§ 17-149. Redevelopment trust fund.

(a)

Establishment of trust fund. There is hereby established and created, pursuant to F.S. § 163.387, a redevelopment trust fund (hereinafter referred to as "fund") for the Community Redevelopment Agency for the City of Winter Haven, Florida. Within the fund, there shall be a segregation of accounting, income, proceeds and funds attributable to each of the two (2) community redevelopment areas, as established by Resolutions R-00-05 and R-00-06.

(b)

Appropriation of funds. Funds allocated to and deposited into the fund shall be used by the community redevelopment agency to finance or refinance any community redevelopment it undertakes pursuant to the approved community redevelopment plans, and as provided by law; provided, however, that funds attributable to one community redevelopment area shall not be expended on account of the other community redevelopment area. The fund shall exist for the duration of each plan, or until all loans, advances, and indebtedness, if any, and interest thereon, of the community redevelopment agency incurred as a result of redevelopment in either community redevelopment area have been paid. The fund shall be established and maintained as a separate trust fund by the city manager, or his designee, pursuant to F.S. § 163.387, and this subsection, and other directives of the community redevelopment agency as trustee of the fund, 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 allocated statutory purpose. The community redevelopment agency shall be responsible for the receipt, custody, disbursement, accountability, management, investment, and proper application of all monies paid into the fund, subject to the provisions of this section.

(c)

Obligation of taxing authorities to appropriate funds. Commencing January 1, 2001, each taxing authority, as defined in F.S. § 163.340(2), shall, by January 1 of each year, appropriate to the fund a sum that is no less than the increment as defined and determined in subsection (d) of this section and F.S. § 163.387 accruing to such taxing authority. Annual appropriation to the fund shall continue for so long as any indebtedness pledging increment revenues to the payment thereof is outstanding, but not to exceed thirty (30) years. If either community redevelopment plan is amended or modified pursuant to F.S. § 163.361(1), each such taxing authority shall make the annual appropriation, for the area subject of the amended or modified plan, for a period not to exceed thirty (30) years after the date the city commission amends the plan. Any taxing authority that does not pay the increment to the fund by January 1 shall pay to the trust fund an amount equal to five (5) percent of the amount of the increment and shall pay interest on the amount of the increment equal to one (1) percent for each month the increment is outstanding.

(d)

Payment of incremental increase in ad valorem taxes into fund. The increment provided by subsection (c) of this section shall be determined annually and shall be that amount equal to ninety-five (95) percent of the difference between:

(1)

The amount of ad valorem taxes levied each year by each taxing authority, exclusive of any amount from any debt service millage, on taxable real property contained within the geographic boundaries of each of the two (2) community redevelopment areas; and

(2)

The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for each taxing authority, exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in each of the community redevelopment areas as shown upon the most recent assessment roll used in connection with the taxation of such property by each taxing authority prior to the effective date of this section. The most recent assessment roll used in connection with the taxing of such property shall be the 1999 tax roll of Polk County, Florida, and all deposits into the fund shall begin with the sums equal to the incremental increases from subsequent years' tax rolls resulting in ad valorem tax revenue due subsequent to November 1, 2000, for the tax year commencing January 1, 2000, and subsequent years.

(e)

Exemptions.

(1)

The following public bodies or taxing authorities created prior to July 1, 1993, are exempt from subsection (b) of this section:

a.

A special district that levies ad valorem taxes on taxable real property in more than one (1) county.

b.

A special district the sole available source of revenue of which is ad valorem taxes at the time of adoption of this section.

c.

A library district, except a library district in a jurisdiction where the community redevelopment agency has validated bonds as of April 30, 1984.

d.

A neighborhood improvement district created under the Safe Neighborhoods Act.

e.

A metropolitan transportation authority.

f.

A water management district created under F.S. § 373.069.

(2)

The city commission may exempt from subsection (b) of this section a special district that levies ad valorem taxes within either community redevelopment area. The city commission may grant the exemption either in its sole discretion or in response to the request of the special district. In order to be considered for an exemption, a special district must submit a written request to the city commission. In deciding whether to deny or grant a special district's request for exemption, the city commission must consider:

a.

Any additional revenue sources of the community redevelopment agency which could be used in lieu of the special district's tax increment.

b.

The fiscal and operational impact on the community redevelopment agency.

c.

The fiscal and operational impact on the special district.

d.

The benefit to the specific purpose for which the special district was created. The benefit to the special district must be based on specific projects contained in the approved community redevelopment plan for the designated community redevelopment area.

e.

The impact of the exemption on incurred debt and whether such exemption will impair any outstanding bonds that have pledged tax increment revenues to the repayment of the bonds.

f.

The benefit of the activities of the special district to the approved community redevelopment plan.

g.

The benefit of the activities of the special district to the city.

(3)

The city commission must hold a public hearing on the special district's request for exemption after public notice of the hearing is published in a newspaper having a general circulation in the city. The notice must describe the time, date, place, and purpose of the hearing and must identify generally the community redevelopment area covered by the plan and the impact of the plan on the special district that requested the exemption. If the city commission grants an exemption to a special district, the city and the special district must enter into an interlocal agreement that establishes the conditions of the exemption, including, but not limited to, the period of time for which the exemption is granted. If the city commission denies a request for exemption by a special district, the city commission shall provide the special district with a written analysis specifying the rationale for such denial. This written analysis must include, but is not limited to, the following information:

a.

A separate, detailed examination of each consideration listed in subsection (e)(2).

b.

Specific examples of how the approved community redevelopment plan will benefit, and has already benefited, the purpose for which the special district was created.

(4)

The decision to either deny or grant an exemption must be made by the city commission within one hundred twenty (120) days after the date the written request was submitted to the city commission pursuant to the procedure established herein.

(f)

Annual disposition of funds, auditing.

(1)

Pursuant to F.S. § 163.387(7), on the last day of the fiscal year of the community redevelopment agency, any money which remains in the fund after the payment of expenses pursuant to F.S. § 163.387(6) for such year shall be:

a.

Returned to each taxing authority which paid the increment in the proportion that the amount of the payment of such taxing authority bears to the total amount paid into the trust fund by all taxing authorities within each community redevelopment area for that year;

b.

Used to reduce the amount of any indebtedness to which increment revenues are pledged;

c.

Deposited into an escrow account for the purpose of later reducing any indebtedness to which increment revenues are pledged; or

d.

Appropriated to a specific redevelopment project pursuant to an approved community redevelopment plan which project will be completed within three (3) years from the date of such appropriation.

(2)

The community redevelopment agency shall provide for an independent financial audit of the fund each fiscal year and a report of such audit. Such report shall describe the amount and source of deposits into, and the amount and purpose of withdrawals from, the trust fund during such fiscal year and the amount of principal and interest paid during such year on any indebtedness to which is pledged increment revenues and the remaining amount of such indebtedness. The community redevelopment agency shall provide a copy of the report to each taxing authority.

(g)

Severability. If any part or provision of this ordinance shall be declared void or illegal by any court or administrative agency having jurisdiction, it is the intent of the city that the entire ordinance shall not be void, but that the remaining parts or provisions shall continue in effect.

(h)

Conflicts. That all ordinances in conflict herewith are hereby repealed to the extent necessary to give this section full force and effect.

(i)

Effective date. That this section shall take effect immediately upon passage at second reading.

(Ord. No. O-00-15, § 2, 6-26-00)