§ 16.06.030. Intown Community Redevelopment Area.

A.

Agency. The redevelopment agency created pursuant to Resolution No. 81-1401 shall hereafter be known as the Intown Community Redevelopment Agency.

B.

Trust fund.

1.

There is hereby established and created, in accordance with the provisions of F.S. § 163.387, a redevelopment trust fund, hereafter referred to as "the fund."

2.

The funds allocated to, and deposited into the fund are hereby appropriated to the St. Petersburg Redevelopment Agency hereafter referred to as "agency," to finance City community redevelopment projects within the redevelopment area, being the Intown Redevelopment Area (hereinafter referred to as "the redevelopment area") created by Resolution No. 81-1401. The agency shall utilize the funds and revenues paid into and earned by the fund for all and every community redevelopment purpose delegated to it in the aforementioned resolution, as amended, and, as contained in the plan for redevelopment as provided by law, the fund shall exist for the duration of the projects within the redevelopment area.

3.

There shall be paid into the fund, and the City hereby appropriates, commits and sets over for payment into the fund, a sum equal to that increment from the income proceeds, revenues and funds of the City derived from or held in connection with the community redevelopment project area, and the agency's undertaking and carrying out of the community redevelopment project therein. Said increment shall be determined and appropriated annually, and shall be an amount equal to 95 percent of the difference between:

a.

The amount of ad valorem taxes levied each year by the City on taxable real property contained within the geographic boundaries of the redevelopment area; and

b.

The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by the City upon the total of the assessed value of the taxable property in the redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property by the City prior to April 15, 1982 which is the effective date of Ordinance No. 570-F, from which this section is derived.

In calculating the increment, the amount of the ad valorem taxes levied based on the City-wide debt service on City bonds shall be totally excluded from the calculation. All increments in this amount shall continue to be used for its voter-approved purpose and shall not be appropriated in any part of the fund.

4.

The City will annually appropriate to the fund the aforestated sum at the beginning of the City's fiscal year. The City's obligation to annually appropriate to the fund shall commence immediately upon April 15, 1982 which is the effective date of Ordinance 570-F from which this section is derived and continue until all loans, advances and indebtedness, if any, and interest thereon incurred by the agency as a result of the projects have been paid and only to the extent that the tax increment recited above accrues.

5.

The agency 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 the funds for their allocated statutory purpose.

6.

The agency is vested with responsibility for the receipt, custody, disbursement, accountability, management and proper application of all moneys paid into the fund.

C.

Ratified. All ordinances and resolutions, including the community redevelopment plan, for the Intown Redevelopment Area, as amended, are ratified and confirmed.

(Code 1992, § 16.06.050; Ord. No. 203-H, §§ 4, 6, 11-23-2015)

Editor's note

Ord. No. 203-H, § 2, adopted Nov. 23, 2015, repealed the former § 16.06.030 in its entirety. Said section pertained to the Dome Industrial Park Community Redevelopment Area and derived from § 16.06.030 of the 1992 Code. Section 6 of Ord. No. 203-H renumbered the former § 16.06.050 as § 16.06.030 as set out herein. The historical notation has been retained with the amended provisions for reference purposes.