Ordinances-2005-271

ORDINANCE NO. 2005-271 AN ORDINANCE PROVIDING FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE 2005 ADDITION TO THE TIFFIN URBAN RENEWAL AREA, PURSUANT TO SECTION 403.19 OF THE CODE OF IOWA. WHEREAS, Ordinance No. 1993-180 entitle "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 are" 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 2005 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 2005 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 July, 2005. 1. State of Iowa – I80 All that portion of Interstate 80 and the ramp rights of way obtained and owned by the State of Iowa that lies within Section 33, Township 80 North, Range 7 West of the 5th P.M., Johnson County, Iowa. Contains approximately 68.7 acres.