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Home My WebLink About688-98 Redevelopment Fund/Plan/Agency 111111111111111111111 DIV 111111111111111 Iill liil 98030928 • Rcpt: 223929 Rec: 19.50 ORDINANCE NO.: 688 Ds: 0.00 IT: 00 03/18/98 Dpty Clerk AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ZEPHYRHILLS, FLORIDA, PURSUANT TO FLORIDA STATUTE 163.387; PROVIDING FOR ziw m THE CREATION AND ADMINISTRATION OF A CO COMMUNITY REDEVELOPMENT TRUST FUND (4=1 FOR THE . ZEPHYRHILLS REDEVELOPMENT AREA AS SET FORTH IN RESOLUTION NO.: 435 OF THE CITY COUNCIL OF THE CITY OF a CAI ZEPHYRHILLS FLORIDA; PROVIDING FOR THE DURATION OF THE COMMUNITY �mo REDEVELOPMENT PLAN; DESIGNATING THE "‘ COMMUNITY REDEVELOPMENT TRUST FUND p AS THE RECIPIENT OF FUNDS PURSUANT TO fl) x FLORIDA STATUTE 163.387(1); PROVIDING FOR ADMINISTRATION BY THE ZEPHYRHILLS COMMUNITY REDEVELOPMENT AGENCY; ACKNOWLEDGING THE FORMATION OF THE ZEPHYRHILLS REDEVELOPMENT AGENCY; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS,the City Council of the City of Zephyrhills, Florida has adopted Resolution No.: 435 in which a finding of necessity for redevelopment was made 111 relating to specific areas all of which are located within the corporate boundaries of the City of Zephyrhills; and WHEREAS, said resolution describes the areas in which there exists conditions making said area eligible for designation under Chapter 163, Part III Florida Statutes; and WHEREAS, the City Council of the City of Zephyrhills, Florida desires to provide for the redevelopment of such areas, pursuant to the Community Redevelopment Act, as contained in Chapter 163, Part III, Florida Statutes. NOW THEREFORE, be it resolved by the City Council of the City of Zephyrhills, Florida, sitting in regular session, that: SECTION 1: That the City Council of the City of Zephyrhills, Florida hereby ratifies the vesting of those powers authorized by Florida Statute 163.370(1) in the Zephyrhills Community Redevelopment Area. SECTION 2: There is hereby established and created, in accordance with the provisions of Florida Statutes 163.387, a Community Redevelopment Trust Fund, hereinafter referred to as the "Fund", for the Zephyrhills Community Redevelopment Area, hereafter referred to as the "Area", which fund shall be utilized and expended for the purposes of and in accordance with the Community Redevelopment Plan, 1 Record and Return to: "" City Clerk's Office f "X� 5335 8th Street Zephyrhills, FL 33540 CER BK 3E199 PG 106 2 of 4 entitled the City of Zephyrhills Redevelopment Area Plan and hereinafter referred to as the "Plan". SECTION 3: The funds to be allocated to and deposited into the Fund are hereby appropriated to the'Community Redevelopment Agency, hereafter referred to as the "Agency",to finance projects within the Area, as authorized by Resolution No.: 437. Said resolution having been adopted and made a part of this Ordinance by reference. Said Area is defined and described in the Plan. The Agency shall utilize the funds and revenues paid into and earned by the Fund for all and every Community Radeveicpment purpose delegated to it in the aforementioned Resolution, and as provided in the Plan and as provided by law, said Fund to exist for the duration of a project or projects undertaken by the Agency pursuant to the Plan. Said funds shall be held by the City Clerk of the City of Zephyrhills for and on behalf of the Agency and dispersed to the Agency in accordance with this Ordinance and state law. SECTION 4: There shall be paid into the Fund each year by all taxing authorities, as defined in Florida Statute 163.340(2), within the Area the incremental increase in the income, proceeds, revenues and funds of taxing authority, as calculated in accordance with Section 6 of this Ordinance and Florida Statute 163.387(1), based upon the base tax year set forth in Section 5 of this Ordinance. SECTION 5: The most recent tax roll used in connection with the taxation of such property shall be the 1997 Tax Roll of Pasco County, Florida, and all deposits into the Fund 691! begin in increraental ^reases from tax rolls resulting ir. ad valorem tax revenues due subsequent to November 1, 1997 for the tax year January 1, 1998 through December 31, 1998, and subsequent years. • . SECTION 6: Said tax increment shall be determined and appropriated annually, and shall be that amount equal to ninety-five percent (95%) of the difference between: a. That amount of ad valorem taxes levied each year by each taxing authority, exclusive of any debt service millage on taxable real property contained within the geographical boundaries of the Area; and b. 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 each taxing authority, exclusive of debt service millage, upon the total of the assessed value of the taxable property in the Area, as shown upon the assessment roll used in connection with the taxation of such property by all taxing authorities prior to the effective date of this Ordinance providing for the funding of trust fund. SECTION 7: All taxing authorities defined in Florida Statute 163.340 (2), shall: a. Upon the adoption of this Ordinance providing for funding of the redevelopment trust fund as herein provided, each taxing authority shall, by January 2 • OR BK 3B 9 PG 1 fZ' 3of4 1st of each year appropriate to such trust fund for so long as:any indebtedness pledging increment revenues to the payment thereof is outstanding(but not to exceed 30 years) a sum which is no less than the increment as defined and determined in Section 6 of this Ordinance accruing to such taxing authority. No taxing authority is 2 exempt from the provisions of this Section. b. Any taxing authority which does not pay The increment to such trust fund by January 1st shall pay to such trust fund an amount equal to five,percent(5%) of the amount of the increment and shall pay interest on tl,.:amount of the incr ment equal to one percent (1%)for each month the increment i§outstanding. SECTION 8: The Fund shall be established and maintained'as a separate trust fund account in the office of the City Clerk of the City of Zephyrhills pursuant to this Ordinance, whereby the Fund may be promptly and effectively administered and utilized by the Agency expeditiously and without undue delay for their allocated statutory purpose. SECTION 9: The tax increment shall be computed by using the assessed value of the taxable real property in the Area for the year 1997 as the base, and in subsequent year using the assessed value of real property in the Area for that year as the second factor in determining the amount of tax increment accruing in that year. SECTION 10: The Agency accepts full responsibility for the receipt, custody, disbursement, accountability, management and proper application of all monies paid the Fund, subject to the provisions of Section3 of this Ordinance. SECTION 11: Any and all Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 12: If any part of this Ordinance is held to be invalid or unenforceable for any reason, such hold shall not effect the validity or enforceability of the remainder, which shall remain in full force and effect. SECTION 13: This Ordinance shall become effective immediately upon its passage. The foregoing Ordinance No.: 6 g was read and passed on its first reading in open and regular meeting by the City Council of the City of Zephyrhills, Florida, on this �3'` day of j,2,(, A.D., 1998. • .! e, _NL. B ' !VIA ' • President of City Council Attest:_ . i p City Clerk; LINDA D. BOAN ' 3 OR BK PG 1O&n 4o 4 The foregoing Ordinance No.: (Si was read and passed on its second reading in open and regular meeting by the City Council of the City of Zephyrhills, Florida, on this q day of 7)-ia1 v ,A.D., 1998. LI. P N , ,. ;Is . ..y/ 'r. ' , •: u; 7a4LANL. ; ' NIA _ 4,�./ President o1, ity Council Attest0 � "rev • `- -/ ' Citnklerk, LIND.A.'D. BOAN i-itg9rc' iijig rdinance No.: (o was approved by me this 9- day of ( l}c,c. A.D. 1998. LEJ _& AMES A. B Y, Mayor 7 I YJ \, 4