§ 111.642. KingSoutel Crossing CRA Trust Fund.

(a)

There shall be established a fund, as required by F.S. § 163.387, to be known as the KingSoutel Crossing CRA Trust Fund (the "Trust Fund"). There shall be paid into the Trust Fund, and the City hereby appropriates, commits and sends over for payment into the Fund, a sum equal to the increment from the income, proceeds, revenues and funds of the City derived from or held in connection with the KingSoutel Crossing CRA for the purpose of undertaking and carrying out the community redevelopment programs, projects and activities set forth in the Community Redevelopment Plan. Such increment shall be determined and appropriated annually and shall be an amount equal to 95 percent of the difference between:

(1)

The amount of ad valorem taxes levied each year by the City on taxable real property contained within the CRA; 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 the City upon the total of the assessed value of the taxable real property in the CRA as shown upon the most recent tax assessment roll used in connection with the taxation of such property by the City, last determined prior to the effective date of the ordinance approving the Plan.

(b)

The City shall annually appropriate to the Trust Fund the above sum by January 1 of each year. The City's obligation to annually appropriate to the Fund shall commence immediately upon the effective date of this Section and continue until all loans, advances and indebtedness, if any, and interest thereon incurred by the City as a result of the redevelopment outlined in the Plan have been paid, and only to the extent of the above-stated tax increment accrual.

(c)

Funds deposited into the Trust Fund shall be used by the CRA in accordance with the Plan and the Approved CRA Budget, subject to the provisions of Chapter 106, Part 3, Subpart D, Ordinance Code, and shall be placed and accounted for in a separate interest bearing account and all accrued interest shall remain in the Trust Fund.

(d)

The funds authorized by the CRA Board and allocated for specific Programs, Plan Capital Projects, or Plan Professional Services consistent with the Plan shall not lapse at the close of any fiscal year, but instead shall carry over to the next fiscal year in accordance with Section 106.345, Ordinance Code. It is recognized and understood that some Programs, Plan Capital Projects or Plan Professional Services will span several years in order to collect the funds necessary to complete the Program, Plan Capital Project or Plan Professional Service.

(e)

Pursuant to F.S. Section 163.387(7)(a), any funds remaining in the Trust Fund at the end of the fiscal year that have not been encumbered or allocated to an activity that carries over as provided in Chapter 106, Part 3, Subpart D, Ordinance Code, and that have not been allocated in accordance with F.S. § 163.387(7)(b), (c) or (d), as amended, shall be returned to the General Fund, General Services District on an annual basis during the City's recapture process.

(f)

Unless otherwise defined in this Section, all capitalized terms shall have the meanings given to them in Chapter 106, Part 3, Subpart D, Ordinance Code and Chapter 500, Ordinance Code, as applicable.

(Ord. 2018-555-E , § 5)