§ 30A-122. Establishment of redevelopment trust fund; appropriation of funds; calculation of increment.

The Florida City Community Redevelopment and Revitalization Trust Fund (the "Fund") is hereby established. Each taxing authority (as defined in Part III Chapter 163, Florida Statutes, as amended) shall annually pay into the Fund, a sum not less than that increment in the income, proceeds, revenues and funds of each taxing authority derived from or held in connection with the community redevelopment area, and the city's undertaking and implementing of the plan. The increment shall be determined annually and shall be that amount equal to ninety-five (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.

The amount of ad valorem taxes levied each year will be based on the millage rate in effect in that year for each taxing authority.

(Ord. No. 95-108, § 2, 6-20-95)