[Ord. 94-370 § 2]
The purpose of this chapter is to provide for the division of
taxes levied on the taxable property in an economic development project
of the City of Davenport, Iowa, each year by and for the benefit of
the state, the City, the county, and school districts or other taxing
districts after the effective date of this chapter in order to create
a special fund to pay the principal of and interest on loans, monies
advanced to, or indebtedness, including bonds proposed to be issued
by the City of Davenport to finance such economic development project.
[Ord. 95-418 § 1; Ord. 94-370 § 3]
For use within the chapter, the following terms shall have the
following meanings:
Shall mean that portion of the City of Davenport, Iowa, the
boundaries of which are set out below.
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TAX INCREMENT FINANCING DISTRICT CITY OF DAVENPORT, IOWA
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The area defined by the following boundaries is declared to
be a tax increment financing district in the City of Davenport, Iowa:
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A tract of land located within the City limits of
the City of Davenport, Iowa, more particularly described in Exhibit
A. This tract is an addition to the boundaries described in Exhibit
B as the North Davenport Tax Increment Financing District, established
by Ordinance No. 93-256 approved May 5, 1993.[1]
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Shall mean the City of Davenport, Iowa.
Shall mean the county of Scott, Iowa.
[1]
Editor's Note: Exhibits A and B may be found on file in the
office of the City Clerk.
[Ord. 94-370 § 4]
After the effective date of this chapter, the taxes levied on
the taxable property in the Addition to the North Davenport Development
Area 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 Addition to the North Economic Development Area 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 property in
the Addition to the North Davenport Development Area, as defined in
the above legal description of this chapter, as shown on the assessment
roll as of January 1 of the calendar year preceding the effective
date of this chapter, shall be allocated to and when collected be
paid into the fund for the respective taxing district as taxes by
or for said taxing district into which all other property taxes are
paid. For the purpose of allocating taxes levied by or for any taxing
district which did not include the territory in the Addition to the
North Davenport Development Area on the effective date of this chapter,
but to which the territory has been annexed or otherwise included
after the effective date, the assessment roll as of January 1 of the
calendar year preceding the effective date of this chapter shall be
used in determining the assessed valuation of the taxable property
in the Addition to the North Davenport Development Area on the effective
date.
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, monies advanced
to, or indebtedness, whether funded, refunded, assumed, or otherwise,
including bonds issued under the authority of Section 403.9(1) of
the Code of Iowa, incurred by the City to finance or refinance, in
whole or in part, projects in the Addition to the North Davenport
Development Area except that 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 chapter. Unless and until the total assessed valuation of the
taxable property in the Addition to the North Davenport Development
Area 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 Addition to the North Davenport Development Area 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 thereon, have been paid, all money thereafter received
from taxes upon the taxable property in the Addition to the North
Davenport Development Area shall be paid into the funds for the respective
taxing districts in the same manner as taxes on all other property.
C.
The portion of taxes mentioned in subsection B of this section and
the special fund 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 403.9(1)
of the Code of Iowa, or indebtedness incurred by the City to finance
or refinance in whole or in part projects in the Addition to the North
Davenport Development Area.
D.
As used in this section, the word "taxes" includes, but is not limited
to, all levies on an ad valorem basis upon land or real property.
