(A) Urban revitalization area outlined. The following real property, located within the corporate limits of the city, is hereby designated as the Spencer Mainstreet Urban Revitalization Area pursuant to the provisions of Iowa Code Chapter 404: Blocks 21, 26, 27, 30 and 31 of the Chicago Milwaukee and St. Paul Railway Addition to the city and Blocks A, B, E and F of the original plat of the city.
(B) Plan adoption. The Spencer Mainstreet Urban Revitalization Plan, in the form attached to the original permanent copy of Ordinance 569 in the office of the City Clerk is hereby approved, adopted and incorporated in this chapter by reference.
(C) Purpose. The purpose of the plan is to encourage the establishment of new residential dwelling units, or the renovation of existing dwelling units in the area, located above the ground floor.
(D) Property improvements eligible for tax abatement. Property improvements eligible for tax abatements under the plan include properties located within the designated urban revitalization area, zoned commercial, which are located above the ground floor and which are permitted or special exception uses under the city’s zoning ordinances.
(E) Amendments. The Spencer Mainstreet Urban Revitalization Plan may be amended by the City Council following public hearing in accordance with the provisions of Iowa Code § 404.2(6).
(Prior Code, §§ 1-11-1 - 1-11-5) (Ord. 569, passed 5-6-2002)