The URL can be used to link to this page

Home My Public Portal AboutOrdinances-1995-201 riffin-436989.1\ora-s,R.l ed UR I Area • ORDINANCE NO. 1995-201 AN ORDINANCE PROVIDING FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE 1995 ADDITION TO THE TIFFIN.URBAN RENEWAL AREA, PURSUANT TO SECTION 403.19 OF THE CODE OF IOWA WHEREAS, Ordinance No. 1993-180 entitled "An Ordinance Providing For The Division Of Taxes Levied On Taxable Property In The Tiffin Urban Renewal Area of`the City of Tiffin, Iowa, Pursuant To Section 403.19 of the Code of Iowa" was enacted by the Council of the City of Tiffin, Iowa on the 13th day of October, 1993; and WHEREAS, pursuant to Ordinance No. 1993-180 the Tiffin Urban Renewal Area in the City of Tiffin was designated a "tax increment area"; and WHEREAS, the City Council now desires to increase the size of the "tax increment area" designated by Ordinance 1993-180 by adding additional property; BE IT ENACTED by the Council of the City of Tiffin, Iowa: • Section 1. Purpose. The purpose of this ordinance is to provide for the division of taxes levied on the taxable property in.the 1995 Addition to the Tiffin Urban Renewal Area of the City of Tiffin, Iowa, each year by and for the benefit of the state, city, county, school districts or other taxing districts after the effective date of this ordinance-in order to create a special fund to pay the principal of and interest on loans, moneys advanced to or indebtedness, including bonds proposed to be issued by the City of Tiffin to finance projects in the such area. Section 2. Definitions. For use within this ordinance the following terms shall have the following meanings: "City" shall mean The City of Tiffin, Iowa. "County" shall mean the County of Johnson, Iowa. -3- . DORSEY&WHITNEY P.L.L.P.,ATTORNEYS,DES MOINES,IOWA Ordinance. l995-201 pg.2 Tlffin-4.36489-1\Ord-Expanded UR1I Area "Urban Renewal Area" shall mean the 1995 Addition to the Tiffin Urban Renewal Area of the City.of Tiffin, Iowa, the boundaries of which are set out below, approved by the City Council by resolution adopted on the 13th day of December, 1995; Lot 5 of Sadler Subdivision, Tiffin, Iowa All of Third Street Right-of-Way between College Street and Brown Street F Section 3. Provisions for Division of Taxes Levied on Taxable Property in the Urban Renewal Area. After the effective date of this ordinance, the taxes levied on the taxable property in the Urban Renewal Area each'year by and for the benefit of the State of Iowa, the City, the County and any school district or other taxing district in which the Urban Renewal Area is located, shall be divided as follows: (a) that portion of the taxes which would be produced by the rate at which h t e 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 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 certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the special fund referred to in paragraph (b) below, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. For the purpose of allocating taxes levied by.or,for any taxing district which did not include the territory in the Urban Renewal Area on the effective date of this ordinance, but to which the territory has been annexed or otherwise included after the effective date, the assessment roll applicable to`property in the annexed territory as of January 1 of the calendar year preceding the effective date of the ordinance which amends the plan for the 'Urban Renewal Area. to include the annexed area, shall be used in determining the assessed valuation of the taxable property in the annexed area. (b) that portion of the taxes each year in excess of such amounts shall be allocated to and when collected be paid into a special.fund of the City to pay the principal of and interest on loans, moneys advanced to or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under the ,authority of Section 403.9(1), of the Code of Iowa, incurred by the City to finance or refinance, in whole or in part, projects in the Urban Renewal Area, except that taxes for the payment of bonds and interest'of each taxing district shall be collected against all taxable property within the taxing district without limitation by the provisions of this ordinance. Unless and until the total assessed valuation of the taxable property in the Urban Renewal Area exceeds the total assessed value of the taxable property ,( DORSEY&WHITNEY P.L.L.P.,ATTORNEYS,DES MOINES,IOWA -�. . • Ordinance. 1995-20I pg. 3 21g1n436999-1\Ord.Expandad URTI Area • in such area as shown by the assessment`roll referred to in subsection (a) of this section, all of the taxes levied and collected upon the taxable property in the Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. When such loans, advances, indebtedness, and bonds, if any, and interest thereon,,have been paid, all money thereafter received from taxes upon the taxable property in 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. (c) the portion of taxes mentioned in subsection (b) of this section and the special fund into which that portion shall be paid may be irrevocably pledged by the City for the payment of the principal and interest on loans, advances, bonds issued under the authority of Section 403.9(1) of the Code of Iowa, or indebtedness incurred by the City to finance or refinance in whole or in part projects in the Urban Renewal Area. (d) as used in this section, the word "taxes" includes, but is not limited to, all levies on an ad valorem basis upon land or real property. Section 4. Repealer. All ordinances or parts of ordinances in conflict with the provisions of this ordinance are hereby repealed. • Section 5. Saving Clause. If any section, provision, or part of this ordinance shall be adjudged,invalid or unconstitutional, such adjudication shall not affect the validity of the ordinance as-a whole or any section, provision or part thereof not adjudged invalid or unconstitutional. Section 6. Effective Date. This ordinance shall•be effective after its final - passage, approval and publication as provided by law. V Passed and approved by the Council of the City of Tiffin, Iowa, on the 13th day of December, 1995. { za • V Mayor Attest: . IA a City ... • • -5- DORSEY&WHITNEY P.L.L.P.,ATTORNEYS,DES MOINES,IOWA fi • ! d. A Ordinance No. 1995-201 Pg. 4 The foregoing ordinance entitled "AN ORDINANCE PROVIDING FOR , THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN "THE 1995 ADDITION TO THE TIFFIN URBAN RENEWAL AREA, PURSUANT TO SECTION 403 . 19 OF THE CODE OF IOWA was published on the 15th day of December 1995, by posting copies of it in four public places within the City limits: the US Post Office, the Fire Station/City Hall, Morgan' s Standard and Flansburg' s Hardware Store, all according to the requirements of Iowa Code 362. 3( 2) .11991 ) and Tiffin Ordinance No. 1980-89 . Dated this 15th day of December, 1995. / ' city i-rk/Treasurer, Margaret B. Reihman I, Margaret B. Reihman, City Clerk of Tiffin, Iowa, do hereby certify that the above is • a true and correct copy of Ordinance No. 1995-201' passed by the City Counil of Tifin, Iowa at a regular _meeting held on the • `13th day of December, 1995, as it appears in the official records held in my_.office. Dated this 15th day of December, 1995. City l ' k/T easu e , Margaret B Reihman • 1