City of Riverside Ordinance

ORDINANCE NO. 2026-07

An Ordinance Providing for the Division of Taxes Levied on Taxable Property in the 2026 Riverside Commercial Urban Renewal Area, Pursuant to Section 403.19 of the Code of Iowa

BE IT ENACTED by the members of the City Council of the City of Riverside, Iowa:

Section 1. Purpose. The purpose of this ordinance is to provide for the division of taxes levied on the taxable property in the 2026 Riverside Commercial 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 the City to finance projects in such area.

Section 2. Definitions. For use within this ordinance the following terms shall have the following meanings:

“City” shall mean the City of Riverside, Iowa.

“County” shall mean Washington County, Iowa.

“Urban Renewal Area” shall mean the taxable real property situated in 2026 Riverside Commercial Urban Renewal Area, the boundaries of which are set out below, such property having been identified in the Urban Renewal Plan approved by the City Council by resolution adopted on November 5, 2026:

COMMENCING at the North 1\4 Corner of Section 10, Township 77 North, Range 6 West, of the Fifth Principal Meridian, Washington County, Iowa; Thence S89°54’52”E. along the North Line of the Northeast Quarter of said Section 10, a distance of 962.25 feet; Thence S00°05’08”W, 161.43 feet, to the Northeast Corner of Parcel “J”, in accordance with the Plat thereof Recorded in Book 19 at Page 407 of the Records of the Washington County Recorder’s Office; Thence N89°46’16”W, along the North Line of said Parcel “J”, 934.43 feet; Thence Southwesterly, 594.82 feet, along said North Line on a 1075.92 foot radius curve, concave Southeasterly, whose 587.27 foot chord bears S73°56’28”W; Thence S47°47’20”W, along said North Line, 123.68 feet, to the Northwest Corner of said Parcel “J”; Thence S00°53’51”W, along the West Line of said Parcel “J”, 469.44 feet; Thence Southwesterly, 442.91 feet, along said West Line on a 1034.61 foot radius curve, concave Northwesterly, whose 439.54 foot chord bears S14°45’05”W; Thence S01 029’52”E, along said West Line, 2378.97 feet; Thence S89°11’11”E, 684.91 feet; Thence N51°38’16”E, 433.20 feet; Thence N69°15’06”E, 659.90 feet; Thence N44°39’28”E, 484.58 feet; Thence S57°30’55”E, 467.47 feet; Thence N32°57’48”E, 990.20 feet; Thence N45°46’48”W, 830.06 feet; Thence N71°44’35”W, 304.22 feet, to a Point on the East Line of said Parcel “J”, and the West Line of Parcel “K”, in accordance with the Plat thereof Recorded in Book 19 at Page 408 of the Records of the Washington County Recorder’s Office; Thence N02°23’04”W, along said East and West Lines, 281.53 feet; Thence N89°16’57”W, along the East Line of said Parcel “J”, 380.94 feet; Thence N00°25’52”E, along said East Line, 1136.84 feet, to the POINT OF BEGINNING. Said Annexation Parcel contains 160.00 Acres, and is subject to easements and restrictions of record;

AND

LOT TWO IN EASTSIDE COMMERCIAL SITE IN THE CITY OF RIVERSIDE, WASHINGTON COUNTY, IOWA, AS SHOWN BY PLAT BOOK 17, PAGE 263, IN THE OFFICE OF THE WASHINGTON COUNTY RECORDER;

AND

LOT TWO, THREE, FOUR, & OUTLOT A IN ENTERPRISE PARK SUBDIVISION PART ONE IN THE CITY OF RIVERSIDE, WASHINGTON COUNTY, IOWA, AS SHOWN BY PLAT BOOK 23, PAGE 111, IN THE OFFICE OF THE WASHINGTON COUNTY RECORDER;

Section 3 Provisions for Division of Taxes Levied on Taxable Property in the Urban 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 City, the County and any school district or other taxing district in which the Urban Renewal Area is located, shall be divided as follows:
(a) 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 of the calendar year preceding the first calendar year in which the City certifies to the County Auditor the amount of loans, advances, indebtedness, or bonds payable from the special fund referred to in paragraph (b) below, 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. 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 applicable to property in the annexed territory as of January 1 of the calendar year preceding the effective date of the ordinance which amends the plan for the Urban Renewal Area to include the annexed area, shall be used in determining the assessed valuation of the taxable property in the annexed area.

(b) that portion of the taxes each year in excess of such amounts shall be allocated to and when collected be paid into a special fund of the City 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 City to finance or refinance, in whole or in part, projects in the Urban Renewal Area, and to provide low and moderate-income family housing, 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, taxes for the instructional support levy program of a school district imposed pursuant to Section 257.19 of the Code of Iowa, and 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 (a) of this 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.

(c) the portion of taxes mentioned in subsection (b) of this section and the special fund into which that portion shall be paid may be irrevocably pledged by the City 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 City to finance or refinance in whole or in part projects in the Urban Renewal Area.

(d) 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.

Section 4. Repealer. All ordinances or parts of ordinances in conflict with the provisions of this ordinance are hereby repealed.

Section 5. Saving Clause. If any section, provision, or part of this ordinance shall be adjudged invalid or unconstitutional, such adjudication shall not affect the validity of the ordinance as a whole or any section, provision or part thereof not adjudged invalid or unconstitutional.

Section 6. Effective Date. This ordinance shall be effective after its final passage, approval and publication as provided by law.

Passed and approved by the City Council of the City of Riverside, Iowa, on November 5, 2026.

Allen Schneider
Mayor

Attest:
Stephanie Thomann
City Clerk

Published in The News, Thursday, November 12, 2026 L-254