Chapter 33 Tax Increment Districts

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§ 33-2 HAWAII COUNTY CODE (g) The establishment, extension, or construction of public off-street parking facilities, pedestrian mall, parks, playgrounds, beach areas, or other public recreational areas and facilities; (h) To make improvements related to the foregoing and to otherwise improve any of the foregoing to an extent exceeding maintenance or repair thereof; (i) Any other public improvement deemed necessary for the tax increment district by the council. "Targeted area" means a specific geographic area proposed to be included in a tax increment or provisional tax increment district in which the council finds that blight significantly impacts and injuriously affects the entire area. "Tax increment" means the amount of real property taxes levied for each fiscal year on the assessment increment. "Tax increment bonds" means bonds, notes, interim certificates, debentures, or other obligations issued pursuant to this chapter. "Tax increment district" or "district" means a contiguous or noncontiguous geographic area designated pursuant to this chapter by the council for the purpose of tax increment financing. "Tax increment financing plan" or "financing plan" means the plan for tax increment financing for a district submitted to and approved by the County council. The tax increment financing plan shall contain estimates of: (a) Project costs; (b) Amount of tax increment bonds to be issued; (c) Sources of revenue to finance or otherwise pay project costs; (d) The most recent assessed value of taxable real property in the district; (e) The duration of the district's existence; (f) The financial and budgetary impacts on the County resulting from the proposed tax increment financing plan; (g) The proposed adjustment rate as recommended by the director of finance. "Tax increment fund" or "fund" means a fund held by the director or other fiduciary designated by the council and into which all tax increments, other moneys pledged by the County for payment of tax increment bonds and any moneys available for project costs are paid, and all proceeds from the sale of tax increment bonds are deposited, and from which moneys are disbursed to pay project costs for the tax increment district or to satisfy claims of holders of tax increment bonds issued for the district, or as otherwise authorized herein. "Total assessed value" means the gross assessed value less any applicable exemptions, and is also referred to as the "net assessed value." (1994, ord 94-76, sec 3.) 33-4