2308

ORDINANCE NO. 2308

AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE ASHFORD UNIVERSITY URBAN RENEWAL PROJECT AREA, EACH BEING WITHIN THE ASHFORD UNIVERSITY URBAN RENEWAL AREA IN THE CITY OF CLINTON, CLINTON COUNTY, IOWA, BY AND FOR THE BENEFIT OF THE STATE OF 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 ASHFORD UNIVERSITY URBAN RENEWAL 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 28, 2005 adopted an Ashford University Urban Renewal Plan for an urban renewal area known as the Ashford University Urban Renewal Area, which project area includes the lots and parcels within the boundaries as follows:

A part of the NE ¼ and part of the SE ¼ of Section 1, Township 81 North, Range 6 east of the 5^th P.M., and part of the SW ¼ and part of the NW ¼ of Section 6, Township 81 North, Range 7 east of the 5^th P.M., and part of Lot 1 and Lot 2 of Iowa Land Company Subdivision of part of said Sections 1 and 6, according to the plat thereof recorded in the records of Clinton County in Book 18, Page 262, located in the City of Clinton, Iowa, described as follows:

Parcel 1: Beginning at the NW corner of the SW ¼ of Section 6, thence north 89° 23’ 55” east (assumed bearings), along the northerly line thereof, a distance of 485.85’, thence south 62° 28’29” east, a distance of 342.19’ to a point on the east line of Lot 1 of said Iowa Land Company Subdivision, being also the centerline of North , Bluff Boulevard, thence south 33°34’45” west, along said east line, a distance of 769.12’ to the southeast corner of said Lot 1, thence north 53°46’59” west, along the south line of said Lot 1 and Lot 2, a distance of 610.50’, thence north 42°25’43” west, along the south line of Lot 2, a distance of 582.12’ to the NW corner of said Lot 2, thence north 89°37’23” east, along the north line thereof, a distance of 52.57’ to a point on the northeasterly right-of-way line of Springdale Drive, thence north 41°57’15” west, along said right-of-way line, a distance of 158.05’, thence north 37°42’15” west along said right-of-way line, a distance of 75.89’, thence north 58°02’50” east, a distance of 330.61’, thence south 76°51’40” east, a distance of 349.38’ to a point on the east line of said NE ¼ of Section 1, thence south 00°01’58” east, along said east line, a distance of 270.05’ to the point of beginning.

Parcel 2: Beginning at the SW corner of said NW ¼ of Section 6, thence north 89°23’55” east (assumed bearings), along the southerly line thereof, a distance of 175.00’, thence north 33°08’42” west, a distance of 320.33’ to a point on the west line of said NW ¼, thence south 00°01’58” east, along said west line, a distance of 270.05’ to the point of beginning.

Said parcels 1 and 2 also described as parcels “A” and “C” respectively on the plat of survey recorded September 27, 1996, as instrument no. 6939-96.

Excepting therefrom the following: part of the SW ¼ of Section 6, Township 81 North, Range 7, East of the 5^th P.M., Clinton County, Iowa, bounded and described as follows, to-wit: Beginning at a point on the north line of said SW ¼ of Section 6, said point being north 89°09’51” east, a distance of 343.74’ from the NW corner thereof, thence south 13°20’44” west, a distance of 64.37’, thence south 79°58’21” east, a distance of 50.08’, thence north 13°20’44” east, a distance of 74.11’ to the north line of said SW ¼ of Section 6, thence south 89°09’51” west along said north line, a distance of 51.57’ to the point of beginning.

Reserving unto the Grantor and its successors an easement for the purpose of ingress and egress over, across and through a 22’ strip of land lying 11’ on each side of the following described centerline. Commencing at the NW corner of the SW ¼ of said Section 6, thence north 89°09’51” east, along the north line thereof, a distance of 395.31’, thence south 13°20’44” west, a distance of 63.11’ to the point of beginning of the hereinafter described centerline, thence south 48°18’33” east, a distance of 53.62’; thence south 60°49’50” east, a distance of 135.67’, thence south 85°23’58” east, a distance of 54.67’, thence north 85°48’03” east, a distance of 57.71’, thence south 83°39’18” east, a distance of 27.72’, thence south 69°37’20” east, a distance of 55.24’ to the northwesterly right-of-way line of Bluff Boulevard, and the point of termination of said centerline.

Subject to any and all existing right-of-ways for public highways, utilities and other easements, covenants, restrictions and reservations of record.

; and

WHEREAS, projects contained within the Ashford University Urban Renewal Area are potential urban renewal projects within said urban renewal area, and whose boundaries are as follows:

Said parcels 1 and 2 also described as parcels “A” and “C” respectively on the plat of survey recorded September 27, 1996, as instrument no. 6939-96.

Subject to any and all existing right-of-ways for public highways, utilities and other easements, covenants, restrictions and reservations of record; and

WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Clinton, Iowa, in the future to finance said Ashford University Urban Renewal Project; and

WHEREAS, the City Council of the City of Clinton, Iowa, desires to provide for the division of revenue from taxation in the Ashford University 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 Ashford University Urban Renewal Project Area known as the Ashford University Urban Renewal Area 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 Ashford University Urban Renewal Area upon the total sum of the assessed value of the taxable property in said Ashford University 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 Ashford University Urban Renewal 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 Ashford University Urban Renewal 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 Ashford University Urban Renewal Project shall exceed the total assessed value of the taxable property in said Ashford University Urban Renewal Project as shown by the assessment roll referred to in Section 2 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 Ashford University Urban Renewal 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 Ashford University 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 Ashford University 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: November 28, 2005

Read First Time: November 28, 2005 Vote for passage: Hermann, Holm, Smith, Soesbe, Kearney, O’Neill – Yes, Oakley - No

Read Second Time: November 28, 2005 Vote for passage: Hermann, Holm, Smith, Soesbe, Kearney, O’Neill – Yes, Oakley - No

Read Third Time: November 28, 2005 Vote for passage: Hermann, Holm, Smith, Soesbe, Kearney, O’Neill – Yes, Oakley - No

PASSED AND APPROVED: November 28, 2005.

I, Deborah k. Neels, City Clerk of the City of Clinton, Iowa, hereby certify that the above and foregoing is a true copy of Ordinance No. 2308 passed and approved by the City Council of said City at a meeting held on November 28, 2005, signed by the Mayor on November 28, 2005, and published in the "Clinton Herald" on November 29, 2005.

______________________________________

City Clerk, Clinton, Iowa

(SEAL)

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