§ 38-62. City of Clearwater.

(a)

The creation of the redevelopment trust fund by the City of Clearwater, Florida, is hereby approved.

(b)

The county shall annually pay into the fund a sum equal to the increment in the income, process, revenues and funds of the county derived from or held in connection with community redevelopment project area, for the use of Clearwater's community redevelopment agency in its undertaking and carrying out of the community redevelopment project plan. The increment shall be determined and appropriated annually and shall be that amount equal to 95 percent of the difference between:

(1)

The amount of ad valorem taxes levied each year by or for the county, exclusive of any amount from debt service millage, on taxable real property contained within the geographic boundaries of the redevelopment area as defined in the adopted Redevelopment Plan for Downtown Clearwater (Ordinance No. 7153-03, as amended by Ordinance No. 7231-03); and

a.

For the original CRA area: the amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for the county, exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the above-referenced redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property by the county prior to the effective date (December 17, 1981) of Ordinance No. 2576-81 of the City of Clearwater; or

b.

For the gateway expansion area: the amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by the county, exclusive of any amount from any debt service millage, upon the total of the assessed value of the taxable property in the above-referenced redevelopment area as shown upon the most recent assessment role used in connection with the taxation of such property by the county prior to the effective date of the county ordinance providing for the funding of the trust fund.

(2)

In calculating the increment, the amount of the ad valorem taxes levied based on the countywide debt service on county bonds shall be totally excluded from the calculation. All increments in this amount shall continue to be used for its voter-approved purpose and shall not be appropriated in any part to the fund. Any adjustments made in the appropriation will be based upon the final extended tax roll. In no year shall the county obligation to the fund exceed the amount of that year's tax increment as defined by this section.

(3)

No sale of bonds or indebtedness supported by the county's tax increment may occur nor may existing indebtedness so supported be refunded without approval of the board of county commissioners. The county's increment contributions are to be accounted for as separate revenue within the fund but may be combined with other revenue for the purpose of debt service.

(c)

Allocation and restrictions on use.

(1)

The county shall annually pay to the fund the tax increment due the fund on January 1 of each taxable year. The county's obligation to annually appropriate to the fund on or before October 1 of each year shall commence immediately upon the effective date of the ordinance from which this section derives.

(2)

Nothing in this section, however, shall require the City of Clearwater or the City of Clearwater's Community Redevelopment Agency to issue bonds or incur loans or other indebtedness as a condition precedent to the county depositing into the fund the amounts set forth in subsection (b) hereof.

(3)

Use of that portion of the tax increment attributable to the county shall be limited to capital improvements, land acquisition and environmental remediation as more specifically provided in Ordinance 7153-03, as amended by Ordinance 7231-03 and as it is amended from time to time.

(d)

Duration of the fund.

(1)

County shall annually appropriate to the fund the tax increment due the fund at the beginning of the county fiscal year. However, the fund shall receive the tax increment only as, if and when such taxes are collected. The county's obligation to annually appropriate to the fund shall commence immediately upon effective date of this section and continue for 30 years from the effective date of the ordinance from which this section derives.

(2)

Fifteen-year review. Notwithstanding the duration established in subsection 4.1, above, in 2019, the county may review its tax increment contribution to determine whether given the totality of the circumstances, it continues to be appropriate to dedicate the county portion of tax increment at the existing level, beyond 15 years. The county may continue the contribution or eliminate it. Nothing herein precludes the county from considering dedication at a reduced commitment provided that option is legally available.

a.

Redevelopment conditions for 15-year TIF review. The success of the plan relies on significant private investment in residential, employment and retail uses so that the downtown is marketable. Absent realizing this investment, the plan is not succeeding.

1.

Performance of TIF revenues.

i.

During the 15-year review period, how do the annual TIF revenues collected compare to the estimated revenues?

ii.

Measures: Collected TIF revenues (per property appraiser and tax collector).

2.

Implementation of downtown redevelopment plan.

i.

During the 15-year review period, how has the city performed in implementing the downtown redevelopment plan with particular emphasis on use of TIF funds in implementation.

ii.

Measures:

a.

Capital projects built or almost complete compared to the capital improvement plan of the downtown redevelopment plan; and CRA programs and initiatives implemented compared to those in the downtown redevelopment plan implementation chapter.

b.

Changes in the employment opportunities in the downtown/CRA comparing the year of plan adoption to the 15th year after adoption.

3.

Effectiveness of downtown redevelopment plan at mitigating blighting influence.

i.

During the 15-year review period, did the actions implementing the downtown redevelopment plan have the desired effect of redeveloping the CRA?

ii.

Measures:

a.

Changes in the downtown/CRA assessed property value as compared to the city's assessed value between the years of plan adoption to the 15th year after adoption.

b.

Demographic changes in the downtown/CRA and in the city comparing the year of plan adoption to the 15th year after adoption.

c.

Housing changes in the downtown/CRA and in the city comparing the year of plan adoption to the 15th year after adoption.

d.

Property ownership rates, code violation enforcement rates and crime rates in the downtown/CRA and in the city comparing the year of plan adoption to the 15th year after adoption.

b.

The city shall submit the data and analysis to the county for the 15-year review no later than October 1, 2018.

c.

The board of county commissioners shall complete its review prior to March 1, 2019 and shall notify the community redevelopment agency in writing by March 1, 2019, if it intends to eliminate or reduce the amount and/or duration of the county's tax increment contribution after the 15th year of increment. In the absence of such notification, the contribution shall continue as provided herein.

(e)

Audits copies of reports of audits required by F.S. § 163.387(8) shall be provided to the board of county commissioners each fiscal year.

(Ord. No. 82-34, §§ 1—3, 10-26-82; Ord. No. 86-14, §§ 1—3, 4-15-86; Ord. No. 04-10, §§ 1—5, 2-3-04)