§ 49-91. Findings.

It is hereby ascertained, determined and declared that:

(A)

The use of available Tax Increment revenues within an Innovation 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 redevelopment initiatives, the creation of new economic development opportunities and locations and the expansion of existing employment centers.

(B)

Each Innovation Zone is intended to encompass a defined geographic area used to determine the Tax Increment paid and applied pursuant to ordinance, resolution or agreement within the meaning of the term "dedicated increment value" defined in F.S. § 200.001(8)(h).

(C)

Commencing in the Initial Tax Increment Year for each Innovation Zone, the Tax Increment calculated pursuant to Section 4 of this Ordinance is intended to be a dedicated increment value referenced in the calculation of the "rolled back rate" under the method established in F.S. § 065(1), Florida Statutes.

(Ord. No. 2010-20, § 2)