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DICW Economic Development District TIFTHE CITY ©F DLTB E Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Ordinance Amending the Dubuque Industrial Center Economic Development District TIF Ordinance DATE: October 15, 2008 Dubuque -Ame~aCi ~ 2007 Economic Development Director Dave Heiar recommends City Council approval of an amendment to the TIF Ordinance for the Dubuque Industrial Center Economic Development District. I concur with the recommendation and respectfully request Mayor and City Council approval. (~ Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager David J. Heiar, Economic Development Director THE CTTY OF DUB E Masterpiece on the Mississippi TO: Michael Van Milligen, City Manager FROM: David J. Heiar, Economic Development Director Dubuque ~~ ~ r 2007 SUBJECT: Ordinance amending the Dubuque Industrial Center Economic Development District TIF Ordinance DATE: October 13, 2008 Introduction The purpose of this memorandum is to forward for City Council review and approval an Ordinance amending the TIF Ordinance for the Dubuque Industrial Center Economic Development District TIF district. The proposed Ordinance is attached. Background The Dubuque Industrial Center Economic Development District was created on May 2, 1988. The district is an Urban Renewal area which allows the City of Dubuque to capture Tax Increment Revenue from improvements made in the district. The original area included the Dubuque Industrial Center and was expanded in November 1997 to include the Dubuque Industrial Center -West, the Bergfeld Farm, and the North Siegert Farm. When changes are made to the Urban Renewal Plan, it is also necessary to modify the TIF Ordinance to reflect these changes. Discussion Three amendments to the Urban Renewal Plan for the Dubuque Industrial Center Economic Development District have been approved by the City Council in 2008. The first plan amendment removed areas referred to as the North Siegert Farm and Rail Site from Subarea B of the District. The second plan amendment expanded the District to include the North Siegert Farm and three residential properties along Pennsylvania Avenue as Subarea C (in anticipation of the Hormel project). The third plan amendment included the Rail Site as Subarea D of the District (Hormel's final site selection). The attached map shows the entire District and how the District is divided into the four subareas. To utilize Tax Increment Financing for a project, the property must be included in an Urban Renewal Plan and a TIF Ordinance. The Urban Renewal Plan describes the intent and purposes for utilizing Tax Increment Financing. The TIF Ordinance gives the City the legal authority to collect the TIF revenue from the property in the District. Recommendation I recommend that the attached Ordinance be approved which will amend the previous ordinance for the Dubuque Industrial Center Economic Development District TIF District. Action Step The Action Step for the City Council is to adopt the attached Ordinance. Attachments F:\USERSWdejong\Urban Renewal\Dubuque Industrial Center UR District\2008.3 DIC Urban Renewal Plan\TIF Ordinance\20081013 DIC UR TIF Memo.doc ORIDNANCE NO. 70-08 AN ORDINANCE AMENDING ORDINANCE NO. 66-97, PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPERTY LOCATED WITHIN THE AMENDED AND RESTATED DUBUQUE INDUSTRIAL CENTER ECONOMIC DEVELOPMENT DISTRICT URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCES TO AND INDEBTENESS, INCLUDING BONDS ISSUED OR TO BE ISSUE, INCURRED BY SAID CITY IN CONNECTION WITH THE AMENDED AND RESTATED DUBUQUE INDUSTRIAL CENTER ECONOMIC DEVELOPMENT DISTRICT URBAN RENEWAL REDEVELOPMENT PROJECT. WHEREAS, the City Council of the City of Dubuque, Iowa has heretofore, in Ordinance No. 66-97, provided for the division of taxes purpuant to Section 403.19 of the Code of Iowa within the Dubuque Industrial Center Economic Development District Urban Renewal Project Area described in Resolution No. 130-88 adopted on May 2, 1988, and thereafter amended and restated by Resolution No. 484-90 on December 17, 1990, Resolution No. 142-97 on April 7, 1997 and Resolution No. 478-97 on November 17, 1997; and WHEREAS, the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District Urban Renewal Project Area has been further amended pursuant to Resolution No. 15-08 on January 7, 2008, Resolution No. 101-08 on March 17, 2008, and Resolution No. 109-08 on April 7, 2008;: WHEREAS, indebtedness has been incurred by the City, and additional indebtedness is anticipated to be incurred in the future, to finance urban renewal project activities within the Amended and Restated Dubuque Industrial Center Economic Development District, and the continuing needs of redevelopment within the Amended and Restated Dubuque Industrial Center Economic Development District are such as to require the continued application of the incremental tax resources of the Amended and Restated Dubuque Industrial Center Economic Development District; and WHEREAS, the following enactment is necessary to accomplish the objectives described in the premises. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, THAT: Ordinance Number 66-97 is hereby amended to read as follows: Section 1: For purposes of this Ordinance, the following terms shall have the following meanings: (a) Original Project Area shall mean that portion of the City of Dubuque, Iowa described in the Urban Renewal Plan for the Dubuque Industrial Center Economic Development District Urban Renewal Area approved by Resolution No. 130-88 on May 2, 1988, and subsequently amended by Resolution No. 484-90 on December 17, 1990, which Original Project Area includes the lots and parcels located within the area now legally described as follows: All of the Dubuque Industrial Center First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth and Eleventh Additions and the adjoining public right-of-way, all in the City of Dubuque, Dubuque County, Iowa. The Original Project Area is referred to as "Subarea A" in the Urban Renewal Plan hereinafter described. (b) Subarea B shall mean that portion of the City of Dubuque, Iowa described as Subarea B in the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District Urban Renewal Area approved by Resolution No. 478-97 on November 17, 1997, and subsequently amended by Resolution No. 15-08 on January -2- 7, 2008, which Subarea B includes the lots and parcels located within the area legally described as follows: Lots 1, 3, 4, 1 of 5, 6 and H of Dubuque Industrial Center West; and Lots 1, 2, 3, 4, 5, 6, 7, 8, and C of Dubuque Industrial Center West 2nd Addition; and Lots 1, 2, 3, 4, B, and C of Dubuque Industrial Center West 4th Addition; and Lots 1 of 1, 1 of 2, 2 of 2, 1 of 3, 2 of 3, 1 of 5, A, C, and D of Dubuque Industrial Center West 5th Addition; and Lots 1, 2, and A of Dubuque Industrial Center West 6th Addition; and Lots 1, 1 of 2, and 2 of 2 of Dubuque Industrial Center West 7th Addition; and Lot 2 of 1 of the Southwest Quarter of the Southwest Quarter and Lot 2 of 1 of the Southeast Quarter of the Southwest Quarter all in Section 30, Township 89 North, Range 2 East, 5th Principal Meridian; and all that part of a 100-foot-wide strip of the Chicago Central Pacific Railroad right-of-way lying in the SE 1/4 of Section 30, the SE 1 /4 of the SW 1 /4 of Section 30, the NW 1 /4 of Section 31, and the NE 1/4 of Section 31 all in T89N, R2E, of the 5th P.M. Dubuque County, Iowa, the centerline of which is more particularly described as follows: beginning at a point of intersection with the easterly line of the SE 1/4 of Section 30, T89N, R2E, of the 5th P.M., thence southwesterly along the centerline of said railroad 2,700 feet, more or less a point of intersection with the westerly line of the SE 1/4 of said Section 30; thence southwesterly continuing along said centerline 845 feet, more or less, to a point where the railroad right- of-way widens to 200 feet, said point being the terminus of this description; and all that part of a 100-foot-wide strip of the Chicago Central Pacific Railroad right-of--way lying in the Balance of Lot 1 of 1 of the Southwest Quarter of the Southwest Quarter in Section 29, Township 89 North, Range 2 East, 5th Principal Meridian; and any adjoining public street right-of-way all in the City of Dubuque, Dubuque County, Iowa. (c) Subarea C shall mean that portion of the City of Dubuque, Iowa described as Subarea C in the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District Urban Renewal Area approved by Resolution No. 101-08 on March 17, -3- 2008, which Subarea C includes the lots and parcels located within the area legally described as follows: Lot 1-1 NW 1/4-NE 1/4; Lot 2 of E 10 acres NE 1/4-NW 1/4; Lot 2-1 NW 1/4-NE 1/4; Lot 2 NW 1/4-NE 1/4; Lot 1 E 1/4 NE 1/4-NW 1/4; W 3/4 NE 1/4-NW 1/4; Lot 2-1 SE 1/4-NW 1/4; Lot 1-1 SE 1/4-NW 1/4; and the SW 1/4-NE 1/4 all in Section 30, Township 89 North, Range 2 East, 5th Principal Meridian; and any adjoining public street right- of-way in the City of Dubuque, Dubuque County. (d) Subarea D shall mean that portion of the City of Dubuque, Iowa described as Subarea D in the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District Urban Renewal Area approved by Resolution No. 109-08 on April 7, 2008 (the "Urban Renewal Plan"), which Subarea D includes the lots and parcels located within the area legally described as follows: Lot 4 of Dubuque Industrial Center West 5th Addition, and Lot B of Dubuque Industrial Center West 5th Addition in the City of Dubuque, Iowa. (e) Amended Project Area shall mean that portion of the City of Dubuque, Iowa included within the Original Project Area, Subarea B, Subarea C, and Subarea D, each as described in this Section. Section 2: The taxes levied on the taxable property in the Amended Project Area, legally described in Section 1 hereof, by and for the benefit of the State of Iowa, City of Dubuque, County of Dubuque, Dubuque 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 3: As to the Original Project Area, 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 the Original Project Area upon the total sum of the assessed value of the taxable property in the Original Project Area as shown on the assessment roll as of January 1, 1987, being the first day of the calendar year preceding the effective date of Ordinance No. 26-88, 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. The taxes so determined shall be referred herein as the "base period taxes" for such subarea. -4- As to Subarea B, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 1996, being the assessment roll applicable to property in such subarea as of January 1 of the calendar year preceding the effective date of Ordinance No. 66-97. As to Subarea C, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 2007, being the assessment roll applicable to property in such subarea as of January 1 of the calendar year preceding the effective date of this Ordinance. As to Subarea D, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll as of January 1, 2007, being the assessment roll applicable to property in such subarea as of January 1 of the calendar year preceding the effective date of this Ordinance. Section 4: That portion of the taxes each year in excess of the base period taxes for the Amended Project Area, determined for each sub-area thereof as provided in Section 3 of this Ordinance, shall be allocated to and when collected be paid into the special tax increment fund previously established by the City of Dubuque to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Amended Project Area pursuant to the Urban Renewal Plan, 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 (but only to the extent required under Section 403.19(2)) and taxes for the payment of bonds and interest of each taxing district shall be collected against all taxable property within the Amended Project Area without any limitation as hereinabove provided. Section 5: Unless or until the total assessed valuation of the taxable property in the subareas of the Amended Project Area exceeds the total assessed value of the taxable property in said subareas shown by the assessment rolls referred to in Section 3 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Amended Project 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. -5- Section 6: At such time as the loans, monies advanced, bonds and interest thereon and indebtedness of the City of Dubuque referred to in Section 4 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Amended Project Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 7: 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 continue the division of taxes from taxable property in the Amended Project Area under the provisions of Section 403.19 of the Code of Iowa, as authorized in Ordinance No. 66-97, and to fully implement the division of taxes in Subarea C and Subarea D of the Amended Project Area. 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 the Amended Project Area and the subareas contained therein. Section 8: This Ordinance shall be in effect after its final passage, approval and publication as provided by law. PASSED AND APPROVED this 2otn day of October 2008. Mayor AT ~ST: ity Clerk Read first time: october Zo, Zoos Read second time: october Zo, Zoos Read third time: october Zo, Zoos PASSED AND APPROVED: october Zo, Zoos PUBLISHED: october 24, Zoos F:\USERS\Adejong\Urban Renewal\Dubuque Industrial Center UR District\2008.3 DIC Urban Renewal Plan\TIF Ordinance\2008.3 DIC TIF Ordinance.doc -6- QFFICIAL PUBLICATION ORDINANCE NO. 70 -08 AN • ORDINANCE AMENDING ORDINANCE NO. 66 -97, 'PROVIDING THAT GENERAL PROP- ERTY TAXES LEVIED AND COLLECTED EACH YEAR ON ALL PROPER- TY LOCATED WITHIN THE AMENDED AND RE- STATED DUBUQUE IN- DUSTRIAL CENTER ECONOMIC DISTRICT URBAN RENEWAL AREA OF THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF DUBUQUE, COUNTY OF DUBUQUE, DUBUQUE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DIS- TRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCI- PAL AND INTEREST ON subsequently amended by Resolution Nov - '15,08 on January 7, 2008, which Subarea B includes the lots and parcels located within the area legally de- scribed as follows: - Lots 1,3,4, 1.of5,6 and . H of Dubuque Industrial Center West; and Lots 1, 2, 3, 4, 5, 6, 7, 8, and C of Dubuque Indus- trial Center West 2nd Ad- dition; and Lots 1, 2, 3, 4, B, and C of Dubuque Industrial Cen- ter West 4th Addition; and Lots 1 of 1, 1 of 2, 2 of 2, 1 of 3, 2 of 3, 1• of 5, A, C, and D of Dubuque .Indus - trial Center West 5th Addi- tion; and Lots 1, 2, and A of Dubu- que Industrial Center West 6th Addition; and Lots 1, 1 of 2, and 2 of 2 of Dubuque Industrial Cen- ter West 7th Addition; and - Lot 2 of 1 of the South- west Quarter of the South- west Quarter and Lot 2 of 1 of the Southeast Quarter of the Southwest Quarter all in Section 30, Township 89 North, Range 2 East, 5th Principal Meridian; and all tat part of a 1,00 - foot -wide strip of the Chi- cago Central Pacific Rail- - road right -of -way lying in the SE 1/4 of Section 30, the SE 1/4 of the SW 1/4 of Section 30, the NW 1/4 of Section 31, and the NE 1/4 of Section 31 all in T89N, R2E, of the 5th P.M. Dubuque County, Iowa, the centerline of which is more particularly descri- bed .as follows: beginning at a point of intersection with the easterly line of the SE 1/4 of Section 30, T89N, R2E, of.. the 5th P.M., thence southwester- ly along the centerline of, said railroad 2,700 feet, more or lees a point of in- tersection with the wester-, ly line of the SE 1/4 of said Section 30; thence south- westerly continuing along said centerline 845 feet, more or less, to a point where'the railroad right -of- way widens to 200 feet, said point being the termi- nus of this description; and all that part of a 100- foot - wide strip of the Chicago Central Pacific Railroad right -of -way lying in they Balance of Lot 1 of 1 of the Southwest Quarter of the Southwest Quarter in Sec- tion 29, Township 89 North, Range 2 East, 5th Principal Meridian; and any adjoining public street right -of -way all in the City of. Dubuque, Du- buque County, Iowa. (c) Subarea C shall mean ' that portion of the City of As to Subarea D, base period taxes shall be com- puted in the same manner using the total assessed value shown on the as- sessment roll as of Janu- ary 1, 2007, being the as- sessment roll applicable to property. in such subarea as of January 1 of the cal- . ender year preceding the effective date of this Ordi- nance. Section 4: That portion of the taxes each year In ex- . cess of the .base- period taxes -for the Amended Preject Area, determined for each sub -area thereof as provided in Section 3 of this Ordinance, shall be al- located to and when col - lected be paid into the special tax increment fund previously established by , the City of Dubuque to pay , the principal of and inter- est on loans, monies ad- vanced ; to, or indebted- ness, whether funded,.re- funded, assumed or other- - wise, including bonds is- sued under authority of Section 403.9 or Section 403.12 of the Code of Io- wa, incurred by the City of Dubuque, Iowa to finance or refinance, in whole or in part, urban renewal proj- ects undertaken within the Amended Project Area pursuant to, the Urban Re- - newel Plan, except that taxes for the regular and voter- approved physical plant and equipment levy . of a school district im- posed pursuant to Section 298.2 of the Code of Iowa ,(but only to the extent re- quired under . Section 403.19(2)) and taxes for - the payment of bonds and interest of each taxing dis- trict shall be collected against all taxable property , within the Amended Proj- ect Area without any Mimi - tation as hereinabove pro- vided. Section 5: Unless or until .,the total assessed valua- tion of the taxable property in the, subareas of the Amended Project Area ex- ...ceeds the total assessed value of the taxable prop- erty in said subareas shown by, the assessment rolls referred to in Section 13 of this Ordinance, all of the taxes levied and col- lected upon the taxable property in the Amended Project Area shall be paid into the funds for the re- spective taxing districts as taxes by-or for the taxing districts in the same man- ner as all other _property taxes. _ Section 6:_At_suah_time_ STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: October 24, 2008, and for which the charge is $153.22. Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, this 6a day of _, 20 Q otary Public in and for Du. uque County, Iowa. MARY K. WESTERMEYER Commission Number 154865 My Comm Fxo. FEB. 1, 2011 "-" into the funds for there- SCHOOL DISTRICT, AND OTHER TAXING DIS- street right -of -way all in taxes by for the taxing an adjoining public sPective taxing districts as TRICTS, BE PAID TO A the City of Dubuque, Du- SPECIAL FUND FOR buque County, Iowa. districts in the same man - PAYMENT OF PRINCI- (o) Subarea C shall mean ner as all other property PAL AND INTEREST ON that portion of the City of =taxes. LOANS, MONIES AD- Dubuque, Iowa described - -- Section 6: At such time VANCED TO AND IN- as Subarea C in the °as the loans, monies ad- DEBTEDNESS, INCLUD- Amended and Restated vanced, bonds and inter- ING BONDS ISSUED OR Urban Renewal Plan for -est thereon and indebted - TO BE ISSUED, INCUR- Center Dubuque Industrial =Hess of the City of Dubu- RED BY SAID CITY IN Center Economic Develop- quhe hereof' been paid, CONNECTION WITH THE ment District Urban Re- k all monies thereafter re- AMENDED AND RE- newel Area approved by ceived from taxes upon STATED DUBUQUE IN- Resolution No. 101 -08 on DUSTRIAL CENTER March 17, 2008, which the taxable property in the ECONOMIC DEVELOP- Subarea C includes the Amended Project Area MENT DISTRICT URBAN lots and parcels located ' shall be paid into the funds RENEWAL REDEVELOP - within the area legally de- for the respective taxing MENT PROJECT scribed as follows: for in the same man- WHEREAS, the City Lot 1 -1 NW 1 /4 -NE 1/4; Her as taxes on all other Council of the City of Du- buque, property. Iowa has hereto- 1 /4 -NW 1/4; Lot 2 -1 NW =Section 7: All ordinances fore, in Ordinance No,,66- 1 /4-NE 1/4; Lot 2 NW 1/4- or Parts of ordinances in 97, provided for the ' divi - NE 1/4; Lot 1 E 1/4 N conflict with the provisions sion of taxes pursuant to 1 /4-NW 1/4; W 3/4 NE of this Ordinance are here - Section 403.19 of the 1 /4 -NW. 1/4; Lot 2 -1 SE by repealed. The provi- Code of Iowa within the 1 /4 -NW 1/4; Lot 1 -1 SE sons of this Ordinance are Dubuque Industrial Center 1 /4-NW 1/4; and the SW intended and shall be con - Economic Development 1 /4 -NE 1/4 all in Section strued so is to continue District Urban Renewal 30, Township 89 North, the division of. taxes from' Project Area described in Range 2 East, 5th Principal taxable property in the Ran Resolution No. 130 -88 Meridian; and an adjoin- - Amended Project Area un- adopted on May 2, 1988, ing public street any der the provisions of Sec - and thereafter amended way in the City of Dubu - town 403.19 of the Code of and restated by Resolution que, Dubuque County. Iowa, as authorized in Or- , No. 484 -90 on December (d) Subarea D shall mean ugly implement e No. 66 -97, and to d 17," 1990, Resolution No. that portion of the City f fully s in the division 142 -97 on April .7, 1997 Dubuque, Iowa descnbed of taxes in Subarea C and Subarea D and Resolution No. 478 -97 as Subarea D in'. 'the ' of the Amend - on November 17, 1997; Amended and Restated Urban Renewal Plan for ed Project Area.. In the and event that any provision of WHEREAS, the Amended the Dubuque .Industrial ,this Ordinance shall be 'de- WHEREAS, Restated Urban Re- Center Economic Develop- law it h to be contrary to newel Plan for the Dubin- ment District Urban Re- _ law it shall not affect other que Industrial Center Eco- newel Area approved b Provisions or application of nomic Development Dis- Resolution NoP109 -08 on -this Ordinance which shall trict Urban Renewal Proj- April 7, 2008 (the "Urban at all times be construed ect Area has been further Renewal Plan ") which to- fully invoke the provi- � amended pursuant to Res- Subarea D includes the sions of Section 403.19 of olution No. 15 -08 on Janu- • lots and parcels located =the Code of Iowa with ref - ary 7, 2008, Resolution No. within the area 'legally de- , erence to the Amended 101 -08 on March 17, scribed as follows: Project Area and the sub - 2008, and Resolution No, Lot 4 of Dubuque Indus- areas contained therein. 109 -08 on April 7, 2008,: trial Center West 5th Addi- ,- HSection nce shall be in ieffe af- WHEREAS, indebtedness tion, and Lot B of Dubuque has been incurred by the Industrial Center West 5th , ter its final passage, ap- City, and additional indebt- Addition in the City of Du- provd and publication as edness is anticipated to be buque, Iowa. provided by law. incurred in the future, to ff (e) Amended Project • ``��pASSED AND AP- nance urban renewal proj- Area shall mean that por- '", PROVED; this 20th day of ect activities within the tion of the City of Dubu - October, 2008. Amended and Restated que, Iowa included within /s /Roy D. Buol, Mayor Dubuque Industrial Center the Original Project Area, .,Attest: / Economic Development Subarea B, Subarea C, "OM s/Jeanne F. Schneider, District, and the continuing and Subarea D, each as !.o ead ,first time: October , City Clerk R needs of redevelopment described in this Section. within the Amended and Section 2: The taxes lev- 20, 2008 Restated Dubuque Indus- ied on the taxable property . „Read second time: Octo- Rer 20, 2008 trial Center Economic De- in the Amended Project velopment District are Ares , legally described in 'Read third time: October such as to require the con- Section 1 hereof, by and Pa' 2008 tinued application of the for the benefit of the State Passed and Approved: incremental tax resources of Iowa, City of Dubu ue, October 20, 2008 of the Amended and Re- County of Dubuque, Dubu- Published officially in the stated Dubuque Industrial que Community School Telegraph Herald Newspa- Center Economic Develop- District, and all other tax- per the 24th day of Octo- ment District; and ,ing districts from and after ,ber, 2008. WHEREAS, the following • . the. effective date • of this ' /s/ eanne F. Schneider, enactment is necessary to' Ordinance shall be divided '- CMC, City Clerk accomplish- the objectives asp hereinafter in this Ordi- ,1t 10 ✓24 described in the premisesr roPce•prpu'ided...,.,;z NOW, E E Section 3: Orig- . ORDAINED BY THE inal Pro t ea, thatP r- CITY COUNCIL OF THE tion of the taxes which CITY , DUBUQUE, would be produced by the IOWA, HAT: rate at which the tax is lev- Ordinance Number 66 -97 ied each year by or fors is hereby amended to read each of the taxing districts as follows: taxing; property in the Orig- . Section 1: For purposes inal. Project Area upon the of this Ordinance, the fol- total sum of the assessed, lowing terms shall have the value of the taxable prop- following meanings: erty in the Original Project (a) Original Project Area Area as shown on the as- shall mean that portion of sessment roll as of, Janu- the City of Dubuque, Iowa ary 1, 1987, being the first' • described in the Urban Re- day of the calendar year newel Plan for the Dubu- preceding the effective que Industrial Center Eco- date of Ordinance, No. 26 -- nomic Development Dig- 88, shall be allocated to trict Urban Renewal Area and when collected be approved by Resolution paid into the fund for the No. 130 -88 on May 2, respective taxing district. 1988, and subsequently as taxes by or for said tax- , amended by Resolution ing district into which all No. 484 -90 on December other property taxes are 17, 1990, which Original paid. The taxes so deter - Project Area includes the mined shall be referred lots and parcels located . herein as the "base period within the area now legally taxes" for such subarea. described as follows: As to Subarea B, base All of the Dubuque Indus- period taxes shall be com - trial Center First, Second, puted in the same manner Third, Fourth, Fifth, Sixth, using the total assessed.; Seventh, Eighth, Ninth, value shown on the as= Tenth and Eleventh Addi- . sessment roll as of Janu- tions and the adjoining ary 1, 1996, being the as- public right -of -way, all in sessment roll applicable to " the City of Dubuque, Du- Property in such subarea buque County, Iowa. as of January 1 of the cal- *. The Original Project Area ender year preceding the' is referred to as "Subarea effective date of Ordinance A" in the Urban Renewal No. 66 -97. . Plan hereinafter described. As to Subarea C, base (b) Subarea B shall -mean period taxes shall be com- that portion of the City of- . puted in the same manner Dubuque, Iowa described using the total assessed as Subarea B in the value shown on the as- Amended and Restated sessment roll as of Janu- Urban Renewal Plan for ary 1, 2007, being the' as- the Dubuque Industrial sessment roll applicable to Center Economic Develop- property in such subarea ment District -Urban Re- as of January 1 of the cal- newel Area approved by endar year preceding the Resolution No. 478 -97 on effective date of this Ordi- November 17, 1997, and nance.