Chapter 33 Tax Increment Districts

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§ 33-5 HAWAII COUNTY CODE Section 33-5. Private contributions. The owner or owners of real property located in a tax increment district or provisional tax increment district may advance funds for project costs. Any funds advanced under this section shall be deposited in the tax increment fund for the district. To the extent that such funds are used to pay project costs of the district, the council shall authorize partial or full reimbursement from the tax increment fund to the property owners who advanced such funds upon the termination of the district if money is available in the fund to make such reimbursement. If the funds advanced are not used to pay project costs within three years of the date they are advanced, the money shall be returned at that time to the property owners who advanced the funds along with the interest earned, if any, on the investment of the funds advanced while they were on deposit with the district. (1994, ord 94-76, sec 3.) Section 33-6. Administration; annual report. (a) The director of finance shall be responsible for the administration of this chapter, including any tax increment districts enacted hereunder, and shall adopt rules pursuant to chapter 91, Hawaii Revised Statutes, as necessary for the purposes of implementing this chapter. (b) The director of finance shall prepare an annual report to be submitted to the council by August 15 of every year on the status of every tax increment and provisional tax increment district. The report shall: (1) Update the estimates and projections provided in the original plan(s); (2) Certify the amount of the assessment increment to the council, together with the proportion that the assessment increment bears to the total assessed value of the real property within the district for that year; and (3) Provide such additional information as the director deems necessary or the council requests. (1994, ord 94-76, sec 3.) Section 33-7. Requirements. No tax increment district can be created unless the council finds that the proposed district meets all of the following requirements: (a) The project area proposed to be included in the district is a targeted area. (b) The improvements necessary to remedy the conditions in the targeted area cannot reasonably be expected to be accomplished in a reasonable time without tax increment financing. 33-6