3285 ORDINANCE NO. 3285
~N ORDINANCE PROVIDING FOR AND ESTABLISHING A
LAKE MONROE WATERFRONT AND DOWNTOWN SANFORD
~OMMUNITY REDEVELOPMENT TRUST FUND PURSUANT TO
THE PROVISIONS OF SECTION 163.387, FLORIDA
STATUTES; PROVIDING FOR CITY AND COUNTY
REVENUES TO BE APPROPRIATED INTO SAID TRUST
FUND; PROVIDING A DATE ON WHICH PAYMENTS TO
SUCH REDEVELOPMENT TRUST FUND SHALL TERMINATE;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE PEOPLE OF THE CITY OF SANFORD:
SECTION 1. There is hereby established and created in
accordance with the provisions of Section 163.387, Florida Statutes
(1994), a Lake Monroe Waterfront and Downtown Sanford Community
Redevelopment Trust Fund hereafter referred to as the "Fund."
The funds allocated to, and deposited into the Fund are hereby
appropriated to the Sanford Community Redevelopment Agency,
hereafter referred to as the "Agency," to finance the City of
Sanford Community Redevelopment Projects within the redevelopment
area (hereinafter referred to as the "Lake Monroe Waterfront and
Downtown Sanford Community Redevelopment Area") created by
Resolution 1715 of the City of Sanford. The Agency shall utilize
the funds and revenues paid into and earned by the Fund for all and
every community redevelopment purpose delegated to it in the
aforementioned Resolution, as amended, and as contained in the plan
for redevelopment as provided by law dated December 11, 1994. Said
Fund shall exist for a period not exceeding twenty (20) years.
There shall be paid into the Fund, and the City hereby
appropriates, commits and sets over for payment into the Fund, a
sum equal to that increment from the income proceeds, revenues and
funds of the City derived from or held in connection with the
community redevelopment project area, and the Agency's undertaking
and carrying out of the community redevelopment project therein.
Said increment shall be determined and appropriated annually and
shall be as set forth in §163.387, Fla. Stat. (1994). It shall be
in an amount equal to 95% (ninety five percent) of the difference
between:
(a) The amount of ad valorem taxes levied each year by
the City of Sanford and by Seminole County, 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 the
City of Sanford and by Seminole County, 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
by the most recent assessment roll used in connection with the
taxation of such property by the City of Sanford and Seminole
County prior to the effective date of this Ordinance, providing for
the funding of the trust fund.
The City will annually appropriate to the Fund the aforestated
sum at the beginning of the City's fiscal year. The fund shall
receive the tax increment above described only as, if and when,
such taxes may be collected by the City. The City's obligation to
annually appropriate to the fund shall commence immediately upon
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~he effective date of this Ordinance and continue to the extent
permitted by state law, until all loans, advances and indebtedness,
if any, and interest thereon incurred bythe Agency as a result of
the projects have been paid, and only to the extent that the tax
increment recited above accrues.
The Agency is directed to establish and set up the Fund and to
develop and promulgate rules, regulations and criteria whereby the
Fund may be promptly and effectively administered, including the
~tablishment and the maintenance of books and records and adoption
of procedures whereby the Agency may, expeditiously and without
undue delay, utilize said fund for its allocated statutory purpose.
The Agency is vested with full responsibility for the receipt,
custody, disbursement, accountability, management and proper
application of all monies paid into the Fund. The governing body
of the Agency shall be the Trustee of the fund.
Monies in the Fund may not be spent for community
redevelopment projects without the approval of the City Commission
of the City of Sanford.
SECTION 2. All ordinances or parts of ordinances in conflict
herewith be and the same are hereby repealed.
SECTION 3. This Ordinance being for a public purpose and for
the welfare of the citizens of the City of Sanford, Florida shall
be liberally construed to effectuate the purposes thereof.
SECTION 4. If any section, subsection, sentence, clause or
provision of this Ordinance is held invalid, the remainder of this
Ordinance shall not be affected by such invalidity.
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SECTION 5. EFFECTIVE DATE. This Ordinance shall take effect
iEediately upon its final passage and adoption.
PASSED AND ADOPTED this 18th day of Dece~er, 1995.
MAYO~
ATTEST:
AS THE CITY COMMISSION OF THE
CITY OF SANFORD, FLORID
CERTIFICATE
I, Janet R. Dougherty, City Clerk of the City of Sanford,
Florida, do hereby certify that a true and correct copy of the
foregoing Ordinance No. 3285, PASSED AND ADOPTED~the City
Co issi n of the City of Sanford, Florida, on the _day of
1995.
As~'Cle~rk~ft~City
of Sanford, Florida
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