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Home My WebLink About2021-11-15-I04 North Waukee Residential Urban Renewal Area_Ordinance_INTRO, 1ST- 3RD READAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: November 15, 2021 AGENDA ITEM:Consideration of approval of an ordinance for the division of revenues under Section 403.19, Code of Iowa, for North Waukee Residential Urban Renewal Area (2021 Ordinance Parcels) [introduction; first, second, third (final) readings] FORMAT:Ordinance SYNOPSIS INCLUDING PRO & CON: The City Council established the North Waukee Residential Urban Renewal Area in 2020. Since the establishment of the area, new multi-family residential developments have occurred. The proposed ordinance is to allow for the collection of tax increment financing from those projects that have been developed and had valuation in place as of January 1, 2021. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: City staff recommend waiving the second and third readings in order for the ordinance to be approved by the state-mandated deadline. The Code of Iowa requires a vote of not less than three-fourths of all the members of the council (or 4 out of 5, in Waukee’s case) in order to waive readings of an ordinance. RECOMMENDATION: Introduce the ordinance, approve the first reading in title only, waive the second and third readings, and place the ordinance on final passage. ATTACHMENTS: I. Proposed Ordinance PREPARED BY:Brad Deets, Assistant City Administrator REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I4 -1- ORDINANCE NO. __________ AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON CERTAIN PROPERTY LOCATED WITHIN THE NORTH WAUKEE RESIDENTIAL URBAN RENEWAL AREA, IN THE CITY OF WAUKEE, COUNTY OF DALLAS, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF WAUKEE, COUNTY OF DALLAS, WAUKEE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY THE CITY IN CONNECTION WITH THE NORTH WAUKEE RESIDENTIAL URBAN RENEWAL AREA (2021 ORDINANCE PARCELS) WHEREAS, the City Council of the City of Waukee, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 2020-429 passed and approved on the 16th day of November, 2020, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the North Waukee Residential Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows ("2021 Ordinance Parcels"): Lot 2 of Bricktowne at Prairie Crossing Plat 1, an Official Plat, City of Waukee, Iowa, also known as Bricktowne Prairie Crossing Condominiums including Building 2 Units 101 through 120, Units 201 through 220 and Units 301 through 320 (Parcel No. 1227453000 through 1227453060); and, Lot 3 of Bricktowne at Prairie Crossing Plat 1, an Official Plat, City of Waukee, Iowa, also known as Bricktowne Prairie Crossing Condominiums Building 3 Units 101 through 120, Units 201 through 220 and Units 301 through 320 (Parcel No. 1227453061 through 1227453120); and, Lot 4 of Bricktowne at Prairie Crossing Plat 1, an Official Plat, City of Waukee, Iowa, also known as Bricktowne Prairie Crossing Condominiums Building 5 Units 101 through 120, Units 201 through 220 and Units 301 through 320 (Parcel No. 1227453121 through 1227453180); and, Bricktowne Prairie Crossing Condominiums Clubhouse and Bricktowne Prairie Crossing Condominiums Garages (Parcel No. 1227453181, 1227453182) located on Lots 2-5 of Bricktowne at Prairie Crossing Plat 1, an Official Plat, City of Waukee, Iowa; and, -2- Lot 1 of The Commons at Greenway Plat 1, an Official Plat, City of Waukee, Iowa (Parcel No. 1228480003) WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Waukee, State of Iowa, in the future to finance urban renewal project activities carried out in furtherance of the objectives of the Urban Renewal Plan; and WHEREAS, the City Council of the City of Waukee, State of Iowa, desires to provide for the division of revenue from taxation on 2021 Ordinance Parcels of the Urban Renewal Area, as above described, in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended. [Note: 2021 Ordinance Parcels is the only portion of the Urban Renewal Area that will be included in this TIF Ordinance. If other parcels in the Urban Renewal Area develop (increase in value) in the future, the City may adopt a separate TIF ordinance(s) on other parcels/areas within the Urban Renewal Area. Therefore, the various TIF ordinances in this Urban Renewal Area will have different frozen bases and different expiration dates.] NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WAUKEE, STATE OF IOWA: Section 1.That the taxes levied on the taxable property in 2021 Ordinance Parcels of the Urban Renewal Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Waukee, County of Dallas, Waukee 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 upon the total sum of the assessed value of the taxable property in 2021 Ordinance Parcels of 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 of Waukee, State of Iowa, certifies to the Auditor of Dallas County, Iowa the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the 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 of the City of Waukee, State of Iowa, hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Section 403.9 or 403.12 of the Code of Iowa, as amended, incurred by the City of Waukee, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter- approved physical plant and equipment levy of a school district imposed pursuant to Iowa Code Section 298.2 and taxes for the instructional support program of a school district imposed pursuant to Iowa Code Section 257.19 (but in each case only to the extent required under Iowa Code Section 403.19(2)); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes -3- imposed under Iowa Code Section 346.27(22) related to joint county-city buildings; and (iv) any other exceptions under Iowa Code Section 403.19 shall be collected against all taxable property within 2021 Ordinance Parcels of the Urban Renewal Area without any limitation as hereinabove provided. Section 4.Unless or until the total assessed valuation of the taxable property in 2021 Ordinance Parcels of the Urban Renewal Area exceeds the total assessed value of the taxable property in 2021 Ordinance Parcels of the Urban Renewal Area as shown by the assessment roll referred to in Section 2 of this Ordinance, all of the taxes levied and collected upon the taxable property in 2021 Ordinance Parcels of the Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. Section 5.At such time as the loans, advances, indebtedness, bonds and interest thereon of the City of Waukee, State of Iowa, referred to in Section 3 hereof have been paid, all monies thereafter received from taxes upon the taxable property in 2021 Ordinance Parcels of 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. 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, as amended, with respect to the division of taxes from property within 2021 Ordinance Parcels of the Urban Renewal Area as described above. 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 2021 Ordinance Parcels of the Urban Renewal Area and the territory contained therein. Section 7.This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this __________ day of _______________, 2021. Mayor ATTEST: City Clerk