[Ord. 95-616 § 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 as may be issued by
the City of Davenport to finance such economic development project.
[Ord. 95-616 § 3]
For use within the chapter, the following terms shall have the
following meanings:
Shall mean the City of Davenport, Iowa.
Shall mean the county of Scott, Iowa.
Shall mean that portion of the City of Davenport, Iowa legally
described as Lot 1, Frank Brown Subdivision.
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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 as Lot 1,
Frank Brown Subdivision and commonly known as 7001 North Brady Street.
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[Ord. 95-616 § 4]
After the effective date of this chapter, the taxes levied on
the taxable property in the 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 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 development area, as defined in the legal description of this
chapter, as shown on the assessment roll 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 division of property tax revenue, shall
be allocated to and when collected be paid into the fund for the respective
taxing district into which all other property taxes are paid. However,
the City may choose to divide that portion of the taxes which would
be produced by levying the City's portion of the total tax rate levied
by or for the City upon the total sum of the assessed value of the
taxable property in the development area, as shown on the assessment
roll as of January 1 of the calendar year preceding the effective
date of the chapter and if the City so chooses, an affected taxing
entity may allow the City to divide that portion of the taxes which
would be produced by levying the affected taxing district's portion
of the total tax rate levied by or for the affected taxing entity
upon the total sum of the assessed value of the taxable property in
the development area, as shown on the assessment roll as of January
1 of the calendar year preceding the effective date of this chapter.
B.
That portion of the taxes each year in excess of such amount 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 development area, except that taxes
for the payment of bonds and interest of each taxing district must
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 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 development area shall be paid into
the funds for the respective taxing districts as taxes by or for the
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 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 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.
