• ORDINANCE NO. 1708 An Ordinanc...

ORDINANCE NO. 1708 An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the 2017 Springview Urban Renewal Area, Pursuant to SectionÊ403.19 of the Code of Iowa BE IT ENACTED by the members of the City Council of the City of Pleasantville, Iowa: Section 1. Purpose. The purpose of this ordinance is to provide for the division of taxes levied on the taxable property in the 2017 Springview 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 to finance projects in such area. Section 2. Definitions. For use within this ordinance the following terms shall have the following meanings: ÒCityÓ shall mean the City of Pleasantville, Iowa. ÒCountyÓ shall mean Marion County, Iowa. ÒUrban Renewal AreaÓ shall mean the real property situated in the 2017 Springview Urban Renewal Area, the boundaries of which are set out below, such property having been identified in the Urban Renewal Plan approved by the City Council by resolution adopted on August 21, 2017: PARCEL A LOCATED IN OUTLOT X, KOETHE ADDITION PLAT 1 AS RECORDED IN BOOK 2005 ON PAGE 7616 IN THE OFFICE OF THE RECORDER MARION COUNTY, IOWA, NOW INCLUDED IN AND FORMING A PART OF THE CITY OF PLEASANTVILLE, MARION COUNTY, IOWA AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF SAID OUTLOT X; THENCE S89¡15Õ11ÓW ALONG THE SOUTH LINE OF SAID OUTLOT X ALSO BEING THE NORTHERLY RIGHT-OF-WAY LINE OF WEST PLEASANT STREET AS IT IS PRESENTLY ESTABLISHED 360.37 FEET TO THE SOUTHEAST CORNER OF LOT 3, KOETHE ADDITION PLAT 1; THENCE N00¡50Õ23ÓW ALONG THE EAST LINE OF SAID LOT 3 175.72 FEET TO THE NORTHEAST CORNER OF SAID LOT 3; THENCE S89¡14Õ1ÓW ALONG THE SOUTHERLY LINE OF SAID OUTLOT X AND THE NORTHERLY LINE OF LOTS 3 AND 2, KOETHE ADDITION PLAT 1 514.69 FEET TO THE SOUTHEAST CORNER OF PARCEL B AS SHOWN IN A PLAT OF SURVEY IN BOOK 2007 ON PAGE 5863, IN THE OFFICE OF THE RECORDER, MARION COUNTY, IOWA; THENCE N00¡45Õ21ÓW ALONG THE EASTERLY LINE OF SAID PARCEL B 510.00 FEET; THENCE S66¡07Õ23ÓE 385.62 FEET; THENCE N89¡15Õ11ÓE 536.34 FEET TO THE EASTERLY LINE OF SAID OUTLOT X; THENCE S00¡30Õ17ÓW ALONG SAID EASTERLY LINE 525.00 FEET TO THE POINT OF BEGINNING. PARCEL A CONTAINS 9.19 ACRES (400,204 SQUARE FEET). PARCEL A SUBJECT TO AND TOGETHER WITH ANY AND ALL EASEMENTS AND RESTRICTION OF RECORD. 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 JanuaryÊ1 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 paragraphÊ(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 JanuaryÊ1 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 SectionÊ403.9(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, taxes for the instructional support levy program of a school district imposed pursuant to Section 257.19 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 exceeds the total assessed value of the taxable property in such area as shown by the assessment roll referred to in subsectionÊ(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. (c) the portion of taxes mentioned in subsectionÊ(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 SectionÊ403.9(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 ÒtaxesÓ 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 City Council of the City of Pleasantville, Iowa, on August 21, 2017. Bill Moore Mayor Attest: Rachel Reed City Clerk ¥ ¥ ¥ ¥ ¥ There being no further business to come before the meeting, it was upon motion adjourned. Mayor Attest: City Clerk
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PostedSeptember 14, 2017