The 7th Avenue Corridor Community Redevelopment and Revitalization Trust Fund (the
"Fund") is hereby established. Each taxing authority (as defined in the Act) shall
annually pay into the Fund, an amount not less than that increment in the income,
proceeds, revenues and funds of each taxing authority derived from or held in connection
with the undertaking and carrying out of community redevelopment in accordance with
the Act. The increment shall be determined annually and shall be that amount equal
to 95 percent of the difference between: (a) the amount of ad valorem taxes levied
each year by each taxing authority, exclusive of any amount from any debt service
millage, 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 or for each taxing authority,
exclusive of any debt service millage, upon the total of the assessed value of the
taxable real property in the Redevelopment Area as shown upon the most recent assessment
roll used in connection with the taxation of such property by each taxing authority
prior to the effective date of this article.
(Ord. No. 04-124, § 2, 6-22-04)
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