§ 98-266. Findings.

It is hereby ascertained, determined and declared that:

(1)

The use of available tax increment revenues within the North Brevard Economic Development Zone as a dedicated economic development tool and funding source enhances the general welfare of the county through the advancement of new employment opportunities, the implementation of the potential creation of new economic development locations and the expansion of existing employment centers.

(2)

The tax increment calculated pursuant to section 98-268 is intended to be a dedicated increment value as defined in F.S. § 200.001(8)(h), and referenced in the calculation of the rolled-back rate under F.S. § 200.065(1).

(3)

The projected reduction of launch operations at Kennedy Space Center combined with the general economic downturn affecting the state in general and the Space Coast in particular has created a profound negative impact on the economy of North Brevard County.

(4)

The resulting loss of jobs and the dampening of traditional economic activity and discourse require immediate implementation of economic development initiatives in the general vicinity of the City of Titusville and the North Brevard community.

(5)

To be successful, effective economic development requires the establishment of dedicated funding mechanisms.

(6)

Utilization of traditional tax increment calculations are ineffective in periods of declining property values resulting in corresponding decreases in taxable values.

(7)

The traditional measure of a tax increment transfer in the face of declining property values and corresponding decreases in taxable values undermines expectations on the availability of tax increment revenues as an economic development funding tool.

(8)

Upon the stabilization of property values and corresponding taxable values, a determination of tax increment revenues under traditional calculations will achieve the objective of establishing a continuing source of economic funding.

(9)

Excluding residential and agricultural uses in the annual determination of a tax increment amount is consistent with the application of tax increment revenues as an economic and development funding tool.

(Ord. No. 2011-16, § 2, 5-24-11; Ord. No. 2012-14, § 2, 5-15-12)