Okaloosa County BOCC — February 3, 2015 — County TIF Ordinance FINAL 2014-12-29

ORDINANCE NO. 2015-_____ 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 d