§ 2-1. Community Redevelopment Trust Fund.  


Latest version.
  • (a)

    There is hereby established and created, in accordance with the provisions of F.S. § 163.387, a community redevelopment trust fund, hereafter referred to as the "fund."

    (b)

    The monies allocated to and deposited into the fund are hereby appropriated to the City of Flagler Beach Community Redevelopment Agency, hereafter referred to as the "agency," to finance projects within the community redevelopment project area, hereafter referred to as the "project." The agency shall utilize the monies and the revenue paid into and earned by the fund for all and every community development purpose delegated to it by the established community redevelopment plan, hereafter referred to as the "plan," and as further provided by law. The fund is to exist for the duration of the project programs or until legally terminated by ordinance. Said monies shall be held by the city for and on behalf of the agency and distributed to the agency in accordance with a subsequent agreement to be established between the city and the agency.

    (c)

    There shall be paid into the fund each year by all taxing authorities within the project, excluding the school district, the incremental increase in ad valorem taxes levied each year by the above-referenced taxing authorities over the amount of ad valorem taxes levied by the referenced taxing authorities in the base year, as established in subsection (e) below.

    (d)

    The tax roll used in connection with the taxation of such property for the base year shall be the tax roll of 1995 Flagler County. All deposits into the fund shall begin with the incremental increases in ad valorem tax revenues received subsequent to November 1, 1996.

    (e)

    The tax increment shall be determined and appropriated annually in an amount equal to the difference between:

    (1)

    That amount of ad valorem taxes levied each year by all taxing authorities, excluding the school district, on taxable real property contained within the geographic boundaries of the project; and,

    (2)

    That amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for all taxing authorities, excluding the school district, upon the total of the assessed value of the taxable property in the project, as shown upon the 1995 assessment roll used in connection with the taxation of such property by all taxing authorities, excluding the school district. If any conflict occurs between the provisions of this section and the provisions of F.S. Ch. 163, pt. III, concerning tax increment financing, the statutory provisions shall control and apply in this section.

    (f)

    The tax increment shall be computed by using the assessed value of taxable property in the project for the year 1995 as the base, and in subsequent years using the assessment value of property in the project for that year as the second factor in determining the amount of tax increment in that year.

    (g)

    All taxing authorities, excluding the school district, will annually appropriate to the fund the aforestated sum at the beginning of their fiscal year. The fund shall receive the tax increment above described only as, if and when such taxes may be collected by the taxing authorities. The taxing authorities' obligation to annually appropriate to the fund shall commence immediately upon the effective date of this section and continue until all loans, advances and indebtednesses, if any, and interest thereon, incurred by the agency as a result of the project have been paid and only to the extent that such tax increment recited above accrues.

    (h)

    The agency with the approval of the city commission is directed to establish and set up the fund and to develop and promulgate rules, regulations and criteria whereby the fund may be promptly and effectively administered, including the establishment and the maintenance of books and records and adoption of procedures whereby the agency may, expeditiously and without undue delay, utilize said monies for their allocated statutory purpose.

    (i)

    The agency accepts full responsibility for the receipt, custody, disbursement, accountability, management and proper application of all monies paid into the fund subject to the provisions of subsection (b) of this section.

(Ord. No. 95-24, §§ 1—9, 11-30-95)