§ 10-6. Silver Springs Community Redevelopment Area Trust Fund.

(a)

Creation of the redevelopment trust fund. There is hereby established and created, in accordance with the provisions of the Act, a community redevelopment trust fund for the Silver Springs Community Redevelopment Area. This fund shall be utilized and expended for the purposes of and in accordance with the Silver Springs Redevelopment Plan, including any amendments or modifications thereto approved by the Board of County Commissioners of Marion County, Florida. This section shall be entitled "Silver Springs Community Redevelopment Trust Fund."

(b)

Authority and trusteeship. The Board of County Commissioners of Marion County, Florida, in its capacity as the Marion County Community Redevelopment Agency (agency), is vested with those powers authorized by the F.S. § 163.387, and as such, shall be responsible for the receipt, custody, disbursement, accountability, management, investments and proper application of all moneys paid in the trust fund.

(c)

Administration. The fund shall be established and maintained as a separate trust fund by the county pursuant to the provisions of F.S. § 163.387 and by other directives of the board of county commissioners of the agency as may from time to time be adopted, whereby the fund may be promptly and effectively administered and utilized by the agency expeditiously and without undue delay for its statutory purpose, pursuant to the redevelopment plan.

(d)

Use of fund moneys. The moneys to be allocated to and deposited into the fund shall be used to finance community redevelopment within the Silver Springs Community Redevelopment Area, hereafter referred to as the "area." The agency shall utilize the moneys and revenues paid into and earned by the fund for community redevelopment purposes as provided in the Silver Springs Community Redevelopment Plan. The fund shall exist for the duration of the community redevelopment undertaken by the agency pursuant to the plan and to the extent permitted by the act. The funds shall be held by the Marion County Finance Department on behalf of the Marion County Community Redevelopment Agency and disbursed to the agency in accordance with the ordinance and rules and procedures promulgated hereunder by the agency from time to time.

(e)

Tax increment to be paid into the trust fund. There shall be paid into the fund each year by each of the taxing authorities, as that term is defined in F.S. § 163.340, levying ad valorem taxes within the Silver Springs Community Redevelopment Area, the incremental increase in ad valorem taxes levied each year by that taxing authority, as calculated in accordance with subsection (g) of this section and the Act, based upon the base tax year established in subsection (f) of this section. Such annual sum shall be referred to as the tax increment.

(f)

Base year value determination. The most recently approved tax roll prior to the effective date of this section used in connection with the taxation of real property in the area shall be the interim ad valorem tax roll of the county, reflecting valuation of real property for purposes of ad valorem taxation as of January 1, 2013. This shall be called the "base year value." All deposits into the fund shall be in the amount of tax increment calculated as provided in subsection (g) based upon the increases in valuation of taxable real property from the base year value.

(g)

Determination of tax increment to be paid into the trust fund annually. The tax increment shall be determined and appropriated annually, and shall be an amount equal to the difference between:

(1)

That amount of ad valorem taxes levied each year by all taxing authorities except the school district, and those other taxing authorities that are specifically exempted under F.S. § 163.387(2)(c), on taxable real property contained within the geographical boundaries of the Silver Springs Community Redevelopment Area; 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 taxing authorities, except the school district and those other taxing authorities that are specifically exempted under F.S. § 163.387(2)(c), upon the total of the assessed value of the taxable property in the Silver Springs Community Redevelopment Area, prior to the effective date of the approval of the Silver Springs Community Redevelopment Plan.

(h)

Appropriation obligation. All taxing authorities, except the school district, and those other taxing authorities that are specifically exempted under F.S. § 163.387(2)(c), will annually deposit in the fund the tax increment determined pursuant to the act and subsection (g) at the beginning of each fiscal year. The obligation of each taxing authority to annually appropriate the tax increment for deposit in the fund shall commence immediately upon the effective date of the ordinance and continue until loans, advances and indebtedness, if any, and interest thereon, incurred by the agency as a result of a project or projects have been paid and only to the extent that such tax increment recited above accrues.

(i)

Calculating the tax increment. The tax increment shall be computed by using the assessed value of taxable real property in the Silver Springs Community Redevelopment Area for the year 2013 as the base, and in subsequent years using the assessed value of real property in the Silver Springs Community Redevelopment Area for that year as the second factor in determining the amount of tax increment accruing in that year.

(Ord. No. 13-15, §§ 1—9, 6-4-2013)

Editor's note

Ord. No. 13-15, §§ 1—9, adopted June 4, 2013, did not specify manner of inclusion; hence, codification as § 10-6 was at the discretion of the editor.