H-2 - Ordinance 2021-489 - Division of Taxes Levied for 2017 PP URA

ORDINANCE NO. 2021-489 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the December, 2021 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”) previously enacted an ordinance entitled “An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the 2017 Park Place Commercial Urban Renewal Area, Pursuant to Section 403.19 of the Code of Iowa”; and WHEREAS, pursuant to that ordinance, certain taxable property within the 2017 Park Place Commercial Urban Renewal Area in the City was designated a “tax increment district”; and WHEREAS, the City Council now desires to increase the size of the “tax increment district” 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 December, 2021 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 of Tiffin 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. “2021 Urban Renewal Area Addition” shall mean the December, 2021 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 December 21, 2021: BEGINNING AT THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 22, AND THE NORTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 27, BOTH OF TOWNSHIP 80 NORTH, RANGE 7 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA, AND AUDITOR’S PARCEL 2019058, TIFFIN, JOHNSON COUNTY, IOWA, IN ACCORDANCE WITH THE PLAT THEREOF RECORDED IN PLAT BOOK 63, AT PAGE 59, IN THE