The URL can be used to link to this page

Home My WebLink AboutO-03-28ORDINANCE O-03-28 AN ORDINANCE OF THE CITY OF SEBASTIAN, FLORIDA, MODIFYING THE EXISTING REDEVELOPMENT TRUST FUND AND BOUNDARIES FOR THE CITY OF SEBASTIAN'S COMMUNITY REDEVELOPMENT DISTRICT TO INCLUDE THE SEBASTIAN BOULEVARD "TRIANGLE" PER FLORIDA STATUTES 163.387; PROVIDING FOR ENFORCEMENT; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Council has, by Resolution R-95-17 a Community Redevelopment Plan for the City, which has been modified by Resolution R-03-51. WHEREAS, the City Council of the City of Sebastian has by Resolution R-02-57 established a finding of blight for additional lands (hereinafter called the "Sebastian Boulevard Triangle") adjacent to and adjoining the lands subject to the initial Community Redevelopment Plan; and, WHEREAS, the City Council desires 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, by expansion of the boundaries of the existing redevelopment area; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN, FLORIDA, as follows: Section 1. That the Community Redevelopment Trust Fund, hereafter referred to as the "Fund", as set forth in City Code section 78-30, is hereby reaffirmed and designated as the repository of revenues for the expanded redevelopment area including the Sebastian Boulevard Triangle. Section 2. That section 78-30 of the Code of Ordinances, City of Sebastian, Florida is hereby amended to read as follows: Sec. 78-30. Community redevelopment trust fund. (a) There is hereby established and created, in accordance with the provisions of F.S. § 163.387, a community redevelopment trust fund, hereafter referred to as the "Fund". (b) 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 district, hereafter referred to as the "District". The Agency shall utilize the monies and the revenue paid into and eamed by the Fund for all and every community development purpose delegated to it by the established community redevelopment plan as modified, and as further provided by law. The Fund is to exist for thirty (30) years from the date the redevelopment district is last expanded, or until legally terminated 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. (c) There shall be paid into the Fund each year by all taxing authorities within the District, excluding the following entities: Florida Inland Navigation District Indian River County Mosquito Control District Indian River County Hospital Maintenance District School District, and associated general obligation debt funded by ad valorem taxes Indian River County Land Acquisition Bond General Obligation Debt Emergency Services Dependent Taxing District St. Johns River Water Management District Sebastian Inlet Taxing District the incremental increase in ad valorem taxes levied each year by the non-exempt taxing authorities over the amount of ad valorem taxes levied by the non-exempt taxing authorities in the base year, as established in subsection (e) below. (d) For the area covered by the original redevelopment district, 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. For the expansion area of the Sebastian Boulevard Triangle, the tax roll used in connection with the taxation of such property for the base year shall be the tax roll of 2003 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, 2004. (e) The tax increment shall be determined and appropriated annually in an amount equal to the difference between: (1)That amount of ad valorem taxes levied each year by all non-exempt taxing authorities on taxable real property contained within the geographic boundaries of the District; and (2) 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 non- exempt taxing authorities upon the total of the assessed value of the taxable property in the District as shown upon the base year assessment roll used in connection with the taxation of such property by all non-exempt taxing authorities If any conflict occurs between the provisions of this section and the provisions of F.S. Chapter 163, Part m, concerning tax increment financing, the statutory provisions shall control and apply to this section. (f) The tax increment shall be computed by using the assessed value of taxable property in the District for the applicable base year, and in subsequent years using the assessment value of property in the District for that current year as the second factor in determining the amount of tax increment in that year. (g) All non-exempt taxing authorities 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 no later than December 31 of each year as provided by Florida Statute. The taxing authorities' obligation to annually appropriate to the Fund shall commence immediately upon the effective date of Ordinance No.0-95-08 and continue for thirty (30) years from the effective date of Ordinance 0-03-28, or such other time as extended or shortened by law. (h) 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. (i) 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 subsection (b) of this section. Section 3. 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 4. Any and all ordinances or parts of ordinances that are in conflict herewith are hereby repealed. Except where direct conflict exists with the provisions hereof, the provisions of Ordinance 0-95-08, as modified by Ordinance O-00-16, shall continue in full effect. The foregoing Ordinance was moved for adoption by Councilmember Hill The motion was seconded by Councilmember McCollum and, upon being put to a vote, the vote was as follows: Mayor Walter Barnes Vice-Mayor Ray Coniglio Councilmember Joe Barczyk Councilmember James Hill Councilmember Nathan B. McCollum absent aye aye aye aye The Mayor thereupon declared this Ordinance duly passed and adopted this l0th day of December, 2003. ATTEST:- IS~A. M ' , CMC · -- City C~;rkM/ai~' CITY OF SEBASTIAN, FLORIDA B~~~' Ray Coniglio, Vice-Mayor for' ~6r wy Bames Appitoved as to form and legality for reliance by the City of Sebastian only: Rich Stringer, City AttO~.~