Ordinances-2003-263

ORDINANCE NO. 2003- 263 at k. $ ) a L. AN ORDINANCE PROVIDING FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE, 2003 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 an 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 2003 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 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. Urban Renewal Area" shall mean the 2003 Addition to the Tiffin Urban Renewal Area of the City of Tiffin, Iowa, the boundaries of which are set out below, approved by City Council by resolution 12th the adopted on the day of March, 2003;