Okaloosa County BOCC — October 21, 2014 — County TIF Ordinance v4_ 9.12.14 — reading text

ORDINANCE NO. 2014-_____ AN ORDINANCE OF OKALOOSA COUNTY PROVIDING FOR THE CREATION OF THE NORTH OKALOOSA TRANSPORTATION TAX INCREMENT AREA; DESCRIBING THE NORTH OKALOOSA TRANSPORTATION TAX INCREMENT AREA GEOGRAPHIC BOUNDARIES; PROVIDING DEFINITIONS; PROVIDING FOR THE CALCULATION OF AN ANNUAL TAX INCREMENT AMOUNT WITHIN THE GEOGRAPHIC BOUNDARIES OF THE NORTH OKALOOSA TRANSPORTATION TAX INCREMENT AREA; CREATING THE P. J. ADAMS CONSTRUCTION TRUST FUND; AUTHORIZING THE PLEDGE AND APPROPRIATION OF TRUST FUNDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, P. J. Adams Parkway represents a significant transportation corridor for northern Okaloosa County, which impacts transportation requirements of both the City of Crestview and the County; WHEREAS, P. J. Adams Parkway is in need of expansion to facilitate growth and economic development within northern Okaloosa County; WHEREAS, the expansion of P. J. Adams Parkway will foster growth and economic development throughout Okaloosa County and will provide additional employment opportunities for residents; and WHEREAS, the development of a dedicated revenue source to apply toward the expansion and construction of P. J. Adams Parkway will facilitate growth and economic development within northern Okaloosa County. NOW, THEREFORE, BE IT ENACTED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA: 1  SECTION 1. PURPOSE. It is the intent and objective of the Board to promote economic growth and development within Okaloosa County by providing the necessary infrastructure within northern Okaloosa County. In the implementation of such intent, it is the purpose of the Board to create a dedicated funding source for the construction and expansion of P. J. Adams Parkway. SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that: (A) The use of available Tax Increment revenues for the construction and expansion of P. J. Adams Parkway as a dedicated funding source enhances the general welfare of the County through the advancement of growth and economic development opportunities within northern Okaloosa County. (B) The boundaries of the North Okaloosa Transportation Tax Increment Area are intended to encompass a defined geographic area for the purpose of determining the Tax Increment paid and applied pursuant to ordinance, resolution or agreement within the meaning of the term "dedicated increment value" defined in section 200.001(8)(h), Florida Statutes. (C) Commencing in the Initial Tax Increment Year, the Tax Increment calculated pursuant to Section 4 of this Ordinance for the construction and expansion of P. J. Adams Parkway is intended to be a dedicated increment value referenced in the calculation of the "rolled back rate" under the method established in section 200.065(1), Florida Statutes. 2  SECTION 3. DEFINITIONS. As used in this Ordinance, the following words and terms have the following meanings, unless the context otherwise requires a different definition: "Aggregate Ad Valorem Millage Rate" means that millage rate obtained from the quotient of the sum of ad valorem taxes levied by the Board for countywide programs divided by the total taxable value of the County, excluding any Voted Millage and any levy within the boundaries of a Municipal Services Taxing Unit. "Aggregate Ad Valorem Taxes" means the total ad valorem revenue generated by a levy of the Aggregate Ad Valorem Millage Rate against the total taxable value of the County considered for any of the discrete Okaloosa County real property assessment rolls referenced in Section 4 of this Ordinance excluding any Voted Millage and any levy within the boundaries of a Municipal Services Taxing Unit. "Base Year Assessment Roll" means the last Okaloosa County Real Property Assessment Roll certified by the Property Appraiser as of January 1, 2015. "Board" means the Board of County Commissioners of Okaloosa County. "County" means Okaloosa County, Florida. "County Administrator" means the chief administrative officer of the County or such person's designee. "Initial Tax Increment Year" means the tax year commencing January 1, 2015 for the initial determination of a Tax Increment for the annual funding by the County of a Trust Fund for the construction and expansion of P. J. Adams Parkway. 3  “Municipal Services Taxing Unit” means the ad valorem tax levy imposed within the boundaries of a Unit created pursuant to Section 125.01(1) (q), Florida Statutes. "North Okaloosa Transportation Tax Increment Area" means the geographic area incorporated in Section 4 of this Ordinance and described in Attachment A which is the geographic area to be utilized to define and determine the Tax Increment to be paid into the P. J. Adams Construction Trust Fund to fund the construction and expansion of P. J. Adams Parkway. "P. J. Adams Construction Trust Fund" or "Trust Fund" means that Trust Fund created by Section 6 of this Ordinance for the deposit, maintenance and accounting of the Tax Increment revenues annually generated for the construction and expansion of P. J. Adams Parkway. "Project" means the expansion, improvement and reconstruction of the P. J. Adams Parkway and Antioch Road corridor as described in the Project Development & Environmental study as adopted by the Federal Highway Administration on September 3, 2013. The corridor is located in north Okaloosa County extending from the intersection of State Road 85 and P. J. Adams Parkway running west then north to the intersection of U.S. 90 and Enzor Road; this corridor shall also include any existing or future connections to Interstate 10, signage, stormwater improvements, street lighting, signalization and landscaping. "Property Appraiser" means the Property Appraiser of the County. 4  "Tax Increment" means the annual determination for the construction and expansion of P. J. Adams Parkway of the amount of tax increment revenues calculated pursuant to the formula adopted in Section 4 of this Ordinance. "Voted Millage" means ad valorem taxes levied in excess of maximum millage amounts authorized by law approved for periods not longer than two years by vote of the electors pursuant to Article VII, section 9(b), Florida Constitution, or ad valorem taxes approved by the electors and levied as provided in Article VII, section 12, Florida Constitution, whether required and authorized by law, ordinance or the Florida Constitution. SECTION 4. CREATION OF NORTH OKALOOSA TRANSPORTATION TAX INCREMENT AREA AND THE CALCULATION OF ANNUAL TAX INCREMENT AMOUNT. (A) The Board hereby defines the boundaries of the geographic area of North Okaloosa Transportation Tax Increment Area as the area described in Attachment A for the calculation of a dedicated increment value for the purposes of this Ordinance. (B) The Tax Increment amount for the construction and expansion of P. J. Adams Parkway shall be determined annually by the application of the following formula within the geographic area described in Attachment “A” and shall be the difference between: (1) the amount of Aggregate Ad Valorem Taxes received each year by the County from ad valorem taxes levied on taxable real property contained within the geographic boundaries of the North Okaloosa Transportation Tax Increment Area, excluding any Ad Valorem Taxes received as a result of a Voted Millage and any levy 5 within a Municipal Services Taxing Unit; and (2) the amount of Aggregate Ad Valorem Taxes which would have been produced by a levy of the Aggregate Ad Valorem Millage Rate each year by the County upon the taxable real property within the geographic boundaries of the North Okaloosa Transportation Tax Increment Area as shown on the Base Year Assessment Roll. (C) The amount to be funded by the County for the construction and expansion of P. J. Adams Parkway shall be as follows: (i) For the Initial Tax Increment Year and for the next two (2) Tax Increment Years thereafter, one hundred percent (100%) of the Tax Increment generated within the North Okaloosa Transportation Tax Increment Area. (ii) For the next three (3) Tax Increment Years, seventy- five percent (75%) of the Tax Increment generated within the North Okaloosa Transportation Tax Increment Area. (iii) For the next three (3) Tax Increment Years, fifty percent (50%) of the Tax Increment generated within the North Okaloosa Transportation Tax Increment Area. (iv) Thereafter, until the North Okaloosa Tax Increment Area is terminated or is otherwise dissolved, twenty-five (25%) of the Tax Increment generated within the North Okaloosa Transportation Tax Increment Area. 6  (D) The County Administrator shall certify to the Property Appraiser by October 1 of the year prior to the Initial Tax Increment Year, the boundaries of the designated geographic areas constituting and defining the North Okaloosa Transportation Tax Increment Area, the reference to the Base Year Assessment Roll to be applied, and the specific proportion of the cumulative increase in taxable value to be applied in determining the Tax Increment. Any change in geographic boundaries, the Base Year Assessment Roll or percentage of the specific proportion of the cumulative increase in taxable value shall be certified to the Property Appraiser prior to October 1 of the year in which the change is to occur. (E) The Tax Increment shall be collected for a period of twenty (20) years and used for the purposes set forth herein unless modified or repealed by the Board. SECTION 5. ANNUAL FUNDING OF NORTH OKALOOSA TRANSPORTATION TRUST FUND. Prior to May 1 of each County Fiscal Year, the Board shall appropriate and transfer to the Trust Fund created for the funding of the construction and expansion of P. J. Adams Parkway, the Tax Increment for such defined geographic area, in an amount not less than the amount of Tax Increment as provided in Section 4 of this Ordinance. SECTION 6. CREATION OF NORTH OKALOOSA TRANSPORTATION TRUST FUND. There is hereby created the North Okaloosa Transportation Trust Fund for the construction and expansion of P. J. Adams Parkway. The Tax Increment determined annually for the construction and expansion of P. J. Adams Parkway shall be deposited in the Trust Fund prior to January 1 of each year as provided in Section 5 7 of this Ordinance and maintained for the construction and expansion of P. J. Adams Parkway until paid or pledged for the for the project. SECTION 7. PLEDGE OR APPROPRIATION OF TRUST FUNDS. By subsequent resolution or agreement, the Board shall have the authority to issue revenue bonds secured by a pledge of available funds maintained in the North Okaloosa Transportation Trust Fund or to authorize lease purchase obligations subject to annual appropriation from such available funds.