§ 5-36-5 — Funding of the redevelopment trust fund

Sec. 5-36-5. - Funding of the redevelopment trust fund.

The annual funding of the redevelopment trust fund shall be in an amount not less than that increment in the income, proceeds, revenues and funds of each taxing authority derived from or held in connection with the undertaking and carrying out of community redevelopment under the Act. Such increment shall be determined annually and shall be that amount equal to 95 percent of the difference between: A. The amount of ad valorem tax levied in each year by each taxing authority, exclusive of any amount from any debt service millage, on taxable real property contained in the geographic boundaries of the community 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 or for each taxing authority exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the community redevelopment area as shown upon the most recent assessment role used in connection with the taxation of such property by each taxing authority prior to the effective date of the ordinance from which this chapter is derived. Pursuant to the requirements of the Act, each taxing authority located within the community redevelopment area shall by January 1 of each year commencing January 1, 2002, appropriate to the redevelopment trust fund for so long as any indebtedness pledging increment revenue to the payment thereof is outstanding (but not to exceed 30 years) a sum that is no less than the increment as defined and described in this section accruing to such taxing authority. If the plan is amended or modified pursuant to the Act, each such taxing authority shall make the annual appropriation for a period not to exceed 30 years after the date the city and the county amend the plan.

(Code 1985, § 2-240.14; Ord. No. 4869, § 5, 6-5-2001)