Ordinances-2017-400 - 2017 Park Place Urban Renewal Area

ORDINANCE NO. 2017-400 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the 2017 Park Place Commercial Urban Renewal Area, Pursuant to Section 403.19 of the Code of Iowa BE IT ENACTED by the members of 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 2017 Park Place Commercial Urban Renewal Area, 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 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. “Urban Renewal Area” shall mean the taxable real property situated in 2017 Park Place Commercial Urban Renewal Area, the boundaries of which are set out below, such property having been identified in the Urban Renewal Plan approved by the City Council by resolution adopted on May 2, 2017: Certain real property situated in the City of Tiffin, Johnson County, State of Iowa, described as follows: A PORTION OF THE SOUTH ONE-HALF OF SECTION 22, AND A PORTION OF THE NORTH ONE-HALF OF SECTION 27, ALL OF TOWNSHIP 80 NORTH, RANGE 7 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA, DESCRIBED AS FOLLOWS: BEGINNING AT THE CENTER OF SECTION 22, TOWNSHIP 80 NORTH, RANGE 7 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, TIFFIN, JOHNSON COUNTY, IOWA; THENCE S01°21'28"E, ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 22, A DISTANCE OF 1326.34 FEET, TO THE SOUTHEAST CORNER THEREOF; THENCE N89°38'45"E, ALONG THE NORTH LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 22, A DISTANCE OF 1181.03 FEET, TO ITS INTERSECTION WITH THE WEST RIGHT-OF-WAY LINE OF INTERSTATE NO. 380; THENCE S10°25'53"W, ALONG SAID WEST RIGHT-OF-WAY LINE, 397.76 FEET; THENCE S01°07'24"E, ALONG SAID WEST RIGHT-OF-WAY LINE 700.00 FEET; THENCE S03°59'09"E, ALONG SAID WEST RIGHT-OF-WAY LINE, 200.25 FEET; THENCE