H-2 - Ordinance 2024-513 - 2017 Park Place Commercial URA Update - 2024

ORDINANCE NO. 2024-513 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the July, 2024 Addition to the 2017 Park Place Commercial Urban Renewal Area, Pursuant to Section 403.19 of the Code of Iowa WHEREAS, the City Council of the City of Tiffin, Iowa (the “City”) has previously enacted certain ordinances providing for the division of taxes levied on certain taxable property in the 2017 Park Place Commercial Urban Renewal Area (the “Urban Renewal Area”), pursuant to Section 403.19 of the Code of Iowa; and WHEREAS, pursuant to such ordinances, certain taxable properties within the Urban Renewal Area in the City have been designated as “tax increment districts”; and WHEREAS, the City Council now desires to establish a new “tax increment district” by designating the real property comprising the July, 2024 Addition to the Urban Renewal Area; 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 July, 2024 Addition to the 2017 Park Place Commercial 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 to finance projects in 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 Johnson County, Iowa. “2024 Urban Renewal Area Addition” shall mean the July, 2024 Addition to the 2017 Park Place Commercial Urban Renewal Area of the City, the legal description of which is set out below, approved by the City Council by resolution adopted on July 16, 2024: LOT 37 OF ASTER VILLAGE, TIFFIN, JOHNSON COUNTY, IOWA, IN ACCORDANCE WITH THE PLAT THEREOF RECORDED IN PLAT BOOK 63, AT PAGE 398 OF THE RECORDS OF THE JOHNSON COUNTY RECORDER’S OFFICE, CONTAINING 2.83 ACRES, AND SUBJECT TO EASEMENTS AND RESTRICTIONS OF RECORD. “Urban Renewal Area” shall mean the entirety of the 2017 Park Place Commercial Urban Renewal Area as amended from time to time.