Ord. 1999-2325 - designate TIRZ #1 zone & set Board

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e e Increment Fund established pursuant to Section 7 of this Ordinance, subject to the approval of the Finance Director, that may be reasonably necessary or convenient to assist the Board of Directors in the preparation of the project plan and reinvestment zone financing plan and in the issuance of tax increment obligations. Section 4. Duration of the Zone That the Zone shall take effect on January 1,2000, for the deposit of tax increments into the Tax Increment Fund established pursuant to Section 6 of this Ordinance, and termination of the operation of the Zone shall occur on December 31, 2029, or at an earlier time designated by subsequent ordinance, or at such time, subsequent to the issuance of tax increment bonds, if any, that all project costs, tax increment bonds, notes and other obligations of the Zone, and the interest thereon, have been paid in full. Section 5. Tax Increment Base That the Tax Increment Base of the City or any other taxing unit participating in the Zone for the Zone is the total appraised value of all real property taxable by the City or other taxing unit participating in the Zone and located in the Zone, determined as of January 1, 1999, the year in which the Zone was designated as a reinvestment zone (the "Tax Increment Base"). Section 6. Tax Increment Fund That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into sub accounts as authorized by subsequent ordinances. All Tax Increments, as defined hereafter, shall be deposited in the Tax Increment Fund. The Tax Increment Fund and any subaccount shall be maintained at the depository bank of the City and shall be secured in the manner C:\MY DOCUMENTS\TlRZ\PR.OPOSBD TIRZ CREATION ORD (S-18-99).DOC -6-