City of Davenport, IA 1337 WEST SECOND STREET TAX INCREMENT FINANCING DISTRICT

[Ord. 96-352 § 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.

3.48.020 Definitions.

[Ord. 96-352 § 3]

For use within the chapter, the following terms shall have the following meanings:

CITY

Shall mean the City of Davenport, Iowa.

COUNTY

Shall mean the county of Scott, Iowa.

DEVELOPMENT AREA

Shall mean that portion of the City of Davenport, Iowa legally described in Exhibit A attached.

TAX INCREMENT FINANCING DISTRICT CITY OF DAVENPORT, IOWA
The area defined by the following boundaries in Exhibit A, attached is declared to be a tax increment financing district in the City of Davenport, Iowa.

EXHIBIT A 1337 WEST SECOND STREET TAX INCREMENT FINANCING DISTRICT
Part of the NE frac. 1/4 of Section 34-78-3 in the City of Davenport, IA., more particularly described as follows:
Commencing at the intersection of the S line of 2nd Street with the E line of said Section 34; thence W along said S line 92.9' to the point of beginning; thence N 88 degrees 24' W along said line 262.2'; thence N 88 degrees 24' W along the S line of 2nd Street 250.2' to the E line of property formerly belonging to Voss Bros. Mfg. Co.; thence continuing N 88 degrees 24' W 50'; thence S 84 degrees 26' W along the southerly line of 2nd Street 60'; thence S 77 degrees 30' W along the southerly line of 2nd Street 158' to the easterly line of a tract of land formerly known as Fillmore Street, now vacated; thence continuing along the southerly line of 2nd Street 56' to the northeasterly corner of a tract of land formerly belonging to the American Service Co.; thence S 77 degrees 30' W 163.3' along the southerly line of 2nd Street; thence S 18 degrees 23' E 468.81' to the northerly line of the right-of-way of Chicago, R.I. & P.RW Co.; thence N 82 degrees 46' E along said northerly line of said right-of-way a distance of 165.55' to the westerly line of the tract of land formerly known as Fillmore Street; thence continuing along said course and along the northerly line of said right-of-way 56.78' to the easterly line of said Fillmore Street, now vacated; thence N 82 degrees 46' E 663.76; thence N 82 degrees 26' E 404.2' to the point of beginning.

EXHIBIT A

1337 WEST SECOND STREET TAX INCREMENT FINANCING DISTRICT

Part of the NE frac. 1/4 of Section 34-78-3 in the City of Davenport, IA., more particularly described as follows:

Commencing at the intersection of the S line of 2nd Street with the E line of said Section 34; thence W along said S line 92.9' to the point of beginning; thence N 88 degrees 24' W along said line 262.2'; thence N 88 degrees 24' W along the S line of 2nd Street 250.2' to the E line of property formerly belonging to Voss Bros. Mfg. Co.; thence continuing N 88 degrees 24' W 50'; thence S 84 degrees 26' W along the southerly line of 2nd Street 60'; thence S 77 degrees 30' W along the southerly line of 2nd Street 158' to the easterly line of a tract of land formerly known as Fillmore Street, now vacated; thence continuing along the southerly line of 2nd Street 56' to the northeasterly corner of a tract of land formerly belonging to the American Service Co.; thence S 77 degrees 30' W 163.3' along the southerly line of 2nd Street; thence S 18 degrees 23' E 468.81' to the northerly line of the right-of-way of Chicago, R.I. & P.RW Co.; thence N 82 degrees 46' E along said northerly line of said right-of-way a distance of 165.55' to the westerly line of the tract of land formerly known as Fillmore Street; thence continuing along said course and along the northerly line of said right-of-way 56.78' to the easterly line of said Fillmore Street, now vacated; thence N 82 degrees 46' E 663.76; thence N 82 degrees 26' E 404.2' to the point of beginning.

3.48.030 Provisions for division of taxes levied on taxable property in the South Economic Development Area.

[Ord. 96-352 § 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:

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.

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 to 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.

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.

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.