§ 13-322. Monies appropriated to and comprising the fund.

The Fund shall consist of and the County hereby appropriates, commits, and sets over for payment into the Fund an amount not less than the increment of income, proceeds, revenues, and funds of each taxing authority derived from or held in connection with its undertaking and carrying out of community redevelopment projects in accordance with the redevelopment plan. Such increments shall be determined annually and shall be that amount equal to ninety-five percent (95%) 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 contained within 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 taxable real property in the community redevelopment area as shown on 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 Ordinance.

c.

The taxing authorities enumerated in Section 163.387(2)(c), Florida Statutes, are exempt from increment financing.

(Ord. No. 2014-17, § 2, 4-22-14)