§ 38-70. City of Tarpon Springs.

(a)

The creation of the redevelopment trust fund by the City of Tarpon Springs, 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 the community redevelopment project area, for the use of the community redevelopment agency of the City of Tarpon Springs 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; and

(2)

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 redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property by each such taxing authority prior to the effective date of Ordinance 2001-24 of the City of Tarpon Springs providing for the funding redevelopment trust fund described above.

In calculating the increment, the amount of the ad valorem taxes levied based on the county-wide 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.

(c)

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 this section and continue until all loans, advances and indebtedness incurred as a result of the community redevelopment project have been paid (but not to exceed 30 years). Nothing in this section, however, shall require the City of Tarpon Springs or the City of Tarpon Springs 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.

In no year shall the county's obligation to the fund exceed the amount of that year's tax increment as determined in subsection (b) of this section. Beginning with the 20th year after the date of sale of the initial bonding or indebtedness, if any, no new sale of bond or indebtedness supported by the county's tax increment may occur nor may existing indebtedness so supported by 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 revenues for the purpose of paying debt service.

(d)

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. 01-66, §§ 1—4, 9-18-01)