[Ord. 99-302 § 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. 99-302 § 3]
For use within the ordinance, 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, below.
TAX INCREMENT FINANCING DISTRICT CITY OF DAVENPORT, IOWA
The area defined by the following boundaries in Exhibit A below is declared to be a tax increment financing district in the City of Davenport, Iowa.
EXHIBIT A
6565 NORTH BRADY STREET TAX INCREMENT FINANCING DISTRICT
The legal description of the proposed tax increment financing district is as follows:
A tract of land situated in part of the SW 1/4 of Section 1, Township 78 North, Range 3 East of the 5th P.M. in Davenport, Scott County, Iowa, more particularly described as follows:
Commencing at the NE corner of said SW 1/4; thence S.89°39'51"W. along the North line of said SW 1/4 a distance of 568.32 feet to the intersection with the westerly right-of-way line of the I & M Rail Link; thence S.32°01'54"E. along said westerly right-of-way line a distance of 117.22 feet; thence in a southeasterly direction along a curve concave southwesterly, said curve being along said westerly right-of-way line, said curve having a radius of 2496.48 feet, an arc distance of 650.53 feet and a chord distance and chord bearing of S.24°36'02"E. 648.69 feet; thence S.17°08'08"E. along said westerly right-of-way line a distance of 87.65 feet; thence in a southeasterly direction along a curve concave northeasterly, said curve being along said westerly right-of-way line, said curve having a radius of 1482.50 feet, an arc distance of 4.37 feet and a chord distance and bearing of S.17°13'11"E., 4.37 feet to the intersection with the northerly right-of-way line of 65th Street; thence S.60°18'19"W. along said right-of-way a distance of 626.88 feet, thence in a southwesterly direction along a curve concave northwesterly, said curve being along said northerly right-of-way line, said curve having a radius of 1445.09 feet, an arc distance of 622.90 feet and a chord distance and chord bearing of S.72°39'14"W. 618.09 feet to the intersection with the west line of the E. 1/2 of said SW 1/4; thence N.00°54'09"E. along said west line a distance of 1292.45 feet to the NW. corner of the E. 1/2 of said SW. 1/4; thence N.89°39'51"E. along the north line of said SW. 1/4 a distance of 755.26 feet to the point of beginning, and Lot 1 and Lot 2 in the Replat of Lot 1 in Mark Rohlfs' First Addition to the City of Davenport, being a part of the Southwest 1/4 of Section 1, Township 78 North, Range 3, East of the 5th P.M. in Scott County, Iowa and a tract of land in the Southwest Quarter of Section 1, Township 78 North, Range 3 East of the 5th P.M. in Davenport, Scott County, Iowa, more particularly described as follows: Commencing in the Southwest Corner of the Northwest Quarter of the Southwest Quarter of said Section 1; thence south 89°53'30"E. a distance of 742.06 feet;, thence North 89°46'12"E. a distance of 162.98 feet; thence N.00°03'56"W. a distance of 75.45 feet; thence S.78°51'38"E. a distance of 26.67 feet to the point of beginning; thence N.00°03'56"W. a distance of 350.93 feet; thence N.89°56'04"E. a distance of 400.31 feet; thence S.01°01'12"W. a distance of 385.06 feet; thence S.89°46'12"W. a distance of 121.40 feet to a point of curvature, thence Westerly along a 969.12 foot radius curve concave Northerly a distance of 192.31 feet to a point of tangency; thence N.78°51'38"W. a distance of 81.98 feet to the point of beginning. Containing 43.65 acres, more or less.
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 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 the 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 may 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 is 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.