§ 38-68. City of Dunedin.

(a)

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

(b)

The county shall annually pay into the fund a sum equal to the increment in the income, proceeds, revenues, and funds of the county derived from, or held in connection with the community redevelopment project area, for the use of Dunedin'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 any debt service millage, on taxable real property contained within the geographic boundaries of the redevelopment area as defined in Resolution No. 88-128 of Pinellas County; and

(2)

The amount of ad valorem taxes which would have been produced by the rate upon which the taxes levied each year by or for the county, exclusive of any debt service millage, upon the total of the assessed value of the taxable property in the above-described redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property by each taxing authority prior to the effective date of the ordinance of the City of Dunedin providing for the funding of the redevelopment trust fund described above.

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 purposes and shall not be appropriated in any part of the fund. Any adjustments made in the appropriation will be based upon the final extended tax roll. In no year shall the county's obligation to the fund exceed the amount of that year's tax increment as determined in this subsection of this ordinance.

(c)

Beginning with the twentieth (20th) year after the date of sale of the initial bonding or indebtedness, if any, no new 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 a separate revenue within the fund but may be combined with other revenues for the purpose of paying debt service.

(d)

The 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 if and when such taxes are collected. The county's obligation to annually appropriate to the fund shall continue for 45 years from the effective date of Ordinance 88-67.

(e)

Mid-term review. Notwithstanding the duration established in subsection (d), above, in 2025, 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 year 2025. The county may continue the contribution or eliminate it, provided that there shall be no reduction in the dedication of tax increment revenues for as long as there are unpaid loans, advances or indebtedness approved as provided herein and secured by the county's tax increment revenues. Nothing herein precludes the county from considering dedication at a reduced commitment provided that option is legally available. The approval may require the city to seek additional funding sources for the redevelopment plans and projects that will be in addition to any tax increment financing.

(f)

Redevelopment conditions for tax increment financing (TIF) mid-term review. The success of the plan relies on public investment to stimulate investment in residential, employment and retail uses so that the community redevelopment area is marketable.

(1)

Performance of TIF revenues.

a.

During the mid-term review period, how do the annual TIF revenues collected compare to the projected revenues?

b.

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

(2)

Implementation of Downtown Master Plan 2033.

a.

During the mid-term review period, how did the City perform in implementing the Downtown Master Plan 2033 with particular emphasis on use of TIF funds in implementation?

b.

Measure: Progress made in implementing Table 12 and Table 13 in the Capital Improvements Chapter of the Downtown Master Plan 2033.

(3)

Effectiveness of the Downtown Master Plan 2033 at Mitigating Blighting Influences.

a.

During the mid-term review period, did the actions implementing the Downtown Master Plan 2033 have the desired effect of redeveloping the CRA and reducing blighting influences?

b.

Measures.

i.

Defective or inadequate street layout: A comparison of the changes to enhance walkability and other methods of travel along with securing additional downtown parking between year 2012 and year 2025.

ii.

Tax revenue: The percentage of citywide tax revenues that were collected from properties in the Redevelopment District in Year 2012 and in Year 2025.

iii.

Diversity of ownership: Progress in capitalizing on strategic Downtown vacant parcels to foster economic development during the period year 2012 to year 2025.

(g)

The city shall submit the data and analysis to the county for the mid-term review no later than October 1, 2025. The board of county commissioners shall complete its review prior to April 5, 2026 and shall notify the Dunedin Community Redevelopment Agency, in writing, by April 5, 2026, if it intends to eliminate or reduce the amount and/or duration of the county's tax increment contribution after the 37th year of increment. In the absence of such notification, the contribution shall continue as provided herein.

(h)

Copies of reports of audits required by F.S. § 163.387(8) shall be provided to the Board of County Commissioners of Pinellas County each year.

(Ord. No. 88-67, §§ 1—4, 12-20-88; Ord. No. 12-26, § 1, 7-10-12)