HomeMy WebLinkAbout~Master - Establishing the Campustown Tax Increment Financing District ORDINANCE NO. 4164
An Ordinance Providing for the Division of Taxes Levied on
Taxable Property in the Campustown Urban Renewal Area,
Pursuant to Section 403.19 of the Code of Iowa
BE IT ENACTED by the Council of the City of Ames, Iowa:
Section 1. Purpose. The purpose of this ordinance is to provide for the division of
taxes levied on the taxable property in the Campustown Urban Renewal Area, 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
Ames to finance projects in such area.
Section 2. Definitions. For use within this ordinance the following terms shall have
the following meanings:
"City" shall mean the City of Ames, Iowa.
"County" shall mean Story County, Iowa.
"Urban Renewal Area" shall mean the Campustown Urban Renewal Area, which
includes the property identified below, such Area having been identified in the Urban Renewal
Plan approved by the City Council by resolution adopted on November 12, 2013:
LEGAL DESCRIPTION—PARCEL'AA':
PARCEL 'AA' IN BEARDSHEAR'S ADDITION AND PARKER'S ADDITION TO THE CITY
OF AMES, STORY COUNTY, IOWA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF LOT 1, BLOCK 1 OF SAID
BEARDSHEAR'S ADDITION: THENCE S 89°55'58" E, 146.33 FEET ALONG THE NORTH
LINE OF SAID LOT 1; THENCE S 89°58'21" E, 43.61 FEET TO THE NORTHEAST CORNER
OF SAID LOT 1, ALSO BEING THE NORTHWEST CORNER OF LOT 1, PARKER'S
ADDITION; THENCE S 89°59'07" E, 15.48 FEET ALONG THE NORTH LINE OF LOT 1 OF
PARKER'S ADDITION; THENCE S 89°54'47" E, 64.52 FEET ALONG THE NORTH LINE OF
LOT 1 OF PARKER'S ADDITION; THENCE S 00°26'08" E, 74.21 FEET; THENCE S 89°58'27"
E, 110.05 FEET TO THE EAST LINE OF LOT 1 OF SAID PARKER'S ADDITION; THENCE S
00023'08" E, 114.22 FEET ALONG THE EAST LINE OF LOT 1 OF SAID PARKER'S
ADDITION TO THE NORTHEAST CORNER OF PARCEL 'X'; THENCE N 89°54'43" W, 189.95
FEET ALONG THE NORTH LINE OF PARCEL "X" TO THE NORTHWEST CORNER OF
PARCEL 'X'; THENCE N00°44'24" E, 7.98 FEET ALONG THE EAST LINE OF PARCEL 'B' TO
THE NORTHEAST CORNER OF PARCEL 'B'; THENCE N89°42'49" W, 190.34 FEET TO THE
NORTHWEST CORNER OF PARCEL 'B' ON THE EAST RIGHT-OF-WAY LINE OF WELCH
AVENUE; THENCE N00°21'50" W, 179.55 FEET ALONG THE WEST LINE OF LOTS 1 AND
2, BLOCK 1, BEARDSHEAR'S ADDITION TO THE POINT OF BEGINNING ON THE EAST
RIGHT-OF-WAY OF WELCH AVENUE.
Section 3. Provisions for Division of Taxes Levied on Taxable Property in the Urban
Renewal Area. After the effective date of this ordinance, the taxes levied on the taxable property
in the Urban Renewal 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 which the Urban Renewal 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 Urban Renewal Area, 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 paragraph(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 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 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, 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, to the extent authorized in Section 403.19
(2) of the Code of Iowa, taxes for the instructional support program levy of a school
district, to the extent authorized in Section 403.19(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 ].imitation by the provisions of this
ordinance. Unless and until the total assessed valuation of the taxable property in the
Urban Renewal 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 Urban Renewal Area 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 shall be paid
into the funds for the respective taxing districts in the same manner as taxes on all other
property.
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(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.
(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.
Section 4. Repealer. All ordinances or parts of ordinances in conflict with the
provisions of this ordinance are hereby repealed.
Section 5. Saving Clause. If any section, provision, or part of this ordinance shall be
adjudged invalid or unconstitutional, such adjudication shall not affect the validity of the
ordinance as a whole or any section, provision or part thereof not adjudged invalid or
unconstitutional.
Section 6. Effective Date. This ordinance shall be effective after its final passage,
approval and publication as provided by law.
Passed and approved by the Council of the City of Ames, Iowa, on the loth day of
December, 2013.
r C 'GL-Lc �C
Mayor
Attest:
City Clerk
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