688-98 Redevelopment Fund/Plan/Agency

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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