Ordinances-2024-511 - 2024 Urban Renewal Area

Tiffin/436989- 46 / UR Hrg Add to Area & Ord -1 cons ORDINANCE NO. 2024- 511 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the June, 2024 Addition to the Tiffin Urban Renewal Area, Pursuant to 19 of the Code of Iowa Section 403. WHEREAS, the City Council of the City of Tiffin, Iowa ( the " City")has previously enacted certain ordinances providing for the division of taxes levied on certain taxable property in the Tiffin Urban Renewal Area ( the " Urban Renewal Area"),pursuant to Section 403. 19 of the Code of Iowa; and WHEREAS, pursuant to such ordinances, certain taxable properties within the Urban Renewal Area in the City have been designated as " tax increment districts"; and WHEREAS, the City Council now desires to establish a new " tax increment district" by designating the real property comprising the June, 2024 Addition to the Urban Renewal Area; 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 June, 2024 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 taxing districts after the effective date of this ordinance in order to create a special fund other 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. 2024 Urban Renewal Area Addition" shall mean the June, 2024 Addition to the Tiffin Urban Renewal Area of the City, the legal description of which is set out below, the approved by City Council by resolution adopted on June 4,2024: SE 1/4 of the NW % of Section 33, Township 80 North, Range 7 West of the Fifth PM in Johnson County, Iowa except that portion dedicated to the State of Iowa for Right -of -Way; and Lot 2 of Clear Creek Crossing, to Tiffin, Johnson County,Iowa, in accordance with the Plat thereof Recorded in Plat Book 66, at Page 118 of the Records of the Johnson County Recorder' s Office, containing 8. 88 acres, and subject to easements and restrictions of record. Urban Renewal Area" shall mean the entirety of the Tiffin Urban Renewal Area as amended from time to time. 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA