§ 2-352. Definitions.

The following terms, whenever used or referred to in this part, have the following meanings:

Base taxable valuation shall mean the taxable valuation which will be utilized to determine Pasco County's ad valorem tax revenues for the fiscal year commencing October 1, 2013.

Bonds shall mean any bonds (including refunding bonds), notes, interim certificates, certificates of indebtedness, debentures, lease agreements, or other obligations intended to provide financing for the accomplishment, in whole or in part, of infrastructure improvements.

Bond repayments shall mean the repayment of any bonds pursuant to subsection 2-354(1) of this division.

Infrastructure improvements shall mean the following improvements within, or providing a substantial benefit to, the Lacoochee/Trilby Redevelopment District:

(a)

Transportation improvements, including roadways, sidewalks, multi-use paths and trails, and transit infrastructure; as well as the necessary infrastructure to support the construction of such facilities, such as curbs, gutters, medians, shoulders, signalization, intersection improvements, traffic calming, street lighting, drainage areas, wetland/floodplain mitigation areas; landscaping, benches, shelters and signage.

(b)

Building improvements, including new buildings (residential, nonresidential or governmental), and renovations to existing buildings, including any parking, landscaping, drainage areas, wetland/floodplain mitigation areas, or signage required for such improvements.

(c)

Utility improvements, including water, reclaimed water, sewer, solid waste, electrical, and cable/communication facilities and equipment, including lines, poles, storage, and treatment facilities required for such improvements.

(d)

Parks and recreation improvements, including any parking, landscaping, drainage areas, wetland/floodplain mitigation areas, or signage required for such improvements.

Infrastructure expenses shall mean the following expenditures for infrastructure improvements:

(a)

The repayment of principal and interest or any redemption premium for loans, advances, bonds, bond anticipation notes, and any other form of indebtedness then outstanding.

(b)

Administrative and overhead expenses of the county necessary or incidental to the implementation of the infrastructure improvements.

(c)

Expenses of planning, corridor and alternatives analysis, route studies and pond siting analysis reports, soil borings, tests, surveys, construction plans, architectural plans, and legal and other professional advice or financial analysis relating to infrastructure improvements.

(d)

The acquisition of real property or interest therein, including leaseholds, for the infrastructure improvements, including the costs incurred in connection with the exercise of eminent domain.

(e)

The clearance and preparation of any infrastructure improvement site, including the demolition of structures on the site.

(f)

All expenses incidental to or connected with the issuance, sale, redemption, retirement, or purchase of bonds, bond anticipation notes, or other form of indebtedness, including funding of any reserve, redemption, or other fund or account provided for in the ordinance or resolution authorizing such bonds, notes, or other form of indebtedness.

(g)

Costs of design and construction, including maintenance of traffic during construction.

(h)

Permitting fess, impact or mobility fees, and connection fees required for infrastructure improvements.

(i)

Local match funds for state or federal grants to be utilized for infrastructure improvements.

Lacoochee/Trilby redevelopment district shall mean the Lacoochee/Trilby redevelopment area depicted on Exhibit A attached to Ord. No. 13-22. Annexation of additional lands by any Pasco County municipality after the expiration date of this division shall not affect the boundaries of the Lacoochee/Trilby redevelopment district.

Lacoochee/Trilby redevelopment fund or fund shall mean the fund so designated and created pursuant to this division.

Taxable valuation shall mean the final non-school taxable value of all real property within the Lacoochee/Trilby redevelopment district as determined by the Pasco County Property Appraiser.

Tax increment funds shall mean the money on deposit in the Lacoochee/Trilby redevelopment fund created pursuant hereto.

Tax increment revenues shall mean an amount equal to those certain incremental amounts of ad valorem property taxes of the county for the properties within the Lacoochee/Trilby redevelopment district and deposited in the Lacoochee/Trilby redevelopment fund.

Tax increment shall mean the ad valorem tax revenues generated by applying the millage rate in effect for the current fiscal year, exclusive of any debt service millage, to 97 percent of the difference between the current taxable valuation and the base taxable valuation.

(Ord. No. 13-22, § 2, 11-5-13)