Chapter 26.33 YOUNKERS SIOUX CITY SELF-SUPPORTED MUNICIPAL IMPROVEMENT DISTRICT
Section 26.33.040 Operation fund established.
There is established an operation fund of the district and there shall be authorized an annual tax,
to be levied by the city council, for the purposes of the district within the limitations following:
1. The rate of tax shall not exceed the following:
a. Zone I, five dollars per one thousand dollars;
b. Zone II, fifty percent of the rate levied for Zone
I.
2. The tax shall remain in effect and be collected for fifteen fiscal years
commencing on July
1st next following the date on which construction begins for that project commonly described as
a new department store facility on portions of Lots 4, 5, 6, 7, 8 and 9 of Block 16 of Sioux City
East Addition.
3. Of the proceeds of the tax, one hundred sixty-five thousand dollars shall
be paid annually to
the city of Sioux City to defray its cost in connection with the development of a new department
store facility on portions of Lots 4, 5, 6, 7, 8 and 9 of Block 16 of Sioux City East Addition and
related public facilities constructed incident to said new department store. Said payment of one
hundred sixty-five thousand dollars from the operation fund may be reduced in any year to the
extent that any taxes derived from said levy are diverted to the city of Sioux City as tax
increments under Iowa Code Section 403.19(2). (Ord. 84/T-3365)