Ordinances-2010-306

CITY OF TIFFIN, IOWA ORDINANCE NO. 2010- 306 AN ORDINANCE TO DECLARE NECESSITY TO ESTABLISH AN URBAN RENEWAL AREA, PUSUANT TO SECTION 403. 4 OF THE CODE OF IOWA AND APPROVE AN URBAN RENEWAL PLAN AMENDMENT FOR THE 2010 ADDITION TO THE TIFFIN URBAN RENEWAL AREA WHEREAS, the City Council of the City of Tiffin, Iowa ( the " City") enacted an ordinance entitled " A'n Ordinance 2010- 304 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 14th of which are set out below, approved by the City Council by Ordinance 2010- 304 adopted. on the day of July, 2010 and now amendment approved by Resolution 2010- 55 to expand the " Urban Renewal Area". Certain real property in the City of Tiffin, County of Johnson, State of Iowa, more particularly described as follows: