Sec. 500.112. - Redevelopment trust funds.

(a) The City has established for the existing Community Redevelopment Agencies, and shall establish for any new Community Redevelopment Agency, redevelopment trust funds. Funds allocated to and deposited into a redevelopment trust fund shall be used by the Agency to finance or refinance any Plan Authorized Expenditures it undertakes pursuant to an approved community redevelopment plan. The Agency may not receive or spend any increment revenues pursuant to this Section unless and until the City Council has, by ordinance, provided for the funding of the redevelopment trust fund for the duration of a community redevelopment plan. Such ordinance may be adopted only after the City Council has approved a community redevelopment plan. The annual funding of the redevelopment trust fund shall be in an amount not less than that increment in the income, proceeds, revenues, and funds derived from or held in connection with the undertaking and carrying out of community redevelopment under this Chapter. Such increment shall be determined annually and shall be that amount equal to 95 percent of the difference between: (1) The amount of ad valorem taxes levied each year, exclusive of any amount from any debt service millage, on taxable real property contained within the geographic boundaries of a community redevelopment area; and (2) The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the community redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property prior to the effective date of the ordinance providing for the funding of the trust fund. (b) Upon the adoption of an ordinance providing for funding of a redevelopment trust fund, the City shall, each year, appropriate to each community redevelopment trust fund, for so long as any indebtedness pledging increment revenues to the payment thereof is outstanding, a sum that is no less than the increment as defined and determined in subsection (a) above accruing to the City. (c) Notwithstanding the provisions of subsection (b), the obligation of the City to fund a redevelopment trust fund annually shall continue until all loans, advances, and indebtedness, if any, and interest thereon, incurred as a result of Projects, Programs, or Plan Professional Services, in a community redevelopment area have been paid. (d) Moneys in the redevelopment trust fund may be expended by an Agency for any purpose directly related to redevelopment in a Community Redevelopment Area pursuant to an approved community redevelopment plan only pursuant to an annual budget adopted by the Agency Board and only for the purposes specified in the annual budget of each CRA, including, but not limited to, the following: (1) Administrative and overhead expenses necessary or incidental to the implementation of a community redevelopment plan or project. (2) Expenses of redevelopment planning, surveys, and financial analysis, including the reimbursement of the City for such expenses incurred before the redevelopment plan was approved and adopted. (3) The acquisition and sale or other disposition of real property in the redevelopment area, as approved by the City Council. (4) The clearance and preparation of any redevelopment area for redevelopment and relocation of site occupants, as approved by the City Council. (5) The repayment of principal and interest or any redemption premium for loans, advances, bonds, bond anticipation notes, and any other form of indebtedness. (6) All expenses incidental to or connected with the issuance, sale, redemption, retirement, or purchase of bonds, bond anticipation notes, or other form of indebtedness, including funding of any reserve, redemption, or other fund or account provided for in the ordinance authorizing such bonds, notes, or other form of indebtedness. (7) Residential development and related office, commercial and light industrial projects within the community redevelopment area. (8) The development of community policing innovations, as approved by the City Council. (9) The cost of any community redevelopment, including any project, undertaken in the community redevelopment area. (e) Prior to the conclusion of each fiscal year, each Agency is authorized to approve the expenditure of funds remaining in their Trust Fund(s), after the payment of expenses, pursuant to F.S. § 163.387(7), without further City Council action. (f) If the expenditure of said funds within the DIA Trust Funds have not been so approved by the end of the fiscal year by the Agency, such funds shall be segregated and made available by the City Council for the purpose of economic development within Downtown. (g) If the expenditure of said funds have not been so approved by the end of the fiscal year by the non-downtown Agencies, such funds shall be returned to the General Fund, or other originating source of funding. (Ord. 2000-1078-E, § 1.03; Ord. 2018-555-E , § 6; Ord. 2019-698-E , § 1)