[1]
Note: This chapter was adopted June 11, 2014 by Ordinance 3.55.
[Ord. 2014-194 § 1]
The purpose of this chapter is to provide for the division of taxes levied on the taxable property in the 2014 addition to the I-74/53rd Street urban renewal area of the City of Davenport, Iowa, each year by and for the benefit of the state, City, county, school districts or other taxing districts after the effective date of this ordinance in order to create a special fund to pay the principal of and interest on loans, moneys advanced to or indebtedness, including bonds proposed to be issued by the City of Davenport to finance projects in the such area.
[Ord. 2014-194 § 2]
For use within this chapter the following terms shall have the following meanings:
CITY
Shall mean the City of Davenport, Iowa.
COUNTY
Shall mean Scott County, Iowa.
URBAN RENEWAL AREA AMENDMENT
Shall mean the 2014 addition to the I-74/53rd Street urban renewal area of the City of Davenport, Iowa, the boundaries of which are set out below, approved by the City Council by resolution adopted on the 11th day of June, 2014.
A tract of land situated in part of the E 1/2 of Section 6 and part of the W 1/2 of Section 5 all in Township 78 North, Range 4 East of the 5th Principle Meridian, City of Davenport, Scott County, Iowa, and being more particularly described as follows:
Beginning at the intersection of the westerly right-of-way line of 1-74 with the south line of the southwest quarter of said Section 5; thence west along the south line of the southwest quarter of said Section 5 to the southwest corner of the southwest quarter of said Section 5; thence continuing west along the south line of the southeast quarter of said Section 6 to the intersection with the easterly right-of-way line of Jersey Ridge Road; thence north along the easterly right-of-way line of said Jersey Ridge Road to the intersection with the southerly right-of-way line of Interstate 80; thence in an easterly and southeasterly direction along the southerly right-of-way line of said 1-80 and the westerly right-of-way line of 1-74 to the point of beginning. Containing 480 acres more or less.
[Ord. 2014-194 § 3]
After the effective date of this chapter, the taxes levied on the taxable property in the urban renewal area amendment 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 urban renewal area amendment 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 urban renewal area amendment, 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 special fund referred to in subsection B. below, 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 urban renewal area amendment 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 applicable to property in the annexed territory as of January 1 of the calendar year preceding the effective date of the ordinance which amends the plan for the urban renewal area amendment to include the annexed area, shall be used in determining the assessed valuation of the taxable property in the annexed area.
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, moneys 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 urban renewal area amendment, and to provide assistance for low and moderate-income family housing as provided in Section 403.22, except that taxes for the regular and voter-approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2 of the Code of Iowa, and 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 ordinance. Unless and until the total assessed valuation of the taxable property in the urban renewal area amendment 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 urban renewal area amendment 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 urban renewal area amendment 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 urban renewal area amendment.
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.