Chapter 33 Tax Increment Districts

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TAX INCREMENT DISTRICTS § 33-10 Section 33-10. Tax increment financing plan. In preparing the report required by section 33-9(c)(2), the director of finance may consult with the director of public works, the planning director, or with such financial consultant as has been specially employed by the mayor on behalf of the County to assist in the proceedings or who may otherwise be available to the County. The report may include such sums as deemed proper by the director of finance for reserve funds, bond discount allowances, and construction contingencies in determining the estimate of project costs. (1994, ord 94-76, sec 3.) Section 33-11. Establishment of tax increment district. The council may provide for tax increment financing by approving a tax increment financing plan and adopting an ordinance establishing the tax increment district. The ordinance shall: (a) Describe the boundaries of the tax increment district; (b) Provide for the date of commencement of the tax increment district and the date of termination of the district; (c) Provide for the establishment of a tax increment fund for the district; and (d) Provide for such other matters deemed to be pertinent and desirable for tax increment financing and not inconsistent with the County general plan or any relevant redevelopment or community development plan. (1994, ord 94-76, sec 3.) Section 33-12. Termination of a tax increment district. A tax increment district shall terminate at the time designated in the ordinance creating the district or at an earlier time designated by a subsequent ordinance, but in no event shall the district terminate until such time as all project costs and tax increment bonds issued for the district and the interest thereon have been paid in full, or sufficient funds have been irrevocably deposited in a special fund or other escrow account held in trust for all outstanding tax increment bonds issued for such district to provide for the payment of such bonds at maturity or date of redemption and interest and premium, if any, thereon. (1994, ord 94-76, sec 3.) Section 33-13. Provisional tax increment district. A provisional tax increment district may be created by the council when an area meets the definition of a targeted area and the council finds either that tax increment financing alone will be unable to adequately address the conditions in the targeted area or that the owners of land in the targeted area should participate in the expense of addressing the conditions to a greater extent than is provided for with tax increment financing. (a) The council shall, by resolution requiring not more than one reading for its adoption: (1) Determine the boundaries of a proposed district. 33-9