[Ord. 2011-244 § 1]
The purpose of this chapter is to provide for the special crediting
and distribution of increased local option sales and services tax
revenues collected in an urban renewal area after the effective date
of this chapter for deposit into a special fund for the funding of
urban renewal projects in that area.
[Ord. 2011-244 § 2]
For use within this chapter the following terms shall have the
following meanings:
Means the fiscal year of the City beginning July 1, 2010
and ending June 30, 2011, such year being the fiscal year during which
this chapter was adopted.
Means the City of Davenport, Iowa.
Means Scott County, Iowa.
Means the Department of Revenue for the State of Iowa.
Means the percentage of increased sales tax revenues as set out in Section 3.22.050B of this chapter.
Means an agreement between the City of Davenport and a retail
business generating sales taxes within any designated urban renewal
area of the City of Davenport, Iowa as evidenced by a duly executed
written economic development agreement.
Means the amount of sales tax revenues as determined by the Department of Revenue from time to time pursuant to Section 423B.10 of the Code of Iowa and Section 3.22.050B of this chapter.
Means a business operated by a retailer as defined in section
423.1 of the Code of Iowa and/or the entity agreeing to undertake
the economic development project (i.e. developer).
Means the local sales and services tax being imposed and collected in the City under section 423B.1, subsection 2 of the Code of Iowa.
Means the entirety of any area established by prior City
Council actions as of the effective date of this chapter.
Means any special fund established in connection to any urban
renewal area as defined above and by prior ordinance of the City Council
pursuant to Section 403.10 of the Code of Iowa.
[Ord. 2011-244 § 3]
The City Council hereby finds that the City is an "eligible
City" within the meaning of Section 423B.10, subsection 1.a of the
Code of Iowa, by reason of the current imposition of a sales tax in
the City and the prior designation of the urban renewal area.
[Ord. 2011-244 § 4]
The City Clerk shall compile and maintain a list of the retail
establishments situated within the urban renewal area and shall share
the list with the Department of Revenue. By no later than March 1
of each year, the City Clerk shall update the list and share such
updates with the Department of Revenue. In addition to the provision
of the list, the City shall assist the Department of Revenue in identifying
retail establishments in the urban renewal area that are collecting
the sales tax. This process shall be ongoing until this chapter is
repealed.
[Ord. 2011-244 § 5]
After the effective date of this chapter, the increased sales
tax revenues attributable to retail establishments in the urban renewal
area shall be determined, credited and distributed as follows:
A.
Determination of increased sales tax revenues.
1.
The Department of Revenue shall first determine the amount of sales
tax revenues collected from retail establishments in the urban renewal
area during the base year.
2.
The Department of Revenue shall then annually determine the amount
of current year sales tax revenues collected from retail establishments
in the urban renewal area for each fiscal year following the base
year.
3.
The increased sales tax revenues available each year shall equal
the annual excess of the amount determined in paragraph A2 over the
base year revenue amount determined in paragraph A1 above.
B.
Establishment of designated amount. The designated amount shall be
up to 100% of the increased sales tax revenues in each year.
C.
Credit and deposit of designated amount of increased sales tax revenues.
From time to time, the Director of the Department of Revenues shall
credit to a special City account, as defined in Section 423B.7, subsection
6 of the Code of Iowa, in the local sales and services tax fund an
amount equal to the designated amount of increased sales tax revenues,
and shall remit such amount to the City without regard for the distribution
provisions of Section 423B.7, subsections 3, 4 and 5 of the Code of
Iowa, for deposit by the City Council into the urban renewal tax increment
revenue fund.
[Ord. 2011-244 § 6]
The designated amount of increased sales tax revenues deposited
from time to time into the urban renewal tax increment revenue fund
shall be used to fund urban renewal projects in the urban renewal
area.
