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- Chapter 8 -
Granger Urban Renewal Area

8.01 Purpose
8.02 Granger Urban Renewal Project Area
8.03 Provisions for Division of Taxes Levied on Taxable Property
8.04 Effective Date

8.01    PURPOSE.  The purpose of this chapter is to provide for the division of taxes levied on the taxable property in the Urban Renewal Area of the City each year by and for the benefit of the State, City, County, school districts or other taxing districts after the effective date of the ordinance codified in this chapter in order to create a special fund to pay the principal of and interest on loans, advances or indebtedness, including bonds proposed to be issued by the City, to finance projects in such area.

8.02    GRANGER URBAN RENEWAL PROJECT AREA.  The provisions of this section apply to the Granger Urban Renewal Project Area, such area being defined as follows:

1.      Original Project Area.  “Original Project Area” means the area, the boundaries of which are set out below, such area having been identified in the Urban Renewal Plan approved by the Council by resolution adopted on November 29, 1999:

2.         Amendment One Area.  Amendment One Area means the extended area of the Granger Urban Renewal Project Area, the boundaries of which are set out below, such amended and additional area having been identified in Amendment No. One to the Urban Renewal Plan approved by the Council by Resolution adopted on May 9, 2007:

3.         Amendment Two Area.  Amendment Two Area means the extended area of the Granger Urban Renewal Project Area, the boundaries of which are set out below, such amended and additional area having been identified in Amendment No. Two to the Urban Renewal Plan approved by the Council by Resolution adopted on November 11, 2009:

4.         Amendment Three Area.  Amendment Three Area means the extended area of the Granger Urban Renewal Project Area, the boundaries of which are set out below, such amended and additional area having been identified in Amendment No. Three to the Urban Renewal Plan approved by the Council by Resolution adopted on September 14, 2016:

8.03    PROVISIONS FOR DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY.  After the effective date of the Ordinance codified by this Chapter, the taxes levied on the taxable property in the Urban Renewal Project Area each year by and for the benefit of the State, the City, the County and any school district or other taxing district in which the Urban Renewal Area is located, shall be divided as follows:

1.         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 said Urban Renewal Area upon the total sum of assessed value of the taxable property in the Urban Renewal Project as shown on the assessment roll last equalized prior to the date of initial adoption of Ordinance No. 222A for the Granger Urban Renewal Project 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 may be referred herein as the "base period taxes".  The date of assessment for the assessment roll last equalized prior to the date of adoption of Ordinance No. 153 was January 1, 1998.

2.         As to the Amendment One Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll last equalized prior to adoption of Ordinance No. 247, being the assessment roll for January 1, 2006.

3.         As to the Amendment Two Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll last equalized prior to adoption of this Ordinance No. 282, being the assessment roll for January 1, 2008.

4.         As to the Amendment Three Area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll last equalized prior to the adoption of this Ordinance No. 347, being the assessment roll for January 1, 2015.

5.         That portion of the taxes each year in excess of the base period taxes for the combined area, determined as provided in subsections 1, 2, 3, and 4 shall be allocated to and when collected be paid into a special fund to be established by Resolution of the City of Granger, Iowa, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 and Section 403.12 of the Code of Iowa, incurred by the City of Granger, Iowa, to finance or refinance in whole or in part the Granger 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 taxable property within the project area without any limitations as herein provided.

6.         All taxes levied and collected upon the taxable property in said Granger Urban Renewal Project shall be paid into the funds of the taxing districts as taken 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 Area shall exceed the total assessed value of the taxable property in said Urban Renewal Project Area, as shown by the last equalized assessment rolls, dated January 1, 1998, with respect to the Original Project Area; and January 1, 2006, with respect to the Amendment One Area; January 1, 2008, with respect to the Amendment No. Two Area; and January 1, 2015, with respect to the Amendment No. Three Area.

7.         At such time as the monies advanced and the bonds and interest thereon of the City of Granger, hereinabove referred to, have been paid all monies thereafter received from taxes upon the taxable property in the area of the Urban Renewal Project known as the Granger Urban Renewal Project shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. (Ord. 347 – Dec. 16 Supp.)