§ 35-55. Tax increment financing trust fund.

Subject to the county CRA payment expiration provision in section 35-56, The West Melbourne Joint Community Redevelopment Agency's Tax Increment Financing Trust Fund shall be provided by both the city and county in accordance with F.S. ch. 163.387(1)(a), in every fiscal year between FY 2017-2018 and FY 2037-2038, provided, the amount of the county TIF payment shall in no event exceed the amount of TIF payment contributed to the CRA by the city. This provision shall not operate to reduce the county TIF payment below 50 percent of the county increment as determined by F.S. § 163.387(1)(a). Each year, the county shall set aside funds in the amount of the difference, if any, between:

(1)

The county increment as determined pursuant to F.S. § 163.387(1)(a); and

(2)

The actual county TIF contribution to the CRA. The county shall expend such funds solely and exclusively on the maintenance, construction, reconstruction, lighting of, and/or capacity improvements to, county roads located anywhere within the municipal limits of the city of West Melbourne. Provided further, that in no event shall the county continue to pay a tax increment into the CRA TIF after September 30, 2038.

(Ord. No. 2011-28, § 5, 8-9-11; Ord. No. 2018-08, § 2, 4-10-18)