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HomeMy WebLinkAboutO-95-08CITY OF SEBASTIAN, FLORIDA, ORDINANCE NO. AN ORDINANCE OF TH~ CITY OF SF. BASTIAN, FLORIDA, PROVIDING FOR FINDINGS OF FACT; PROVIDING FOR TIIE F.~TABLISHMENT AND AD~TiON OF A COMAfUN1TY RtK)~PMENT TRUST FUND; PROVIDING FOR TKE DF, SIGNATION OF THE COM/vIUN1TY RBDBVELOP~ TRUST FUND AS THB KF3$IPIFAFF OF FUNDS PURSUANT TO SECTION 163.387, FLORIDA STATIYrF~; PROVIDING FOR ENFORCEMENT; PROVID/NG FOR SBVERABII/TY; AND PROV/Dn~G AN ~ DATE. WHE~S, the City Council of the City of Sebastian has by Resolution established a finding of blight; and, ~, the City Council deaires to provide for the removal of such blighted areas and redevelop such areas, pursuant to the Community Redevelopment Act of 1969, hereafter referred to as the "CRA", as contained in Florida Statutes, Chapter 163, Part III, and, WI-rgREAS, the City Council has, by Resolution approved a Community Redevelopment Plan for the City. NOW, TI-tF~EFORE, BE 1T ORDAINED BY TI-IE CITY COUNCIL OF THE CITY OF SEBASTIAN, FLORIDA, a~ follows: S~fion 1. Thea'e is hereby established and created, in accordance with the provisions of Section 163.387, Florida Statutes, a Community Redevelopment Trust Fund, hereafter referred to as the "Fund". ~ The monies allocated to and deposited into the Fund are hereby appropriated to the City of Sebastian Community Redevelopment Agency, hereafter referred to as the "Agency', to finance projects within the Community Redevelopment Project Area, hereafter referred to as the "Project". The Agency shall utilize the monies and the revenue paid into and earned by the Fund for all and every Community development purpose delegated to it by the established Community Redevelopment Plan, hereafter referred to as the *Plan', and as further provided by law. The Fund is to exist for the duration of the Project programs or until legally tennimled by ordinance. Said monies shall be held by the City for and on behalf of the Agency and distributed to the Agency in accordance with a subsequent agreement to be established between the City and the Agency. S~fion 3. There shall be paid into the Fund .each year by all taxing authorities within the Project, ex~uding the school district, the incremental inc-ma~ in ad valorem taxes levied each year by the above-referenced taxing authorities over the amount of ad valorem taxes levied by the referenced taxing authorities in the base year, as established in Section 5 below. S~fion 4. The tax roll used in connection with the taxation of such property for the base year shall be the Tax Roll of 1994 in Indian River County. All deposits into the Fund shall begin with the incremental increases in ad valorem tax revenues received subsequent to November 1, 1995. Section 5. The tax increment shall be determined and appropriated annually in an amount equal to the difference between: a. that amount of ad valorem taxes levied each year by all taxing authorities, excluding the school district, on taxable real property contained within the geographic boundaries of the Project; 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 all taxing authorities, excluding the school district, upon the total of the asse&qed value of the taxable property in the Project, as shown upon the 1994 assessment roll used in connection with the taxation of such property by all taxing authorities, excluding the school district. If any conflict occurs between the provisions of this Ordinance and the provisions of Chapter 163, Pan III, Florida Statutes, concerning tax increment financing, the statutory provisions shall control and apply to this Ordinance. S~fion ~ The tax increment shall be computed by using the assessed value of taxable propexty in the Project for the year 1994 as the base, and in subsequent years using the assessment value of property in the Project for that year as the second factor in determining the amount of tax increment in that year. S~fionT~ All taxing authorities, excluding the school district, will annually appropriate to the Fund the aforestated sum at the beginning of their fiscal year. The Fund shall receive the tax increment above described only as, if and when such taxes may be collected by the taxing authorities, the taxing authorities' obligation to annually appropriate to the Fund shall commence immediatel.y upon the effective date of this Ordinance and continue until all loans, advances and indebtednesses, if any, and interest thereon, incurred by the Agency as a result of the Project have been paid and only to the extent that such tax increment recited above accrues. S~fion ~ The Agency with the approval of the City Council is directed to establish and set up the Fund and to develop and promulgate rules, regulations and criteria whereby the Fund may be promptly and effectively administered, including the establishment and the maintenance of books and records and adoption of procedures whereby the Agency may, expeditiously and without undue delay, utilize said monies for their allocated statutory purpose. S~fion9. The Agency accepts full responsibility for the receipt, custody, disbursement, accountability, management and proper application of all monies paid into the Fund subject to the provisions of Section 2 of this Ordinance. Section 10. Any and all ordinances or parts of ordinances that are in conflict herewith are hereby repealed. Section 11. If any part of this Ordinance is held to be invalid or unenforceable for any reason, such holding shall not affect the validity or enforceability of the remainder, which shall remain in full force and effect. Section 12. This Ordinance shall take effect as provided by law. The foregoing Ordinance was moved for adoption by Councilmember The motion was seconded by Councilmember ~d)d~'~ and, upon being put to a vote, the vote was as follows: Mayor Arthur L. Firtion Vice Mayor Carolyn Corum Councilmember Louise Cartwright Councilmember Norma Damp Councilmember Raymond Halloran ,_., _~The Mayor thereupon declared this Ordinance duly passed and adopted this ~day of ~]~ , 1995. I · ATTEST: r~thryn M.~D'Hali0ran~ CMC/AAE City Clerk Approved as to Form and Content: el±f ton A. McClelland, Jr. City Attorney CITY~STIAN. FLO~~ Arthur L. Firtion Mayor