Ordinances-2017-409-MISSING CERTIFICATE

ORDINANCE NO. 2017-409 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the July 2017 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 July 2017 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. “2017 Urban Renewal Area Addition” shall mean the July 2017 Addition to the Tiffin Urban Renewal Area of the City, the legal description of which is set out below, approved by the City Council by resolution adopted on the 18th day of July, 2017: 1. Wombacher Partnership (Agricultural Land) The northeast quarter of Section 33, Township 80 north, Range 7 west of the 5th P.M., excepting that part thereof taken by the State of Iowa for highway purposes AND All that part of said NI/2 SEI/4 that lies northerly and northeasterly of the northerly right-of-way of interstate 80. Contains 126.94 acres more or less. 2. The east 100-feet of the Southwest ¼ of Section 28, Township 80 north, Range 7