8.01 Purpose | 8.05 Stone Brook Urban Renewal Area (Phase 3 Parcels) |
8.02 Mount Vernon Urban Renewal Project Area | 8.06 Stone Brook Urban Renewal Area (Phase 2B Parcels and Phase 4 Parcels) |
8.03 Spring Meadow Heights Urban Renewal Area (Phase I Parcel) | |
8.04 Spring Meadow Heights Urban Renewal Area (Phase 2 Parcels) |
The purpose of this chapter is to provide for the division of taxes levied on the taxable property in the 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 the ordinance codified in this chapter in order to create a special fund to pay the principal of and interest on loans, advances or indebtedness, including bonds proposed to be issued by the City, to finance projects in such area.
1. For purposes of this chapter, the following terms shall have the following meanings:
A. "Original Area" shall mean that portion of the City of Mount Vernon, State of Iowa, described in the Urban Renewal Plan for the Mount Vernon Urban Renewal Area approved by Resolution No. 9-20-93B on September 30, 1993, which Original Area includes the lots and parcels located within the area legally described as follows:
The boundaries of the Mount Vernon Urban Renewal District as originally adopted include the entire area within the corporate limits except that area described as follows:
Beginning at the intersection of South 5th Avenue and Palisades Road; then east on Palisades Road and 7th Street vacated to 18.04 Spring Meadow Heights Urban Renewal Area
(Phase 2 Parcels)
st Street; then northwest on 1st Street to A Avenue; then southwest on A Avenue to South 2nd Street; then northwest on South 2nd Street to 3rd Avenue; then northeast on 3rd Avenue to North 2nd Street; then southeast on North 2nd Street to A Avenue; then northeast on A Avenue to North 3rd Street; then southeast on North 3rd Street to the vacated Mount Vernon Short Line Right-of-Way; then northeast on the vacated Mount Vernon Short Line Right-of-Way to North 7th Street East; then northwest on North 7th Street East to North 1st Avenue; then northeast on North 1st Avenue to the Chicago and Northwestern Railroad Right-of-Way; then west on the Chicago and Northwestern Railroad Right-of-Way to 1st Street; then southeast on 1st Street to 10th Avenue; then south on 10th Avenue to College Boulevard; then southeast on College Boulevard to South 5th Avenue; then south on South 5th Avenue to the point of beginning.
(Phase 2 Parcels)
st Street; then northwest on 1st Street to A Avenue; then southwest on A Avenue to South 2nd Street; then northwest on South 2nd Street to 3rd Avenue; then northeast on 3rd Avenue to North 2nd Street; then southeast on North 2nd Street to A Avenue; then northeast on A Avenue to North 3rd Street; then southeast on North 3rd Street to the vacated Mount Vernon Short Line Right-of-Way; then northeast on the vacated Mount Vernon Short Line Right-of-Way to North 7th Street East; then northwest on North 7th Street East to North 1st Avenue; then northeast on North 1st Avenue to the Chicago and Northwestern Railroad Right-of-Way; then west on the Chicago and Northwestern Railroad Right-of-Way to 1st Street; then southeast on 1st Street to 10th Avenue; then south on 10th Avenue to College Boulevard; then southeast on College Boulevard to South 5th Avenue; then south on South 5th Avenue to the point of beginning.
B. "Amendment No. 1 Area" shall mean that portion of the City of Mount Vernon, Iowa, described in Amendment No. 1 to the Urban Renewal Plan for the Mount Vernon Urban Renewal Area approved by Resolution No. 5-23-94B on May 23, 1994, which Amendment No. 1 Area includes the lots and parcels located within the area legally described as follows:
Beginning at the intersection of the CNW Railroad right-of-way and 1st Avenue North (Hwy. 1); then southwest along 1st Avenue North (Hwy. 1) to Cass Street; then west on Cass Street to 2nd Avenue North; then southwest on 2nd Avenue North to North 7th Street; then northwest on North 7th Street to Park Avenue; then north on Park Avenue extended to the CNW Railroad right-of-way; then east on the CNW Railroad right-of-way to the point of beginning;
and
Beginning at the intersection of the CNW Railroad right-of-way and 8th Avenue North; then south on 8th Avenue North to 1st Street West; then northwest on 1st Street West to the CNW Railroad right-of-way; then east on the CNW Railroad right-of-way to the point of beginning.
and
Beginning at the intersection of the CNW Railroad right-of-way and 8th Avenue North; then south on 8th Avenue North to 1st Street West; then northwest on 1st Street West to the CNW Railroad right-of-way; then east on the CNW Railroad right-of-way to the point of beginning.
The areas include the full right-of-way of all streets forming their boundaries.
C. "Amendment No. 2 Area" shall mean that portion of the City of Mount Vernon, Iowa, described in Amendment No. 2 to the Urban Renewal Plan for the Mount Vernon Urban Renewal Area approved by Resolution No. 6-5-2006C on June 5, 2006, which Amendment No. 2 Area includes the lots and parcels located within the area legally described as follows:
That portion of the City, consisting primarily of the older residential areas, that was not included in the original Urban Renewal Area or in the area added as a result of Amendment No. 1.
With the adoption of this Amendment No. 2, the entire City will be included in the Mount Vernon Urban Renewal Area.
D. Amendment No. 3 did not add or remove land from the Urban Renewal Area.
E. Amendment No. 4 did not add or remove land from the Urban Renewal Area.
F. Amendment No. 5 Area shall mean that portion of the City of Mount Vernon, State of Iowa, described in Amendment No. 5 to the Urban Renewal Plan for the Mount Vernon Urban Renewal Area approved by Resolution No. 11-6-2017A on the 6th day of November, 2017, which Amendment No. 5 Area removes the lots and parcels located within the area legally described as follows:
LEGAL DESCRIPTION OF THE LAND TO BE REMOVED FROM THE MOUNT VERNON URBAN RENEWAL AREA AND PLACED IN THE STONEBROOK URBAN RENEWAL AREA:
Lot 2, Cornell College Second Addition in the City of Mount Vernon, Linn County, Iowa excepting therefrom the following: Stonebrook First Addition to City of Mount Vernon, Linn County, Iowa, Stonebrook Second Addition to the City of Mount Vernon, Linn County, Iowa, Stonebrook Fourth Addition to the City of Mount Vernon, Linn County, Iowa, Stonebrook 5th Addition to the City of Mount Vernon, Linn County, Iowa, Meadowbrook First Addition to the City of Mount Vernon, Linn County, Iowa, Meadowbrook Second Addition to the City of Mount Vernon, Linn County, Iowa, Parcels A and B, Plat of Survey #1392 as recorded in Book 6557 Page 508 of the records of the Linn County, Iowa Recorder on December 28, 2006, Parcel A, Plat of Survey #1588 as recorded in Book 7532 Page 551 of the records of the Linn County, Iowa Recorder on February 18, 2010. Said tract of land contains 60.86 acres and is subject to easements and restrictions of record.
LEGAL DESCRIPTION OF THE LAND TO BE REMOVED FROM THE MOUNT VERNON URBAN RENEWAL AREA AND PLACED IN THE SPRING MEADOW URBAN RENEWAL AREA:
NE ¼ NE ¼ of Section 10-82-5 South of the right-of-way of Chicago & Northwestern Railroad Company except the West 326.4 feet thereof
And
SE ¼ NE ¼ Section 10-82-5
Except:
Parcel A, Plat of Survey No. 591 as recorded in Book 3908, Page 662
And
The North 9 ½ acres of the NE ¼ SE ¼ of Section 10-82-5
All of the above being in Linn County, Iowa.
G. Amended Area shall mean that portion of the City of Mount Vernon, State of Iowa, included within the Original Area, the Amendment No. 1 Area, and the Amendment No. 2 Area, except the portion removed by Amendment No. 5, which Amended Area includes the lots and parcels located within the area legally described in subparagraphs (A)-(F).
2. The taxes levied on the taxable property in the Amended Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, County of Linn, Iowa, 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.
3. As to the Original Area (less the Amendment No. 5 Area), 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 taxing property in the Original Area (less the Amendment No. 5 Area) upon the total sum of the assessed value of the taxable property in the Original Area (less the Amendment No. 5 Area) as shown on the assessment roll as of January l, 1992, being the first day of the calendar being January 1 of the calendar year preceding the effective date of Ordinance Nos. 9-20-93A and 11-15-93A, 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. The taxes so determined shall be referred herein as the "base period taxes" for such area.
As to Amendment No. 1 Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 1993, being the assessment roll applicable to the property in such area as of January 1 of the calendar year preceding the effective date of Ordinance No. 5-23-93A.
As to Amendment No. 2 Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 2005, being the assessment roll applicable to the property in such area as of January I of the calendar year preceding the effective date of Ordinance No. 6-5-2006A.
4. That portion of the taxes each year in excess of the base period taxes for the Amended Area, determined for each sub-area thereof as provided in Section 3 of this Ordinance, shall be allocated to and when collected be paid into the special tax increment fund previously established by the City of Mount Vernon, State of Iowa, to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Mount Vernon, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Amended Area pursuant to the Urban Renewal Plan, as amended, 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 shall be collected against all taxable property within the Amended Area without any limitation as hereinabove provided.
5. Unless or until the total assessed valuation of the taxable property in the areas of the Amended Area exceeds the total assessed value of the taxable property in the areas shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Amended 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.
6. At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Mount Vernon, State of Iowa, referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Amended Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.
7. 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 continue the division of taxes from property within the Original Area (less the Amendment No. 5 Area), the Amendment No. 1 Area, and the Amendment No. 2 Area under the provisions of Section 403.19 of the Code of Iowa, as authorized in Ordinance Nos. 9-20-93A, 11-15-93A, 5-23-93A, and 6-5-2006A. Notwithstanding any provisions in any prior Ordinances or other documents, the provisions of this Ordinance and all prior Ordinances relating to the Urban Renewal Area, as amended, shall be construed to continue the division of taxes from property within the Amended Area to the maximum period of time allowed by Section 403.19 of the Code of Iowa. 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 ofthis 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 Amended 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 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.
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