3177 ORDINANCE NO. 3177
AN ORDINANCE AMENDING ORDINANCE NO. 3160
ENTITLED "AN ORDINANCE PROVIDING FOR AND
ESTABLISHING A REDEVELOPMENT TRUST FUND
PURSUANT TO THE PROVISIONS OF SECTION 163.38,
FLORIDA STATUTES; PROVIDING FOR CITY REVENUES
TO BE APPROPRIATED INTO SAID TRUST FUND;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDINGANEFFECTIVE DATE" BY
AMENDING SECTION 1 THEREOF TO CLARIFY THE DATE
ON WHICH PAYMENTS TO SUCH REDEVELOPMENT TRUST
FUND SHALL TERMINATE; AND PROVIDING A/~
EFFECTIVE DATE.
BE IT ORDAINED BY THE PEOPLE OF THE CITY OF SANFOPJ):
SECTION 1. Section 1 of Ordinance No. 3160 is hereby amended
to read as follows:
"SECTION 1. There is hereby established and created
in accordance with the provisions of Section 163.387,
Florida Statutes, a 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 "Seminole Towne Center
Community Redevelopment Area") created by Resolution 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.
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 an amount equal to
47.5% (forty-seven and one-half percent) of the
difference between:
(a) The amount of ad valorem taxes levied each
year by the City on taxable real property contained
within the geographic boundaries of the 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 upon the total of the
assessed value of the taxable property in the
redevelopment area as shown upon the most recent
assessment roll used in connection With the taxation of
such property by the City prior to the effective date of
the Ordinance or resolution of the City approving the
community redevelopment plan.
In calculating the increment, the amount of the ad
valorem taxes levied based on the City-wide debt service
on general obligation bonds of the City shall be totally
excluded from the calculation. All increment in this
amount shallcontinue to be used for its voter approved
purpose and shall not be appropriated in any part-of the
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
the effective date of this Ordinance and continue until
all loans, advances and indebtedness, if any, and
interest thereon incurred by the Agency as a result of
the projects have been paid and only to the extent that
the tax increment recited above accrues. Notwithstanding
the foregoing or any provision of this ordinance to the
contrary, the obligation of the City to annually
appropriate to such Fund sh~ll terminate on December 31,
2011, whether or not obligations of the Agency or the
City payable from such Fund remain outstanding. However,
payments received after December 31, 2011 with respect to
the tax year ending December 31, 2011 shall be deposited
to such Fund.
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 establishment and the
maintenance of books and records and adoption of
procedures whereby the Agency may, expeditiously and
without undue delay, utilize said funds for their
allocated statutory purpose.
The Agency is vested with full responsibility for
the receipt, custody, disbursement, accountability,
management and proper application of all moneys paid into
the Fund.
Moneys in the Fund may not be spent for community
redevelopment projects without the approval of the City
Commission of the City of Sanford."
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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 S~nford, 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.
SECTION 5. It is the intention of the City Commission, and
it is hereby ordained that the provisions of this ordinance shall
become and be made a part of the Code of the City of Sanford. The
sections of this Ordinance may be ren~bered or relettered to
accomplish such intention, and the word "Ordinance" may be changed
to "Section," "Article," or other appropriate word.
Passed on first reading On th~27~day of~993.
1993.
AS THE CITY COM}4ISSION OF THE CITY
OF SANFORD, FLORIDA
ATTEST:
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CERTIFICATE
I, Janet R. Donahoe, City Clerk of the City of Sanford,
Florida, do hereby certify that a true and correct copy of the
attached Ordinance No. 3177, PASSED and ADOPTED by the City
Commission of the City of Sanford, Florida, on the llth day of
October, 1993, was POSTED at the front door of the City Hall in the
City of Sanford, Florida, on the 12th day of October, 1993.
clerk of
City of Sanford, Florida