE N88°01'17"E 14.81 FEET; THENCE S1°58'43"E 348.00 FEET; THENCE S88°01'17"W 30.00 FEET; THENCE S1°58'43"E 205.00 FEET; THENCE S88°01'17"W 8.11 FEET; THENCE S1°58'43"E 151.90 FEET TO THE NORTH LINE OF CANDLESTICK, PART FOUR, MOUNT VERNON, LINN COUNTY, IOWA AS RECORDED IN BOOK 1949, PAGE 447 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE S88°12'19"W 64.91 FEET ALONG SAID NORTH LINE TO THE NORTHEAST CORNER OF WOLFE-MARTIN THIRD ADDITION TO MOUNT VERNON, IOWA AS RECORDED IN 4318, PAGE 24 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE S88°14'51"W 419.41 FEET ALONG THE NORTH LINE OF SAID WOLFE-MARTIN THIRD ADDITION TO THE POINT OF BEGINNING.
SAID PARCEL CONTAINS 586,698 SQ. FT., 13.47 ACRES, SUBJECT TO EASEMENTS AND RESTRICTIONS OF RECORD.
The taxes levied on the taxable property in the Phase I Parcel of the Urban Renewal Area legally described above, by and for the benefit of the State of Iowa, City of Mount Vernon, County of Linn, Mount Vernon Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter provided.
1. 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 Phase I Parcel 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 of Mount Vernon, State of Iowa, certifies to the Auditor of Linn 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.
2. That portion of the taxes each year in excess of the base period taxes determined as provided in subsection 1 of this section shall be allocated to and when collected be paid into a special tax increment fund of the City of Mount Vernon, 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 Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Mount Vernon, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken anywhere 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 Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code Section 403.19 in existence at the time this Ordinance becomes effective shall be collected against all taxable property within the Phase I Parcel of the Urban Renewal Area without any limitation as hereinabove provided.
3. Unless or until the total assessed valuation of the taxable property in the Phase I Parcel of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Phase I Parcel of the Urban Renewal Area as shown by the assessment roll referred to in subsection 1 of this section, all of the taxes levied and collected upon the taxable property in the Phase I Parcel 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.
4. At such time as the loans, advances, indebtedness, bonds, and interest thereon of the City of Mount Vernon, State of Iowa, referred to in subsection 2 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Phase I Parcel 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
5. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Phase I Parcel of the Urban Renewal Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Phase I Parcel of the Urban Renewal Area and the territory contained therein.
The City Council of the City of Mount Vernon, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 12-18-2017A passed and approved on the 18th day of December, 2017, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Spring Meadow Heights Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows ("Phase 2 Parcels"):
BEGINNING AT THE NORTHEAST CORNER OF CANDLESTICK, PART FIVE TO MOUNT VERNON, IOWA AS RECORDED IN BOOK 4483, PAGES 507-514 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE S87°28'50''W 183.01 FEET ALONG THE NORTH LINE OF SAID CANDLESTICK, PART FIVE; THENCE S86°32'50"W 175.82 FEET ALONG SAID NORTH LINE TO THE NORTHEAST CORNER OF CANDLESTICK, PART FOUR TO MOUNT VERNON, IOWA AS RECORDED IN BOOK 1949, PAGE 447 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE S88°12''19"W 480.29 FEET ALONG THE NORTH LINE OF SAID CANDLESTICK, PART FOUR; THENCE N1°58'43"W 151.90 FEET; THENCE N88°01'17"E 8.11 FEET; THENCE N1°58'43"W 205.00 FEET; THENCE N88°01'17"E 30.00 FEET; THENCE N1°58'43"W 148.00 FEET; THENCE N88°01'17"E 669.00 FEET; THENCE S1°58'43"E 20.00 FEET; THENCE N88°01'17"E 139.97 FEET TO THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID NORTHEAST QUARTER; THENCE S0°59'08"E 131.8I FEET ALONG SAID EAST LINE TO THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER OF SAID NORTHEAST QUARTER; THENCE S1°02'03"E 348.45 FEET ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SOUTHEAST QUARTER TO THE POINT OF BEGINN1NG.
The taxes levied on the taxable property in the Phase 2 Parcels of the Urban Renewal Area legally described above, by and for the benefit of the State of Iowa, City of Mount Vernon, County of Linn, Mount Vernon Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter provided.
1. 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 Phase 2 Parcels 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 of Mount Vernon, State of Iowa, certifies to the Auditor of Linn 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.
2. That portion of the taxes each year in excess of the base period taxes determined as provided in subsection 1 of this section shall be allocated to and when collected be paid into a special tax increment fund of the City of Mount Vernon, 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 Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Mount Vernon, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken anywhere 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 Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code Section 403.19 in existence at the time this Ordinance becomes effective shall be collected against all taxable property within the Phase 2 Parcels of the Urban Renewal Area without any limitation as hereinabove provided.
3. Unless or until the total assessed valuation of the taxable property in the Phase 2 Parcels of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Phase 2 Parcels of the Urban Renewal Area as shown by the assessment roll referred to in subsection 1 of this section, all of the taxes levied and collected upon the taxable property in the Phase 2 Parcels 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.
4. At such time as the loans, advances, indebtedness, bonds, and interest thereon of the City of Mount Vernon, State of Iowa, referred to in subsection 2 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Phase 2 Parcels 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.
5. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Phase 2 Parcels of the Urban Renewal Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Phase 2 Parcels of the Urban Renewal Area and the territory contained therein.
The City Council of the City of Mount Vernon, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 1-2-2018A passed and approved on the 2nd day of January, 2018, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Stonebrook Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows ("Phase 3 Parcels"):
BEGINNING at the Northwest Corner of Parcel "A" of Plat of Survey #1743 in accordance with the Plat thereof Recorded in Book 8149 at Page 588 of the Records of the Linn County Recorder's Office; Thence S0I°22'49"E, along the West Line of said Parcel "A", 258.85 feet; Thence Sl4°39'57"W, along said West Line, 49.59 feet, to the Southwest Corner thereof; Thence S75°27'52"E, along the South Line of said Parcel "A", 370.33 feet; Thence S11°45'13"E, along said South Line, 63.56 feet, to the Southeast Corner thereof, and a Point on the West Line of Stonebrook Fourth Addition, in accordance with the Plat thereof Recorded in Book 6194 at Page 621 of the Records of the Linn County Recorder's Office; Thence S35°44'02"W, along said West Line, 28.81 feet; Thence Sl5°22'06"W, along said West Line, 391.57 feet; Thence Northwesterly 125.88 feet along a 651.27 foot radius curve, concave Southwesterly, whose 125.68 foot chord bears N69°07'46"W; Thence N74°40'00"W, 229.90 feet; Thence Sl5°22'06"W, 60.00 feet; Thence N74°40'00"W, 25.76 feet; Thence Northwesterly 192.69 feet along a 1302.47 foot radius curve, concave Southwesterly, whose 192.52 foot chord bears N78°54'18"W; Thence N00°28'18"W, 60.47 feet; Thence N0l°03'33"W, 566.94 feet; Thence S88°56'27"W, 140.00 feet; Thence N0l°03'33''W, 15.00 feet; Thence N88°56'27"E, 140.00 feet; Thence N54°35'10"E, 181.20 feet; Thence Northeasterly 210.27 feet along a 55.00 foot radius curve, concave Northwesterly, whose 103.68 foot chord bears N35°03'51"E; Thence N88°56'27"E, 129.29 feet; Thence S00°50'46"W, 63.27 feet, to the POINT OF BEGINNING. Said Tract of Land contains 9.21 Acres, and is subject to easements and restrictions of record.
The taxes levied on the taxable property in the Phase 3 Parcels of the Urban Renewal Area legally described above, by and for the benefit of the State of Iowa, City of Mount Vernon, County of Linn, Mount Vernon Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter provided.
1. 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 Phase 3 Parcels 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 of Mount Vernon, State of Iowa, certifies to the Auditor of Linn 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.
2. That portion of the taxes each year in excess of the base period taxes determined as provided in subsection 1 of this section shall be allocated to and when collected be paid into a special tax increment fund of the City of Mount Vernon, 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 Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Mount Vernon, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken anywhere 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 Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code Section 403.19 in existence at the time this Ordinance becomes effective shall be collected against all taxable property within the Phase 3 Parcels of the Urban Renewal Area without any limitation as hereinabove provided.
3. Unless or until the total assessed valuation of the taxable property in the Phase 3 Parcels of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Phase 3 Parcels of the Urban Renewal Area as shown by the assessment roll referred to in subsection 1 of this section, all of the taxes levied and collected upon the taxable property in the Phase 3 Parcels 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.
4. At such time as the loans, advances, indebtedness, bonds, and interest thereon of the City of Mount Vernon, State of Iowa, referred to in subsection 2 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Phase 3 Parcels 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.
5. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Phase 3 Parcels of the Urban Renewal Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Phase 3 Parcels of the Urban Renewal Area and the territory contained therein.
The City Council of the City of Mount Vernon, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 1-2-2018A passed and approved on the 2nd day of January, 2018, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Stonebrook Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows:
Phase 2B Parcels:
COMMENCING at the Center of Section 9, Township 82 North, Range 5 West of the 5th Principal Meridian; Thence S88°37'42"W, along the North Line of the Northeast 1/4 of the Southwest 1/4 of Said Section 9, a distance of 70.09 feet to the POINT OF BEGINNING; Thence S01°23'57"E, 180.00 feet; Thence N88°37'42"E, 22.41 feet; Thence Northeasterly 7.35 feet on a 2212.48 foot radius curve, concave Southeasterly, whose 7.35 foot chord bears N88°31'59"E; Thence S01°22'20"E, 295.27 feet to a point on the North line of Stonebrook 5th Addition to the City of Mount Vernon, Linn County, Iowa, as recorded in Book 7492, Page 561 of the Records of the Linn County, Iowa Recorder; Thence S88°29'42"W, along said North Line, a distance of 63.92 feet; Thence S01°08'46"E, continuing along said North Line, a distance of 97.03 feet to the Northeast Corner of Parcel A, Plat of Survey #1743 as recorded in Book 8149 Page 588 of the Records of the Linn County, Iowa Recorder; Thence S88°43'10"W, a distance of 90.00 feet along the North Line of said Parcel A; Thence S01°03'38"E, continuing along the said North Line, a distance of 60.00 feet; Thence S88°43'10"W, continuing along the said North Line, a distance of 272.95 feet; Thence N11°14'29"E, 141.31 feet; Thence N21°15'09"E, 97.66 feet; Thence N21°18'54"E, 90.84 feet; Thence S88°37'42"W, 145.89 feet; Thence N01°22'20"W, 140.00 feet; Thence S88°37'42"W, 127.43 feet; Thence N01°03'33"W, 60.00 feet; Thence N88°37'42"E, 9.67 feet; Thence N01°22'18"W, 120.00 feet to a point on North Line of the Northeast 1/4 of the Southwest 1/4 of Said Section 9; Thence N88°37'42"E, a distance of 557.59 along the North Line of Said Section to the POINT OF BEGINNING. Said tract of land contains 6.22 Acres, and is subject to easements and restrictions of record.
Phase 4 Parcels:
BEGINNING at the SW Corner of the Southeast 1/4 of the Southwest 1/4 of Section 9, Township 82 North, Range 5 West of the 5th Principal Meridian; Thence N01°03'33"W, along the West Line of the Southeast 1/4 of the Southwest 1/4 of Said Section 9, a distance of 1332.53 feet; Thence N88°56'27"E, 180.00 feet; Thence Southeasterly, 180.53 feet along a 1362.47 foot radius curve, concave Southwesterly, whose 180.40 foot chord bears S87°15'48"E; Thence S06°31'57"W, 60.00 feet; Thence Southeasterly, 5.86 feet along a 1302.47 foot radius curve, concave Southwesterly, whose 5.86 foot chord bears S83°20'19"E; Thence S06°47'24"W, 129.59 feet; Thence S19°38'20"W, 114.73 feet; Thence S29°38'51"W, 98.02 feet; Thence S18°37'34"W, 79.19 feet; Thence N81°45'54"W, 140.00 feet; Thence Southwesterly, 32.68 feet along a 360.00 foot radius curve, concave Southeasterly, whose 32.67 foot chord bears S05°38'53"W; Thence S86°57'10"E, 140.00 feet; Thence S00°58'21"E, 372.81 feet; Thence S88°56'27"W, 140.00 feet; Thence S01°03'33"E, 30.00 feet; Thence N88°56'27"E, 140.00 feet; Thence S01°03'33"E, 441.65 feet to a point on the South Line of Section 9, Township 82 North, Range 5 West of the 5th Principal Meridian; Thence S88°33'27"W, along said South Line, 220.00 feet, to the POINT OF BEGINNING. Said tract of land contains 7.52 Acres, and is subject to easements and restrictions of record.
That the taxes levied on the taxable property in the Phase 2B Parcels and the Phase 4 Parcels of the Urban Renewal Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Mount Vernon, County of Linn, Mount Vernon Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided.
1. 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 Phase 2B Parcels and the Phase 4 Parcels 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 of Mount Vernon, State of Iowa, certifies to the Auditor of Linn 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.
2. That portion of the taxes each year in excess of the base period taxes determined as provided in Section 1 of this Ordinance shall be allocated to and when collected be paid into a special tax increment fund of the City of Mount Vernon, 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 Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Mount Vernon, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken anywhere 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 Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code Section 403.19 in existence at the time this Ordinance becomes effective shall be collected against all taxable property within the Phase 2B Parcels and the Phase 4 Parcels of the Urban Renewal Area without any limitation as hereinabove provided.
3. Unless or until the total assessed valuation of the taxable property in the Phase 2B Parcels and the Phase 4 Parcels of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Phase 2B Parcels and the Phase 4 Parcels of the Urban Renewal Area as shown by the assessment roll referred to in Section 2 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Phase 2B Parcels and the Phase 4 Parcels 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.
4. At such time as the loans, advances, indebtedness, bonds, and interest thereon of the City of Mount Vernon, State of Iowa, referred to in Section 3 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Phase 2B Parcels and the Phase 4 Parcels 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.
5. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Phase 2B Parcels and the Phase 4 Parcels of the Urban Renewal Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Phase 2B Parcels and the Phase 4 Parcels of the Urban Renewal Area and the territory contained therein.
The City Council of the City of Mount Vernon, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 12-18-2017A passed and approved on the 18th day of December, 2017, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Spring Meadow Heights Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows ("Phase 3 Parcels"):
COMMENCING AT THE NORTHEAST CORNER OF CANDLESTICK, PART FIVE TO MOUNT VERNON, IOWA AS RECORDED IN BOOK 4483, PAGES 507-514 IN THE OFFICE OF THE LINN COUNTY, IOWA RECORDER; THENCE N1°02'03"W 348.45 FEET ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 10 TO THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF SAID SOUTHEAST QUARTER; THENCE N0°59'08"W 131.81 FEET ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID NORTHEAST QUARTER TO THE POINT OF BEGINNING; THENCE S88°01'17"W 139.97 FEET; THENCE N1°58'43"W 20.00 FEET; THENCE S88°01'17"W 669.00 FEET; THENCE N1°58'43"W 200.00 FEET; THENCE S88°01'17"W 14.81 FEET; THENCE N1°58'43"W 140.00 FEET; THENCE N88°01'17"E 489.76 FEET; THENCE N15°12'10"E 124.24 FEET; THENCE N23°19'12"E 60.00 FEET; THENCE NORTHWESTERLY 35.72 FEET ALONG THE ARC OF A 230.00 FOOT RADIUS CURVE, CONCAVE SOUTHWESTERLY (CHORD BEARS N71°07'44"W 35.68 FEET); THENCE N14°25'20"E 150.98 FEET; THENCE S71°24'29"E 291.16 FEET TO THE EAST LINE OF SOUTHEAST QUARTER OF SAID NORTHEAST QUARTER; THENCE S0°59'08"E 588.27 FEET ALONG SAID EAST LINE TO THE POINT OF BEGINNING.
That the taxes levied on the taxable property in the Phase 3 Parcels of the Urban Renewal Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Mount Vernon, County of Linn, Mount Vernon Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided.
1. 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 Phase 3 Parcels 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 of Mount Vernon, State of Iowa, certifies to the Auditor of Linn 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.
2. That portion of the taxes each year in excess of the base period taxes determined as provided in Section 1 of this Ordinance shall be allocated to and when collected be paid into a special tax increment fund of the City of Mount Vernon, 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 Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Mount Vernon, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken anywhere 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 Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Iowa Code Section 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code Section 403.19 in existence at the time this Ordinance becomes effective shall be collected against all taxable property within the Phase 3 Parcels 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 3 Parcels of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Phase 3 Parcels of the Urban Renewal Area as shown by the assessment roll referred to in Section 2 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Phase 3 Parcels 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.
4. At such time as the loans, advances, indebtedness, bonds, and interest thereon of the City of Mount Vernon, State of Iowa, referred to in Section 3 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Phase 3 Parcels 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.
5. All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa, as amended, with respect to the division of taxes from property within the Phase 3 Parcels of the Urban Renewal Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to the Phase 3 Parcels of the Urban Renewal Area and the territory contained therein.