Ordinances-2010-304

CITY OF TIFFIN, IOWA ORDINANCE NO. 2010-304 AN ORDINANCE PROVIDING FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE 2010 ADDITION TO THE TIFFIN 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") enacted an ordinance 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"; and WHEREAS, pursuant to that ordinance, 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" by adding additional property. BE IT ENACTED by the City 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 2010 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 the 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. "Urban Renewal Area" shall mean the entirety of the Tiffin Urban Renewal Area as amended from time to time. "Urban Renewal Area Amendment" shall mean the 2010 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 9th day of June, 2010. Certain real property in the City of Tiffin, County of Johnson, State of Iowa, more particularly described as follows: CRI & P Railroad within the SW1/4SE1/4, Section 27-80-7, west of I-380; and Lot 5, Bigelow Subdivision (Johnson County Parcel #0627453001). Section 3. Provisions for Division of Taxes Levied on Taxable Property in the Urban Renewal Area Amendment. After the effective date of this ordinance, the taxes levied on the taxable property in the Urban Renewal Area Amendment 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 Amendment 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 Amendment, as shown on the assessment roll as of January 1 of