Ordinances-2012-320

ORDINANCE NO. 2012-320 AN ORDINANCE PROVIDING FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE NOVEMBER 2012 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, 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 district"; and WHEREAS, the City Council now desires to increase the size of the "tax increment district" 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 November 2012 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. "November 2012 Urban Renewal Area Addition" shall mean the November 2012 Addition to the Tiffin Urban Renewal Area of the City of Tiffin, Iowa, the legal description of which is set out below, approved by the City Council by resolution adopted on the 28th day of November, 2012: Certain real property situated in the City of Tiffin, Johnson County, Iowa, more particularly described as follows: Those lots bearing the following Johnson County Property Tax Identification Parcel Numbers: 628302001, 628302002, 628403001, 628403002, 628403004, 628403005, 628427001, 628427002, 628427005, 628427006, 628427007, 628427008, 628427009, 628427011, 628427012, 628427012, 628428001, 628428002, 628429001, 628429002, 628429003,