§ 500.114. Merger of Downtown East and Northside West Community Redevelopment Areas and Trust Funds.

In order to conform with the provisions of the Downtown Jacksonville Master Plan, the Northside West Community Redevelopment Area and the Northside East Community Redevelopment Area, which were created pursuant to F.S. Ch. 163, were merged and consolidated into a single combined community redevelopment area known as the Northbank Downtown Community Redevelopment Area. The Northbank Downtown Community Redevelopment Area shall hereafter be deemed a community redevelopment area under this Chapter and administered in conformity with the provisions of this Chapter.

The existing community redevelopment plans for the Downtown East and Northside West Community Redevelopment Areas were merged and consolidated into a single community redevelopment plan for the Northbank Downtown community redevelopment area. The merged community redevelopment plan and the implementation thereof shall be governed by the provisions of the Northbank CRA Plan contained within the BID Plan adopted pursuant to Ordinance 2014-560-E.

The Community Redevelopment Trust Funds for the Downtown East and Northside West Community Redevelopment Areas were combined and consolidated into a single Northbank Downtown Community Redevelopment Trust Fund for the Northbank Downtown Community Redevelopment Area to be used in accordance with the Northbank CRA Plan contained in the BID Plan; provided, however, that separate accounting records shall be maintained with respect to each of the former areas in order to reflect that the base year for the calculation of the increment revenues in the former Northside West Community Redevelopment Area is 1981, and that the base year for the calculation of the increment revenues in the former Downtown East Community Redevelopment Area is 1984. This separation is done in order to correctly calculate the increment revenues, and to assure that any outstanding indebtedness payable from increment revenues prior to the merger in each of such former areas is repaid only from increment revenue derived from such former area, respectively. Any indebtedness created after the merger may be paid by either of the former areas. Likewise, funds in the Northbank Downtown CRA Trust Fund may be utilized by the DIA for Project and Programs anywhere within the Northbank Downtown community redevelopment area regardless of whether the increment was generated from the former Downtown East area or the former Northside West area.

(Ord. 2000-1078-E, § 1.03; Ord. 2018-555-E , § 6)