HomeMy WebLinkAboutOrd 1201 Exhibit E Termination Ordinance SummaryCITY OF REXBURG ORDINANCE NO. 1201 EXHIBIT E
SUMMARY OF ORDINANCE NO. 1201
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REXBURG, IDAHO, IMMEDIATELY TERMINATING THE REVENUE ALLOCATION AREA FOR THE WASHINGTON SCHOOL URBAN RENEWAL PROJECT URBAN RENEWAL PLAN
AREA; REQUIRING DISTRIBUTION OF ANY SURPLUS DETERMINED TO EXIST AS OF SEPTEMBER 30, 2019, PURSUANT TO SECTION 50-2909, IDAHO CODE; AUTHORIZING THE CITY CLERK OR THE URBAN RENEWAL AGENCY
OF THE CITY OF REXBURG, ALSO KNOWN AS REXBURG REDEVELOPMENT AGENCY TO FILE THE ORDINANCE, TOGETHER WITH THE BOUNDARY MAP AND LEGAL DESCRIPTION, WITH THE OFFICE OF THE COUNTY RECORDER,
THE COUNTY ASSESSOR AND THE IDAHO STATE TAX COMMISSION AS PROVIDED IN SECTION 63-215, IDAHO CODE; PROVIDING THAT A COPY OF THIS ORDINANCE SHALL BE GIVEN TO EACH OF THE TAXING ENTITIES
AFFECTED BY SAID REVENUE ALLOCATION AREA; APPROVING THE SUMMARY OF THE ORDINANCE; AND PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF REXBURG, IDAHO:
Section 1: That the revenue allocation area contained in the Washington School Plan, as more particularly shown and described in Exhibit C and Exhibit D to City Council Ordinance No.
1201, is hereby terminated, consistent with the termination provisions set forth in the Local Economic Development Act, Chapter 29, Title 50, Idaho Code, as amended.
Section 2: That the tax year 2018 revenues from the increment value as levied upon within the revenue allocation area are not needed for the payment of any Agency indebtedness or Agency
projects to be completed before September 30, 2019.
Section 3: That any surplus will be distributed prior to the end of the Agency’s 2019 fiscal year on or before September 30, 2019. Any surplus funds will be remitted to the County Treasurer
to be distributed to the taxing districts in the same manner and proportion as the most recent distribution to the taxing districts of the taxes on the taxable property located within
the revenue allocation area. See I.C. 50-2909(4). Further, any other remaining funds in subsequent fiscal years received by the Agency from delinquent taxes after September 30, 2019,
shall be disbursed in the same manner each fiscal year.
Section 4: That a copy of this Ordinance shall be sent to and/or filed with the Madison County Assessor’s Office, the County Auditor/Recorder and the Idaho State Tax Commission, together
with a boundary map and legal description, to provide notice of
termination of the revenue allocation area in the Washington School Plan by either the City Clerk or Agency representatives.
Section 5: That this Ordinance shall be in full force and effect immediately upon its adoption, approval and publication.
Section 6: Approval of Summary.
EXHIBITS TO THE ORDINANCE
Exhibit A Termination Plan setting forth an estimate of remaining project costs and other administrative fees and costs, together with an estimate of any surplus that may be available
for distribution on or before September 30, 2019
Exhibit B Termination Budget
Exhibit C Boundary Map of the Terminating Revenue Allocation Area
Exhibit D Legal Description of the Terminating Revenue Allocation Area
Exhibit E Ordinance Summary
PASSED by the Council of the City of Rexburg, Idaho, this ___ day of September 2018.
APPROVED by the Mayor of the City of Rexburg, Idaho, this ___ day of September 2018.
The full text of Ordinance No. 1201 is available at the offices of the City Clerk, Rexburg City Hall, 35 North 1st East, Rexburg, Idaho, 83440.
This summary is approved by the Rexburg City Council at its meeting of September _____, 2018.
_____________________________
Mayor Jerry L. Merrill
ATTEST:
____________________________
Deborah Lovejoy, City Clerk
I, Stephen P. Zollinger, City Attorney for the city of Rexburg, Idaho, hereby declare and certify that in my capacity as City Attorney of the city of Rexburg, pursuant to Idaho Code
Section 50-901A(3) of the Idaho Code, as amended, I have reviewed a copy of the above Summary of Ordinance, have found the same to be true and complete, and said Summary of Ordinance
provides adequate notice to the public of the contents, including the exhibits, of Ordinance No. 1201.
DATED this ___ day of ____________ 2018.
______________________________________
Stephen P. Zollinger, City Attorney
Rexburg, Idaho
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