Ordinances-1993-180 (2)

D. Property of Melvin R. Reeve; property north of U.S. Highway 6 in part of NE qtr. and SE qtr. of Section 28, Twp. 80, Range 7 as described in Book 827 Pg. 23. E. Property of Melvin R. Reeve; that part of NE SE and SE SE of Section 28, Twp. 80, Range 7 as described in Survey Book 28 Pg. 38, except that land described in Book 1489 Pg. 60. F. Property of Melvin R. Reeve; property south of Railroad tracks in SE qtr. of SE qtr. of Section 28, Twp. 80, Range 7 as described in Book 610 Pg. 196. G. Property of Glenn A. Swenka; that part of the NE qtr. of SE qtr. and SE qtr. of SE qtr. in Section 28, Twp. 80, Range 7 as described in Book 1489 Pg. 60. H. City of Tiffin right-of-way for all of Brown Street south of Hwy. 6 and north of the City of Tiffin sewage treatment plant property. I. Property of City of Tiffin south of Railroad tracks in SE qtr. of SE qtr. of Section 28, Twp. 80, Range 7 as described in Book 276 Pg. 57A and in Book 276 Pg. 59. 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 the 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, 1992, 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 as of January 1, 1992, shall be used in determining the assessed valuation of the taxable property in the Urban Renewal Area on the effective date. (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