Sec. 111.625. - Cecil Commerce Center Trust Fund.

There is created an account to be known as the Cecil Commerce Center Trust Fund, into which shall be deposited all funds and all revenues received or earned by the City from the development and operation of the Cecil Commerce Center (excluding all such funds or revenues relative to a portion of Cecil Commerce Center as may be governed by any interlocal agreement between the Jacksonville Airport Authority and the City and/or Office of Economic Development which the Jacksonville Airport Authority obtains property interests or control over a portion of Cecil Commerce Center) from any legal entity (individual, governmental, corporate, etc.) to include among other things the payment of rental, property sales proceeds or other proceeds from interests in property rights or other fees associated with any use by such legal entity of the economic development and parks and recreation portions of Cecil Commerce Center, together with the interest earnings thereon. The Director of Finance and Administration shall establish separate accounts identifying revenues sources and uses for "economic development" and "parks and recreation" activities at Cecil Commerce Center. The funds shall be used for (a) improvements, repairs, or maintenance costs for any of the facilities at Cecil Commerce Center which are leased or licensed by the City, or any property or facility transferred by economic development or parks and recreation conveyances to the City, from the United States Department of the Navy; (b) the cost of any realtor commissions payable by the City pursuant to contracts (herein subleases or sublicenses) approved by the City Council; or (c) such other costs of undertaking City obligations, goals and objectives at Cecil Commerce Center as proposed by the Mayor and the Office of Economic Development (herein "OED"). The Executive Director of the OED or his designee is responsible for the administration of this fund. Effective October 1, 2001, all appropriations of the trust fund shall be subject to prior approval of the City Council and the appropriations shall not lapse at the end of the fiscal year. All monies and interest placed or earned in this trust fund shall remain in the trust fund until expended for purposes described herein. (Ord. 98-1052-E, § 1; Ord. 2001-742-E, § 1; Ord. 2006-422-E, § 99; Ord. 2012-364-E, § 10; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization. Note— Former § 110.397.