The West Perrine 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. 07-79, § 2, 6-5-07)
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