Ordinances-2014-357 - 2024 Addition to Tiffin Urban Renewal Area

ORDINANCE NO. 2014-357 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the 2014 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”) previously 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, certain taxable property within the Tiffin Urban Renewal Area in the City 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 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 2014 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 Johnson County, Iowa. “2014 Urban Renewal Area Addition” shall mean the Tiffin Urban Renewal Area of the City of Tiffin, Iowa, the legal description of which is set out below: Certain real property situated at 403 Deer View Avenue in the City of Tiffin, County of Johnson, State of Iowa, bearing Johnson County Property Tax Parcel Identification Number 062832001. “Urban Renewal Area” shall mean the entirety of the Tiffin Urban Renewal Area as amended from time to time. Section 3. Provisions for Division of Taxes Levied on Taxable Property in the 2014 Urban Renewal Area Addition. After the effective date of this ordinance, the taxes levied on the