[Ord. 97-413 § 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. 97-413 § 3]
Shall mean the City of Davenport, Iowa.
Shall mean the county of Scott, Iowa.
Shall mean that portion of the City of Davenport, Iowa, East
53rd Street/Eastern Avenue Mixed Use Project legally described 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 situated in part of Section 1 in T78N, R3E of
the 5th P.M. and part of Section 6 of T78N, R4E of the 5th P.M., City
of Davenport, Iowa, more particularly described as follows:
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Beginning at the intersection of the south line of
the SE 1/4 of said Section 1 with the easterly ROW line of the Soo
Line Railroad; thence northerly along said easterly ROW line to the
intersection with the northerly ROW line of Interstate 80; thence
easterly along said northerly ROW line to the intersection with the
east line of the NE 1/4 of said Section 1; thence south along said
east line to the southerly ROW line of Interstate 80; thence easterly
along said southerly ROW line to the easterly ROW line of Eastern
Avenue; thence southerly along said easterly ROW line of Eastern Avenue
to the southerly line of the NW 1/4 of the NW 1/4 of the SW 1/4 of
said Section 6; thence east along the south line of the NW 1/4 of
the NW 1/4 of the SW 1/4 of said Section 6 to the SE corner of the
NW 1/4 of the NW 1/4 of the SW 1/4 of said Section 6; thence, south
along the east line of the SW 1/4 of the NW 1/4 of the SW 1/4 of said
Section 6 to the south line of the NW 1/4 of the SW 1/4 of said Section
6; thence east along the north line of the S 1/2 of the SW 1/4 of
said Section 6 to the east line of the west 30 acres of the SE 1/4
of the SW 1/4 of said Section 6; thence south along said east line
to the SE corner of said west 30 acres.
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[Ord. 97-413 § 4]
After the effective date of this chapter, the taxes levied on
the taxable property in the project 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 the project 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 project 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 project 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 project
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 project 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 project 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 project 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 project 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.
