[Ord. 2017-23 § 1]
The purpose of this chapter is to provide for the division of
taxes levied on the taxable property in the 2017 Addition to the North
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 No. 2017-23
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. 2017-23 § 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 2017 Amendment of the North 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
25th day of January, 2017.
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Parcels 932733001 & 932749002:
Commencing at the southeast corner of the southwest
quarter of Section 27; thence, along the south line of the southwest
quarter of said Section, South 88 degrees 08 minutes 56 seconds West,
a distance of 1330.82 feet, to the east line of the west half of the
southwest quarter of said section and the Point of Beginning; thence,
continuing along said south line, South 88 degrees 08 minutes 56 seconds
West, a distance of 1320.82 feet, to the east line of a rail spur
right-of-way line as conveyed to the City of Davenport, as described
within Document Number 1922-2011; thence along said right-of-way line
for the next three courses: North 02 degrees 09 minutes 49 seconds
West, a distance of 598.24 feet; thence, South 87 degrees 50 minutes
11 seconds West, a distance of 10.00 feet; thence, North 02 degrees
09 minutes 49 seconds West, a distance of 2058.32 feet, to the south
right-of-way line of Slopertown Road; thence along said south right-of-way
line and the arc of the 1943.00 foot radius curve, concave northerly,
a distance of 0.06 feet, said curve has a chord bearing of North 81
degrees 59 minutes 42 seconds West and a distance of 0.06 feet to
the west line of said southwest quarter; thence, along the west line
of the northwest quarter of said Section, North 02 degrees 06 minutes
50 seconds West, a distance of 33.53 feet, to the center line of Slopertown
Road; thence along said center line and the arc of a 1911.00 foot
radius curve, concave northerly, a distance of 342.80 feet, said curve
has a bearing of South 86 degrees 57 minutes 02 seconds East and a
distance of 342.34 feet; thence, continuing along said center line
and the north line of said southwest quarter, North 87 degrees 54
minutes 28 seconds East, a distance of 992.96 feet, to the east line
of said West half of said southwest quarter; thence South 02 degrees
05 minutes 52 seconds East, a distance of 2664.96 feet, to the Point
of Beginning. EXCEPTING therefrom the northern 250 feet.
The above described real estate contains 81 acres,
more of less; and is subject to the right of the public for roadway
purposes for Slopertown Road. The roadway easement for Slopertown
contains approximately 1.012 acres.
For the purposes of this description the south line
of the southwest quarter of said Section is assumed to have a bearing
of South 88 degrees 08 minutes 56 seconds West.
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Parcels 932735003, 932751003 & 932735004: The East Half
of the Southwest Quarter of Section 27, Township 79 North, range 3
East of the 5th P.M., containing 80 acres, excepting the northern
250 feet. EXCEPT, those parts conveyed in Warranty Deed filed June
26, 1985, and recorded as Document No. 9663-85; in Quit Claim Deed
filed June 26, 1985, and recorded as Document No. 9664-85; and in
Easement filed July 26, 1985 and recorded as Document No. 11444-85;
all in the Recorder's Office of Scott County, Iowa. EXCEPTING therefrom
the northern 250 feet.
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Part of the Northeast Quarter of the Southwest Quarter of Section
27, township 79 North, Range 3 east of the 5th Principal Meridian,
Scott County, Iowa, more particularly described as follows:
Commencing at the center of said Section 27; thence
South 0 degrees 00 minutes 00 seconds East along the East line of
said Southwest Quarter, a distance of 450.00 feet; thence North 90
degrees 00 minutes 00 seconds West, a distance of 50.00 feet to the
point of beginning on the West right-of-way line of Division Street;
thence South 0 degrees 00 minutes 00 seconds East along said West
right-of-way line, a distance of 470.00 feet; thence North 90 degrees
00 minutes 00 seconds West, a distance of 565.00 feet; thence North
0 degrees 00 minutes 00 seconds West, a distance of 470.00 feet; thence
North 90 degrees 00 minutes 00 seconds East, a distance of 565.00
feet to the point of beginning; said described tract containing 265,550
square feet (6.10 acres), more or less.
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[Ord. 2017-23 § 3]
After the effective date of this Ordinance No. 2017-23, 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 ordinance, 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.
