§ 98-246. Functions and duties of the district.

(a)

The district and district board members shall have the following functions:

(1)

To develop and adopt the economic development plan for the district.

(2)

To administer the tax increment transferred into the trust fund created under the tax increment ordinance in the implementation of the economic development plan.

(b)

The district shall have the following duties:

(1)

To develop, approve and recommend to the county commission for formal adoption the economic development plan designed to create, provide and retain jobs and business or industrial development opportunities or initiatives within the boundaries of the district. At a minimum, the economic development plan shall provide for:

a.

The appropriation of trust funds deposited or maintained in the trust fund created under the tax increment ordinance.

b.

The development of an economic development program identifying the infrastructure and expenditures necessary to implement and support the adopted economic development program including any incentives, regulatory or procedural changes, donations or contributions as may be deemed necessary to further economic development within the boundaries of the North Brevard Development District.

c.

The establishment of policies, criteria and strategies for (i) identifying and targeting projects that would create new jobs including new, relocating or expanding businesses or industries and (ii) qualifying projects or essential infrastructure supporting such projects for incentives and assistance consistent with the district board powers specified in this division.

d.

Such other matters or activities that may create, promote, expand or improve economic development initiatives within the district.

(2)

To provide the county commission with annual reports on the development and implementation of the economic plan;

(3)

To comply with any applicable reporting, notice, or public meetings requirements established under Florida law;

(4)

To seek county commission approval of any cash expenditure, cash incentive or cash inducement exceeding $500,000.00 payable within one year from a trust fund created under the tax increment ordinance or other revenue or funds available to the district;

(5)

To submit to pre-audit of expenditures; performance audit; post-audit; or financial audit including an audit of the trust fund or other revenues or funds, accounts, account ledgers, books or other documents maintained by the district board;

(6)

To conform to the requirements of the Florida Sunshine and Public Records Laws, F.S. chs. 286 and 119, respectively;

(7)

To prepare and submit for approval an annual budget to the county commission in the manner prescribed by Florida law;

(8)

To comply with any applicable confidentiality and nondisclosure laws involving economic development or companies seeking to locate, relocate or expand in the district.

(Ord. No. 2011-18, § 7, 7-12-11)