§ 3-9-47.1. Charlotte Harbor Community Redevelopment Area tax increment financing.

(a)

Definitions. Unless specifically defined below or elsewhere in this Section, words and phrases used in this this section shall be ascribed a meaning which they have in common usage and which gives this Code its most reasonable application.

Fund shall mean the Charlotte Harbor Community Redevelopment Area Trust Fund.

Increment(s) shall mean amounts taxing authorities are required to appropriate to the fund on an annual basis as determined by a formula set forth hereafter.

Taxing authority(ies) shall mean the State of Florida, Charlotte County and any authority, special district (as defined in F.S. § 165.031(5) or other public body of the state, except a school district, library district, neighborhood improvement district created pursuant to the Safe Neighborhoods Act, metropolitan transportation authority, water management district created under F.S. § 373.069, a special district that levies ad valorem taxes on taxable real property in more than one (1) county or a special district the sole source or revenue of which is ad valorem taxes on the effective date of this Code [December 15, 2003].

(b)

Funding of community redevelopment trust fund. In accordance with F.S. § 163.387, the board hereby provides for the funding of the fund. Monies allocated to and deposited into the fund and monies earned by the fund are hereby appropriated to the agency for the purposes set forth in the plan and all other activities authorized by law.

(c)

Annual appropriation of tax increment.

(1)

The fund shall be funded in an annual amount that is not less than the increment of each taxing authority.

(2)

The increment shall be determined and appropriated annually. The increment shall be an amount equal to 95 percent of the difference between:

a.

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 within Charlotte Harbor; 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 or for each taxing authority, exclusive of any amount from any debt service millage, upon the total of the assessed value of the taxable real property in Charlotte Harbor, as shown on the most recent assessment roll used in connection with the taxation of real property in Charlotte Harbor by each taxing authority prior to the effective date of this Code [December 15, 2003].

(d)

Obligation of taxing authorities to appropriate funds annually.

(1)

Commencing on the effective date of this Code [December 15, 2003], each taxing authority shall appropriate a sum that is no less than the increment specified in this section to the fund by January 1 of each year. Except as provided below, the taxing authorities' obligation to annually appropriate the increments shall continue for so long as any indebtedness pledging increment revenues for the payment thereof is outstanding, but shall not exceed thirty (30) years. If the plan is amended, each taxing authority shall make the annual appropriation for a period not to exceed thirty (30) years from the date that the plan is amended.

(2)

Any taxing authority that does not pay an annual increment to the fund by January 1 shall pay the fund a penalty of five percent of the outstanding increment together with one (1) percent interest thereon for each month that the increment is outstanding.

(3)

Notwithstanding the other provisions of this section, Charlotte County's obligation to annually appropriate the increment shall continue until all loans, advances, and indebtedness, if any, and interest thereon, undertaken or incurred by the agency as a result of redevelopment in Charlotte Harbor have been paid.

(e)

Fund implementation.

(1)

Prior to the expenditure of any increment revenue, the recipient or the user of the revenue, the amount of the revenue to be expended, and the deadline for expenditure shall be specified. Each appropriation shall be reviewed every five (5) years. An appropriation shall be discontinued in the event that it is not renewed or approved for another five (5) years.

(2)

Monies in the fund may be expended from time to time for the following purposes, when directly related to financing or refinancing of redevelopment in Charlotte Harbor pursuant to the plan:

a.

Administrative and overhead expenses necessary or incidental to plan implementation.

b.

Expenses of redevelopment, planning, surveys and financial analysis, including the reimbursement of Charlotte County or the agency for such expenses incurred before the plan was approved or adopted.

c.

The acquisition of real property in Charlotte Harbor.

d.

Capital projects approved by the board.

e.

The clearance and preparation of any redevelopment area for redevelopment and relocation of site occupants as provided in F.S. § 163.370 of the Act.

f.

The repayment of principal and interest or any redemption premium for loans, advances, bonds, bond anticipation notes and any other form of indebtedness.

g.

All expenses incidental to or connected with the issuance, sale, redemption, retirement or purchase of agency bonds, bond anticipation notes or other forms of indebtedness including funding of any reserve, redemption or other fund or account provided for in the ordinance or resolution authorizing such bonds, notes or form of indebtedness.

(3)

The agency shall establish and set up the fund and develop and promulgate rules, regulations, and criteria whereby the fund may be promptly and effectively administered.

(4)

The agency shall establish and maintain books and records and adopt procedures to enable the agency to utilize monies in the fund for their stated purposes without undue delay.

(5)

On the last day of the agency's fiscal year, any money remaining in the fund after payment of expenses 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 fund by all taxing authorities within Charlotte Harbor for that year;

b.

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

c.

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

(f)

Fund management; independent audit.

(1)

The agency shall be responsible for the receipt, custody, disbursement, accountability, management and proper application of all monies paid into the fund, subject to the relevant provisions of Florida law, the plan and this Code.

(2)

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

(Ord. No. 2016-042, § 1(Exh. A), 11-22-16; Ord. No. 2018-001, § 1(Exh. A), 1-23-18)