§ 2-323. Authorization and criteria for annual funding.

(a)

The redevelopment plan and trust fund for City of Zephyrhills is hereby approved.

(b)

The county shall annually pay to City of Zephyrhills for deposit to the fund approved in this section 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 City of Zephyrhills' redevelopment agency in its undertaking and carrying out of the community development project plan which includes, but is not limited to, funding for public buildings. The increment shall be determined annually and the amount to be funded by the taxing authority shall be less than 95 percent of the difference between (1) and (2) but in no event less than 50 percent of such difference. The City of Zephyrhills shall obtain 94 percent of the difference between (1) and (2).

(1)

The amount of ad valorem taxes levied each year by each taxing authority, exclusive of any amount from any debt service millage, on taxable real property contained within the geographical boundaries of the community redevelopment area; 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 each taxing authority, exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the community 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 providing for the appropriation to the trust fund.

(c)

The county shall annually pay to City of Zephyrhills the tax increment due the fund on or prior to January 1, 2000. The county's obligation to annually fund the redevelopment trust fund annually shall continue until all loans, advances, and indebtedness incurred as the result of the community redevelopment project have been paid (not to exceed 30 years), a sum that is no less than the increment as determined in subsection (b). 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). 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. 99-30, § 3, 12-21-99)