Ordinances-2024-511 - 2024 Urban Renewal Area

46 Tiffin/ 436989- / Hrg Add to Area & UR Ord - 1 cons Section 3. Provisions for Division of Taxes Levied on Taxable Property in the 2024 Urban Renewal Area Addition. After the effective date of this ordinance, the taxes levied on the taxable in the 2024 Urban Renewal Area Addition each year by and for the benefit of the property State of Iowa, the and any school district or other taxing district in which the City, the County 2024 Urban Renewal Area Addition is located, shall be divided as follows: a)that portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable in the 2024 Urban Renewal Area Addition, as shown on the assessment roll property as of January 1 of the calendar year preceding the first calendar year in which the City certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the special fund referred to in below, shall be allocated to and when collected be paid into the paragraph (b) fund for the respective taxing district by or for said taxing district into which all other as taxes district property taxes are paid. For the purpose of allocating taxes levied by or for any taxing which did not include the territory in the 2024 Urban Renewal Area Addition on the effective date of this ordinance, but to which the territory has been annexed or otherwise included after the effective date, the assessment roll applicable to property in the annexed territory as of January 1 of the calendar year preceding the effective date of the ordinance which amends the plan for the 2024 Urban Renewal Area Addition to include the annexed area, shall be used in deteiiiiining the assessed valuation of the taxable property in the annexed area. b)that portion of the taxes each year in excess of such amounts shall be allocated to and when collected be paid into a special fund of the City to pay the principal of and interest on loans, moneys advanced to or indebtedness, whether funded, refunded, assumed or otherwise, of the Code of Iowa, by incurred including bonds issued under the authority of Section 403. 9( 1), the City to finance or refinance, in whole or in part, projects in the Urban Renewal Area, and to provide assistance for low and moderate -income family housing as provided in Section 403. 22, equipment levy and of a school except that taxes for the regular and voter - approved physical plant district imposed pursuant to Section 298. of the Code of Iowa, taxes for the instructional support 19 of the Code of Iowa and to Section 257. program levy of a school district imposed pursuant taxes for the payment of bonds and interest of each taxing district shall be collected against all taxable property within the taxing district without limitation by the provisions of this ordinance. Unless and until the total assessed valuation of the taxable property in the 2024 Urban Renewal Area Addition exceeds the total assessed value of the taxable property in such area as shown by the assessment roll referred to in subsection ( a)of this section, all of the taxes levied and collected upon the taxable property in the 2024 Urban Renewal Area Addition shall be paid into the funds for the respective taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes. When such loans, advances, indebtedness, and bonds, if any, and interest in the thereon, have been paid, all money thereafter received from taxes upon the taxable property 2024 Urban Renewal Area Addition shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. c) b)of this section and the special fund the portion of taxes mentioned in subsection ( into which that portion shall be paid may be irrevocably pledged by the City for the payment of the principal and interest on loans, advances, bonds issued under the authority of Section 403. 1) 9( of the Code of Iowa, or indebtedness incurred by the City to finance or refinance in whole or in part projects in the Urban Renewal Area. 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA