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TITLE VI: PROPERTY AND LAND USE
CHAPTER 9
KEOKUK WASTE TREATMENT PLANT FLOODWALL
URBAN RENEWAL AREA
6-9-1 Purpose
6-9-2 Definitions
6-9-3 Provision for Division of Taxes Levied
on Taxable Property in the Renewal Area
6-9-1 Purpose. The purpose of this Ordinance is to
provide for the division of taxes levied on the taxable property in the
Keokuk Waste Treatment Plant Floodwall 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 Lee County to
finance projects in such area.
6-9-2 Definitions. For use within this Ordinance the
following terms shall have the following meanings:
1.
“County” shall mean Lee County, Iowa.
2.
“Urban Renewal Area” shall mean the Keokuk
Waste Treatment Plant Floodwall Urban Renewal Area, the boundaries of which
are set out below, such area having been identified in the Urban Renewal Plan
approved by the Board of Supervisors by resolution adopted on July 12, 1994.
Commencing
at the intersection of the centerline of South Fifteenth Street and the
centerline of Johnson Street, said intersection being the Point of Beginning:
thence
Southeasterly
along the centerline of Johnson Street to its intersection with the
centerline of South Thirteenth Street; thence
Southwesterly
along the centerline of South Thirteenth Street to its intersection with the
centerline of the alley extended in Block One-hundred eighty-five (185) in
the original City of Keokuk; thence
Southeasterly
continuing on the centerlines of the alleys in Blocks One-hundred eighty-five
(185), One-hundred seventy (170), One hundred fifty three (153), One-hundred
thirty nine (139), One hundred twenty three (123), One-hundred eight (108)
and Ninety-two (92), all in the Original City of Keokuk, to the intersection
of the centerline of South Sixth Street, thence
Northeasterly
along the centerline of South Sixth Street to its intersection with the
centerline of Johnson Street, thence
Southeasterly
along the centerline of Johnson Street to its intersection with the
centerline of South Fourth Street, thence;
Southwesterly
along the centerline of South Fourth Street to its intersection with the
centerline of Des Moines Street, thence;
Southwesterly
along the centerline of Des Moines Street to its intersection with the
centerline of South Third Street, thence;
Southwesterly
along the centerline of South Third Street to its intersection with the
centerline of Cedar Street, thence;
Southeasterly
along the centerline of Cedar Street extended to the ordinary High Water line
of the Mississippi River, thence;
Southerly
and Westerly along the ordinary High Water line of the Mississippi River to
the intersection of the lot line extended between Lots Seven (7) and Eight
(8). Block Thirteen (13), Reids
Addition to the City of Keokuk, thence;
Northerly
two-hundred eighty (280) feet, more or less, to the southerly line of Block
Thirteen (13), Reids Addition to the City of Keokuk, Lee County, Iowa,
thence;
Southwesterly
along the southerly line extended of Block Thirteen (13) and Fourteen (14),
Reids Addition to the City of Keokuk to its intersection with the centerline
of K Street, thence;
Northeasterly
along the centerline of K Street to its intersection with the centerline of
Bluff Street, thence;
Northeasterly
along the centerline of Bluff Street to its intersection with the centerline
of F Street, thence;
Northwesterly
along the centerline of F Street to its intersection with the centerline of
Park Street, thence;
Northeasterly
along the centerline of Park Street to its intersection with the centerline
of South Seventh Street, thence;
Northeasterly
along the centerline of South Seventh Street to its intersection with the
centerline of Cedar Street, thence;
Southeasterly
along the centerline of Cedar Street to its intersection with the centerline
of South Sixth Street, thence;
Northeasterly
along the centerline of South Sixth Street to its intersection with the
centerline of Ridge Street, thence;
Southeasterly
along the centerline of Ridge Street to its intersection with the centerline
of South Fifth Street, thence;
Northeasterly
along the centerline of South Fifth Street to its intersection with the centerline
of the alley extended in Block Sixty-seven (67) in the Original City of
Keokuk, thence;
Northwesterly
continuing on the centerlines of the alleys extended of Blocks Ninety-one
(91), One-hundred nine (109), One-hundred twenty-two (122), One-hundred forty
(140), One-hundred fifty-two (152), One-hundred seventy one (171), One
hundred eighty four (184) and Two hundred three (203), all in the City of
Keokuk, to the intersection of the centerline of South Fourteenth Street,
thence;
Northeasterly
along the centerline of South Fourteenth Street to the intersection with the
centerline of Exchange Street, thence;
Northwesterly
along the centerline of Exchange Street to its intersection with the
centerline of South Fifteenth Street, thence;
Northeasterly
along the centerline of South Fifteenth Street to its intersection with the
centerline of Johnson Street and the Point of Beginning.
6-9-3 Provision
for Division of Taxes Levied on Taxable Property in the 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 County and any city, school
district or other taxing district in which the Urban Renewal Area is located,
shall be divided as follows:
1.
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, 1993, shall be allocated to and when collected by 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 as of January 1, 1993, shall be used in determining the
assessed valuation of the taxable property in the Urban Renewal Area on the
effective date.
2.
That portion of the taxes each year in
excess of such amounts shall be allocated to and when collected by paid into
a special fund of the County 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 County to finance or refinance, in whole or
in part, projects in the Urban Renewal Area, except that 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
subsection (1) of the 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.
3.
The portion of taxes mentioned in
subsection (2) of this section and the special fund into which that portion
shall be paid may be irrevocably pledged by the County 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
County to finance or refinance in whole or in part projects in the Urban
Renewal Area.
4.
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.
(Ord. VI-9, Passed July 12, 1994)
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