CHAPTER NO. 2274

 AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE HOME DEPOT DEVELOPMENT PROJECT, EACH BEING WITHIN THE LIBERTY SQUARE  URBAN RENEWAL AREA IN THE CITY OF CLINTON, CLINTON COUNTY, IOWA, THE CITY OF CLINTON, THE COUNTY OF CLINTON, THE CLINTON COMMUNITY SCHOOL DISTRICT AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO, OR INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY SAID CITY IN CONNECTION WITH SAID URBAN RENEWAL DEVELOPMENT PROJECT.

 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CLINTON, IOWA: 

 WHEREAS, the City Council of the City of Clinton, Iowa, after public notice and hearing as prescribed by law and pursuant to resolution passed and approved on November 25, 2003 adopted an Urban Renewal Plan for an urban renewal area known as the Liberty Square Urban Renewal Area, which project area includes the lots and parcels within the boundaries as follows:

 Commencing at a point of reference at a point on the centerline of US Highway 30 & 67 and South 5th Street; thence southerly on the said South 5^th Street centerline to the northerly boundary of the right-of-way of Union Pacific Railroad; thence southwesterly on said northerly boundary of the right-of-way of the Union Pacific Railroad  to the centerline of US Highway 67, thence northerly on said US Highway 67 centerline to the centerline of US Highway 30; thence easterly on said centerline of US Highway 30 & 67 to the centerline of South 19^th Street; thence northerly on said centerline of South 19^th Street to the centerline of 27^th Avenue South; thence easterly on said centerline of 27^th Avenue South to the centerline of South 16^th Street; thence southerly on said centerline of South 16^th Street to the centerline of US Highway 30 & 67; thence northeasterly on said centerline of US Highway 30 & 67 to the centerline of South 5^th Street, being the point of beginning, all within the City of Clinton, Clinton County, Iowa.

 WHEREAS, projects contained within the Home Depot Development Project are potential urban renewal projects within the Liberty Square Urban Renewal Area, and whose boundaries are as follows:

 Lots 1, 2, 3 & 4, Windmill Hill Addition in the City of Clinton, Clinton County, Iowa.

WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Clinton, Iowa, in the future to finance said urban renewal projects; and

WHEREAS, the City Council of the City of Clinton, Iowa, desires to provide for the division of revenue from taxation in the Urban Renewal Project Area, as above described in accordance with the provisions of Section 403.19 of the Code of Iowa;

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CLINTON, IOWA, THAT:

Section 1.  That the taxes levied on the taxable property in the Urban Renewal Project Area known as the Home Depot Development Project legally described in the preamble hereof, by and for the benefit of the State of Iowa, the City of Clinton, Iowa the County of Clinton, the Clinton Community School District and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided.

 Section 2.  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 taxing property in said Urban Renewal Area upon the total sum of the assessed value of the taxable property in said Urban Renewal Project as shown on the January 1^st assessment roll last equalized prior to the date of the effective date of this Ordinance 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.

 Section 3.  That portion of the taxes each year, in excess of the base period taxes, determined as provided in Section 2 of this Ordinance, shall be allocated to and when collected, be paid into a special tax increment fund hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under the authority of Section 403.9 and 403.12 of the Code of Iowa, incurred by the City of Clinton, Iowa, to finance or refinance in whole or in part the Home Depot Development Project, except that taxes for the payment of bonds and interest of each taxing district levying taxes on said project area shall be collected against all taxing property within the project area without any limitation as hereinafter provided.

Section 4.  All taxes levied and collected upon the taxable property in said Home Depot  Development Project shall be paid into the funds of the taxing districts as taxes by or for said taxing district in the same manner as all other property taxes unless or until the total assessed valuation of the taxable property in said Urban Renewal Project shall exceed the total assessed value of the taxable property in said Urban Renewal Project on the date of adoption of the Urban Renewal Plan, as shown by the last equalized assessment rolls prior to the effective date of this ordinance.

Section 5.  At such time as the monies advanced, bonds and interest thereon and indebtedness of the City of Clinton, hereinabove in Section 3 referred to have been paid, all monies hereinafter received from taxes upon taxable property in the Urban Renewal Project, known as the Home Depot Development Project, shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property.

 Section 6.  All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed.  The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19 of the Code of Iowa with respect to the division of taxes from property within the Urban Renewal Project as described in the preamble hereof. 

 Section 7.  In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall, at all times, be construed to fully invoke the provisions of Section 403.19 of the Code of Iowa with reference to said Urban Renewal Project and the territory therein.

Section 8.  This Ordinance shall be in effect after its final passage, approval, and publication as provided by law.

____________________________________

LaMetta K. Wynn, Mayor

Attest:   ____________________________________

               Deborah K. Neels, City Clerk

ADOPTED:   February 24, 2004