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

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, improvement and reconstruction of the construction and expansion of P. J. Adams Parkway Project of the amount of tax increment revenues calculated pursuant to the formula adopted in Section 4 of this Ordinance. SECTION 2. Section 20 – 174 of the Code of Okaloosa County is amended as follows: 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 expansion, improvement and reconstruction of the Project 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 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 expansion, improvement and reconstruction of the Project construction and expansion of P. J. Adams Parkway shall be as follows: 3 (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. up to a maximum amount of $500,000 per year. (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. up to a maximum amount of $500,000 per year. (v) SCHEDULE OF FUNDING. (a) After the first Tax Increment Year (Tax Year 2016), the amount to be funded for the second Tax Increment Year from the Tax Increment generated within the North Okaloosa Transportation Tax Increment Area shall be limited to $355,000. (b) The amount to be funded annually for the third and fourth Tax Increment Years from Tax Increment generated within the North Okaloosa Transportation Tax Increment Area shall be limited to a maximum amount of $750,000 per year. 4  (c) The amount to be funding annually for the fifth Tax Increment Year and each Year thereafter from Tax Increment generated within the North Okaloosa Transportation Tax Increment Rea shall be limited to a maximum amount of $600,000 per year. (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 3. Section 20 – 175 of the Code of Okaloosa County is amended as follows: 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 expansion, improvement and reconstruction of the Project construction and expansion of P. J. Adams Parkway. 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 4. Section 20 – 176 of the Code of Okaloosa County is amended as follows: 5  CREATION OF NORTH OKALOOSA TRANSPORTATION TRUST FUND. There is hereby created the North Okaloosa Transportation Trust Fund for the expansion, improvement and reconstruction of the Project construction and expansion of P. J. Adams Parkway. The Tax Increment determined annually for the expansion, improvement and reconstruction of the Project 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 of this Ordinance and maintained for the construction and expansion of P. J. Adams Parkway expansion, improvement and reconstruction of the Project until paid or pledged for the for the project. SECTION 5. EFFECTIVE DATE. This Ordinance shall become effective upon filing with the Secretary of State in accordance with the law. DULY ADOPTED in regular session, this ________day of ________________, 2017. BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA BY: Carolyn N. Ketchel, Chairman ATTEST: J.D. Peacock II, Clerk (SEAL) APPROVED AS TO FORM: Gregory T. Stewart County Attorney 6