§ 98-268. Creation of the North Brevard Economic Development Zone and the calculation of annual tax increment amount.

(a)

The boundaries of the North Brevard Economic Development Zone are the same as the boundaries of the County Commission District One existing on January 1, 2011, and as thereafter amended by redistricting from time to time, and, for the purposes of expending revenues derived from the tax increment, shall also include the geographic area in County Commission District Two comprising all current and future areas within Phases 1 and 2 of Exploration Park, as well as those areas depicted in exhibit A as the three parcels labeled NASA NOA 2016-2018, which exhibit A is incorporated herein by reference, but shall exclude those areas south of State Road 528 and the corporate limits of the City of Cocoa.

(b)

For the five county tax years commencing January 1, 2011, January 1, 2012, January 1, 2013, January 1, 2014 and January 1, 2015, the tax increment amount for the North Brevard Economic Development Zone in the corresponding county fiscal year commencing with fiscal year 2011-2012 and continuing through fiscal year 2012-2013, fiscal year 2013-2014, fiscal year 2014-2015 and 2015-2016 shall be 90 percent of the amount derived from application of the countywide millage rate against the taxable property constituting new construction within the boundaries of the economic development zone as shown in the county property assessment rolls for the applicable tax year, excluding the assessed value of residential uses, agricultural classification uses, the geographic boundaries of the community redevelopment areas created by the City of Titusville pursuant to F.S. ch. 163, pt. III, the geographic area in County Commission District Two comprising of Exploration Park as described in schedule A and incorporated herein by reference consisting of land leased to Space Florida pursuant to its enhanced use agreement with NASA-KSC, and property exempt from ad valorem taxation.

(c)

For the county tax year commencing January 1, 2016, and each succeeding tax year during the term of this division, the tax increment amount for the North Brevard Economic Development Zone in the corresponding county fiscal year beginning with fiscal year 2016-2017 shall be determined annually by the application of the following formula within the geographic area of the economic development zone: 90 percent of the difference between:

(1)

The amount of countywide ad valorem taxes received each year by the county from ad valorem taxes levied on all taxable property contained within the geographic boundaries of the North Brevard Economic Development Zone as shown on the property assessment rolls, excluding the assessed value of residential uses, the geographic boundaries of the community redevelopment areas created by the City of Titusville pursuant to F.S. ch. 163, pt. III, the geographic area in County Commission District Two comprising of Exploration Park as described in schedule A and incorporated herein by reference and property exempt from ad valorem taxation, and agricultural classification uses; and

(2)

The amount of countywide ad valorem taxes which would have been produced by a levy of the countywide ad valorem millage rate each year by the county upon all taxable property contained within the geographic boundaries of the North Brevard Economic Development Zone as shown on the base year assessment rolls, excluding the assessed value of residential uses, agricultural classification uses and property exempt from ad valorem taxation, within the geographic boundaries of the economic development zone.

(Ord. No. 2011-16, § 4, 5-24-11; Ord. No. 2012-14, § 4, 5-15-12; Ord. No. 2013-45, § 2, 12-5-13; Ord. No. 2016-25, § 1, 11-15-16)