3160 ORDINANCE NO. 3160
A/~ ORDINA/qCE 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 OTHERMATTERS 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 163.687, Florida
Statutes, a redevelopment trust fund hereafter referred to as the
The funds allocated tO, and deposited into the Fund are hereby
appropriated to the Sanford Community RedQvQlopment 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 Towns 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, as
amended, and as contained in the plan for redevelopment as provided
by law, said Fund shall exist for the duration of the projects
within the Redevelopment Area.
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,~ (forty-seven a~ ~ne-h~lf
percent) of the difference between:
(a) The amount of ad valorem taxes levied each year by
the City on ta×able 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 redevelopmerit
plan.
In salculating the increment, the amount of the ad valorem
taxes levied based on the city-wide debt 8errice on general
obligation bonds of the City shall be totally excluded from the
calculation. All increment in this amount shall continue 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. [^] Tb~ city's obligation to
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annually appropriate to the Fund shall commence immediately upon
the effective date of thi~ ordinance and continue until all loans,
advances and indebtedness, if any, andinterest 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, the obligation of the City to
annually appropriate [^] to such Fund shall terminate [^] o~
December 3l, 2011, whether or not oblig~ti0ns of the A~encv or the
City D~yable from such Fund rem%in ou~s~aDdin~,
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, managemsnt 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.
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.
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 tenumbered 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 the/~day of June, 1993.
Passed on second and final reading on theo~___~day of June,
1993.
CITY C0~ISSION 0 ~ANFORD, FLORIDA
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. 3160, PASSED and ADOPTED by the City
Commission of the City of Sanford, Florida, on the 28th day of
June, 1993, was POSTED at the front door of the City Hall in the
City of Sanford, Florida, on the 29th day of June, 1993.
~he/City Clerk of the
City of Sanford, Florida