§ 38-73. City of Largo.

(a)

The creation of the redevelopment trust fund by the City of Largo, 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 Largo'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 West Bay Drive Community Redevelopment District Plan (city Ordinance No. 2009-31); 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 above-referenced 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 No. 2000-99 of the City of Largo, providing for funding 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 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 ordinance.

(c)

Nothing in this section shall require the City of Largo or the City of Largo'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. Beginning with the twentieth year after the date of sale of the initial bonding on 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 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)

Duration of the fund. 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 commence immediately upon the effective date of county Ordinance No. 00-70, and continue for 30 years from the effective date of said ordinance (September 12, 2000).

(e)

(1)

Fifteen-year review. Notwithstanding the duration of the West Bay Drive Community Redevelopment Trust Fund (fund) established in board Ordinance No. 00-70, on or before December 31, 2016, the county may review its tax increment contribution to the fund to determine whether, given the totality of the circumstances, it continues to be prudent to dedicate the county portion of the tax increment revenues at the existing level beyond 15 years, 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. The county may continue the contribution, eliminate it or reduce it. Any reduction or elimination 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.

(2)

Redevelopment conditions for 15-year tax increment financing (TIF) review. The success of the plan relies on significant private investment in residential, employment and retail uses so that the community redevelopment area is marketable. Absent realizing this investment, the plan is not succeeding. The following are the performance criteria:

a.

Performance of TIF revenues.

1.

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

2.

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

b.

Implementation of 1997 and 2009 West Bay Drive Community Redevelopment District Plans (plans).

1.

During the 15-year review period, what progress has been achieved in implementing the use of TIF revenues in the plans.

2.

Measures:

i.

Capital projects and initiatives built or substantially completed compared to the capital improvements schedule set forth in the plans.

ii.

Progress made toward achieving the goal and three main objectives of the 2009 plan.

c.

Effectiveness of 1997 and 2009 plans at mitigating blighting influence.

1.

During the 15-year review period, do the actions implementing the plan have the desired effect of redeveloping the West Bay Drive Community Redevelopment District (district).

2.

Measures:

i.

A comparison, from the year 2000 to year 2015, of the changes in the assessed valuations of properties in the district to changes in the citywide total assessed valuation.

ii.

From the year 2000 to year 2015, documentation of improvements in the esthetic conditions of buildings, including new developments, improved maintenance and landscaping of the district.

iii.

A comparison, from year 2000 to year 2015, of the changes in the percentage of land in the district that has substandard residential structures, or is vacant or otherwise underutilized.

iv.

A comparison, from year 2000 to year 2015, of the number of unimproved roads that still exist.

v.

A comparison, from year 2000 to year 2015, of the amount of downtown parking that is available and the provision of multimodal facilities.

(3)

The city shall submit all data and analysis to the county as well as additional data requested by the county to perform the 15-year review no later than July 1, 2016. Notification of any additional data requested by the county will be submitted to the City of Largo within 30 days prior to July 1, 2016.

(4)

The board of county commissioners shall complete its review prior to December 31, 2016, and shall notify the city in writing by December 31, 2016, if it intends to eliminate or reduce the amount and/or duration of the county's tax increment contributions, as provided for in county Ordinance No. 00-70 and herein. In the absence of such notification, the contribution shall continue as provided.

(5)

Notwithstanding the review provision set forth above, the city may at any time bring requests for approval of the issuance of bonds or other indebtedness pledging the county's share of tax increment revenue to the board for consideration. If the board intends to eliminate or reduce its contribution of TIF revenues, the reduction will not take effect until the budget year following any such elimination/reduction.

(f)

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 fiscal year.

(Ord. No. 00-70, §§ 1—4, 9-12-00; Ord. No. 10-08, §§ 1—6, 2-16-10)