§ 35.27 DOWNTOWN NEWTON SELF-SUPPORTED MUNICIPAL IMPROVEMENT DISTRICT.
   (A)   District established. There shall be and there is hereby created in the city a self-supported municipal improvement district, as defined in Iowa Code Ch. 386, the name of which shall be the “Downtown Newton Self-Supported Municipal Improvement District” (sometimes hereinafter referred to as the “District”), the purposes of which District are the undertaking of actions and the design and construction of any and all improvements and self-liquidating improvements, as defined in Iowa Code Ch. 386 and the performance of administration, redevelopment and revitalization of the District, as authorized by Iowa Code Ch. 386.
   (B)   District boundaries. The District shall include all non-residentially assessed properties within the following described boundary: from the northeast corner of the intersection of West 4th Street North and First Avenue West, then north a half block to the centerline of the east-west alley, then east along the centerline of the alley to the east line of West 3rd Street North, then north to the south line of North 3rd Avenue West, then east to the west line of East 2nd Street North, then south past North 2nd Avenue East by a half block to the centerline of the east-west alley then east along the centerline of the east-west alley to the west line of East 4th Street North, then south past First Avenue East by a half block to the centerline of the east-west alley, then west along the centerline of the east-west alley to the west line of East 2nd Street South, then south a half block to the north line of South 2nd Avenue East, then west to the east line of West 3rd Street South, then north a half block to the centerline of the east-west alley, then west along the centerline of the east-west alley to the east line of West 4th Street South, then north to the northeast corner of the intersection of West 4th Street North and First Avenue East, all located in the city.
   (C)   Related benefit area. It is hereby found and determined that the owners of all the property within the District have a present and potential benefit from the condition, development and maintenance of the District and that all of the property within the District is related by virtue of its location within an area of the city zoned for commercial use.
   (D)   Operation fund. Pursuant to provisions of Iowa Code Ch. 386, there is hereby established and created a self-supported improvement district operation fund which shall be known as the “Downtown Newton Self-Supported Municipal Improvement District Operation Fund,” for which operation fund the city may certify taxes (the “operation tax”) against the property, as defined in Iowa Code Ch. 386 (excluding property assessed as residential property for property tax purposes) within the District (the “property”) each year, in addition to all other taxes, commencing with the levy of taxes for collection in the fiscal year beginning July 1, 2018, and continuing for nine additional years, for the purpose of paying such expenses of the District as are authorized by Iowa Code Ch. 386, including, but not limited to, the administrative expenses of the District and part or all of the maintenance expenses of improvements or self-liquidating improvements, as defined in Iowa Code Ch. 386, for a period of ten years.
   (E)   Operation tax. The operation tax, as provided in division (D) above, shall be levied annually upon the property at a rate not to exceed $1.50 per $1,000 of taxable value of the properly in any one year.
   (F)   Capital improvement fund. Pursuant to the provisions of Iowa Code Ch. 386, there is hereby established and created a capital improvement fund for such district, which shall be known as the “Downtown Newton Self-Supported Municipal Improvement District Capital Improvement Fund”, (and is hereinafter referred to as the “capital improvement fund”) for which capital improvement fund the city may certify taxes (the “capital improvement fund tax”) each year, commencing with the levy of taxes for collection in the fiscal year beginning July 1, 2018, and continuing for nine additional years, to be levied against all of the property in the District, in addition to all other taxes, for the purpose of accumulating moneys for the financing or payment of a part or all of the cost of any improvements or self-liquidating improvements, as defined in Iowa Code Ch. 386.
   (G)   Capital improvement tax. The capital improvement fund tax as provided in division (F) above shall be levied annually upon the property at a rate not to exceed $1.50 per $1,000 of taxable value of the property in any one year.
   (H)   District tax limit. The combined rate of the operation tax, the capital improvement fund tax and the debt service fund tax to be levied annually, in addition to all other taxes, as aforesaid, shall not exceed $1.50 per $1,000 of taxable value of the property in any one year.
   (I)   District Maintenance Committee. The Mayor of the city shall appoint, with the approval of the City Council, five persons who are property owners, representatives of property owners, or tenants of commercial properties in the District. These five persons shall comprise the Newton Downtown Self-Supported Municipal Improvement District Board, which serves as the District Maintenance Committee. The term of each member shall be three years; provided, however, that, the original appointments to the Board shall be made as follows: one member shall be appointed to serve until June 30, 2019; two members shall be appointed to serve until June 30, 2020; and two members shall be appointed to serve until June 30, 2021. The duties of the Committee are to make recommendations to the Council regarding maintenance standards for improvements within the District, additional capital improvements within the District and the annual tax levy for the District.
(2011 Code, § 1.0504) (Ord. 2196, passed 8-10-2012; Ord. 2330, passed 4-16-2018)