[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:
Shall mean the City of Davenport, Iowa.
Shall mean Scott County, Iowa.
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.
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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:
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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.
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[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.
