Sec. 111.640. - Southside CRA Trust Fund and the Northbank Downtown CRA Trust Fund of the Downtown Investment Authority.

(a) There shall be established two funds, as required by F.S. § 163.387, to be known as (1) the Southside CRA Trust Fund , and (2) the Northbank Downtown CRA Trust Fund , of the Downtown Investment Authority. The Southside CRA Trust Fund shall contain all funds currently contained in the Southbank Tax Increment Fund of the Special Revenue Fund and shall continue in its new formation in full force and effect. The Northbank Downtown CRA Trust Fund shall contain all funds currently contained in the Downtown East Tax Increment Fund and the Northside West Tax Increment Fund of the Special Revenue Fund and shall continue in full force and effect. The Northbank Downtown CRA Trust Fund shall maintain two separate accounting records, one for the Downtown East CRA and one for the Northside West CRA, for the purpose of segregating funds required to satisfy outstanding obligations, if any, that were remaining at the time of the merger of the Downtown East CRA and the Northside West CRA pursuant to Ordinance 2000-1078-E and to accurately calculate the increment revenues in the former Downtown East CRA and the Northside West CRA, pursuant to F.S. Ch. 163, Pt. III, and Section 500.114, Ordinance Code, because those areas have different increment base years. However, after satisfaction of any current payments due on any obligations of either the Downtown East CRA or Northside West CRA that predated the merger, funds in the Northbank Downtown CRA Trust Fund may be used by the DIA for Plan Capital Projects, Programs and Professional Services anywhere within the Northbank Downtown community redevelopment area regardless of whether the increment was generated from the former Downtown East CRA or the former Northside West CRA. In addition to the tax increment funds from each CRA and any other funds available to the Authority, funds appropriated to and deposited into said Trust Funds may be used by the Authority, subject to prior approval by the Board and pursuant to the Authority's BID Plan approved and adopted by City Council via Ordinance 2014-560-E, to finance or refinance all or part of the cost of construction or acquisition of any Plan Capital Project or pay for the cost of a Program or Plan Professional Service now or hereafter undertaken by the Authority individually or with or by any other governmental entity. Funds deposited into these Trust Funds shall be placed and accounted for in separate interest bearing accounts and all accrued interest shall remain in the respective Trust Funds. (b) If the Southside CRA Tax Increment District or the Northbank Downtown Tax Increment District ceases to exist, the Southside CRA Trust Fund and the Northbank Downtown CRA Trust Fund shall be dissolved, as appropriate, relating to the fund that ceases to exist, and all funds previously deposited therein by a taxing authority together with a pro rata share of any interest having accrued thereon shall be returned to the appropriate City account for appropriation following compliance with all contractual or bond obligations that are outstanding. (c) All existing funds and accounts, encumbered and unencumbered, for each Community Redevelopment Agency Trust Fund (Southside Community Redevelopment Area and the Northbank Downtown Community Redevelopment Area) shall be available for use to the Downtown Investment Authority, but only within their respective CRA boundaries commencing with the 2012-2013 budget year. The DIA proposed budget shall limit administrative and overhead expenses paid from the Trust Funds to no more than ten percent of amounts available after providing for all other current and proposed Tax Increment financed obligations, and based upon the pro rata time or effort within each CRA. On a semi-annual basis, commencing April 1, 2013, the DIA shall provide to the Mayor and the Council an annual financial statement prepared by staff describing all of the expenditures and purpose of the Trust Funds of the Downtown Investment Authority describing accomplishments and compliance with the Business Investment and Development Plan. (d) The provisions of this Section shall prevail in the event that any provisions or portions thereof of the Ordinance Code, including but not limited to the provisions of Section 500.112 and/or Section 500.113 , Ordinance Code, conflict with the provisions set forth herein. Chapter 55 , Ordinance Code, are the provisions which primarily govern the operations of the Downtown Investment Authority and are referenced here for the purpose of cross-reference. (e) There shall be paid into the Fund, and the City hereby appropriates, commits and sends over for payment into the Fund, a sum equal to the increment from the income, proceeds, revenues and funds of the City derived from or held in connection with the CRA for the purpose of undertaking and carrying out the community redevelopment programs, projects and activities set forth in the BID Plan. Such increment shall be determined and appropriated annually and shall be an amount equal to 95 percent of the difference between: (1) The amount of ad valorem taxes levied each year by the City on taxable real property contained within the CRA; and (2) 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 the City upon the total of the assessed value of the taxable real property in the CRA as shown upon the most recent tax assessment roll used in connection with the taxation of such property by the City, last determined prior to the effective date of the ordinance approving the Plan. (f) The City shall annually send to the Fund the above sum by January 1 of each year. The City's obligation to annually appropriate to the Fund shall commence immediately upon the effective date of this Section and continue until all loans, advances and indebtedness, if any, and interest thereon incurred by the City as a result of the redevelopment outlined in the Plan have been paid, and only to the extent of the above-stated tax increment accrual. (g) The funds authorized by the Authority and allocated for specific Programs, Plan Capital Projects, or Professional Services consistent with the Plan shall not lapse at the close of any fiscal year, but instead shall carry over to the next fiscal year in accordance with Section 106.345 , Ordinance Code. It is recognized and understood that some Programs, Plan Capital Projects or Plan Professional Services will span several years in order to collect the funds necessary to complete the Program, Plan Capital Project or Plan Professional Service. (h) Pursuant to F.S. § 163.387(7)(a), any funds remaining in the Trust Fund at the end of the fiscal year that have not been encumbered or allocated to an activity that carries over as provided in Chapter 106 , Part 3, Subpart D, Ordinance Code, and that have not been allocated in accordance with F.S. § 163.387(7)(b), (c) or (d), as amended, shall be segregated and made available by the City Council for the purpose of economic development within downtown. (i) Unless otherwise defined in this Section, all capitalized terms shall have the meanings given to them in Chapter 106 , Part 3, Subpart D, Ordinance Code and Chapter 500 , Ordinance Code, as applicable. (Ord. 2012-364-E, § 3; Ord. 2014-560-E , § 13; Ord. 2016-140-E , § 16; Ord. 2018-555-E , § 4)