Okaloosa County BOCC — July 11, 2017 — Ordinance Amendment of TIFv2

ORDINANCE NO. 2017-_____ AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA AMENDING ARTICLE IV, DIVISION 2 OF THE CODE OF OKALOOSA COUNTY RELATING TO THE NORTH OKALOOSA TRANSPORTATION TAX INCREMENT AREA; AMENDING SECTION 20-173 – DEFINITIONS OF THE CODE OF OKALOOSA COUNTY AS TO THE DEFINITIONS CONTAINED THEREIN; AMENDING SECTION 20-174 (C) OF THE CODE OF OKALOOSA COUNTY AS TO THE AMOUNT TO BE FUNDED BY THE COUNTY FOR THE EXPANSION, IMPROVEMENT AND RECONSTRUCTION OF THE PROJECT; CLARIFYING THE USES OF THE 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, the County previously adopted Ordinance 15-03 creating the North Okaloosa Transportation Tax Increment Area and to provide the funding of the Project, as defined therein, through the use of Tax Increment; and WHEREAS, the Board determines that it is the best interest of the public to modify the scope of the Project to be funding by the Tax Increment and modify the extent that such revenues are allocated to the funding of the North Okaloosa Transportation Trust Fund. NOW, THEREFORE, BE IT ENACTED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA: SECTION 1. Section 20—173 – Definitions of the Code of Okaloosa County are hereby amended in the following particulars: 1  DEFINITIONS. As used in this Ordinance, the following words and terms have the following meanings, unless the context otherwise requires a different definition: "Initial Tax Increment Year" means the tax year commencing January 1, 2016 for the initial determination of a Tax Increment for the annual funding by the County of a Trust Fund for the construction and expansion expansion, improvement and reconstruction of the P. J. Adams Parkway Project. "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 expansion, improvement and reconstruction of the construction and expansion of P. J. Adams Parkway Project. "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 expansion, improvement and reconstruction of theconstruction and expansion of P. J. Adams Parkway Project. "Project" means the expansion, improvement and reconstruction of the P. J. Adams Parkway, and Antioch Road corridor from Arena Road to P.J. Adams Parkway, access ramps to Interstate 10, Interstate frontage roads between State Road 85 and Antioch Road, Raspberry Road, and portions of Arena Road 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; The roadway expansion may include this corridor shall also include any existing or future connections to Interstate 10, signage, stormwater improvements, street lighting, signalization and landscaping. 2  "Tax Increment" means the annual determination for the expansion, improvem