Resolutions-2016-005 (2)

ORDINANCE NO. 2016-380 An Ordinance Providing for the Division of Taxes Levied on certain Taxable Property in the 2016 Addition to the Tiffin Urban Renewal Area, Pursuant to Section 403.19 of the Code of Iowa WHEREAS, pursuant to Section 403.19 of the Code of Iowa, the City Council of the City of Tiffin, Iowa (the “City”) previously enacted ordinances designating certain taxable property within the Tiffin Urban Renewal Area as tax increment financing districts; and WHEREAS, the City Council now desires to designate certain taxable property in the 2016 Addition to the Tiffin Urban Renewal Area as a tax increment financing district; and BE IT ENACTED by 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 certain taxable property in the 2016 Addition to the Tiffin Urban Renewal Area of the City, 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. “Tax Increment District” shall mean that portion of the 2016 Addition to the Tiffin Urban Renewal Area of the City, the legal description of which is set out below, approved by resolution of the City Council on January 19, 2016: That real property situated in the City of Tiffin, County of Johnson, State of Iowa lying within the boundaries as follows: Lots 1-10 of the Prairie West Addition to the City of Tiffin, County of Johnson, State of Iowa. “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 certain Taxable Property in the 2016 Addition to the Tiffin Urban Renewal Area. After the effective date of this ordinance, the taxes levied on the taxable property in the Tax Increment District each year by and for the benefit of the State of Iowa, the City, the County and any school district or other taxing district in which the Tax Increment District is located, shall be divided as follows: