§ 49-93. Creation of innovation zones and the calculation of annual tax increment amount.

(A)

The Board shall create Innovation Zones by adopting a resolution defining the geographic area comprising the Zone.

(B)

The Tax Increment amount for each Zone shall be determined annually by the application of the following formula within the geographic area defined for each Zone and shall be that amount equal to the percentage rate set in the Tax Increment Resolution applied to the difference between: (1) the amount of Aggregate Ad Valorem Taxes received each year by the County from ad valorem taxes levied on taxable real property contained within the geographic boundaries of a Zone; and (2) the amount of Aggregate Ad Valorem Taxes which would have been produced by a levy of the Aggregate Ad Valorem Millage Rate each year by the County upon the taxable real property within the geographic boundaries of a Zone as shown on the Base Year Assessment Roll.

(C)

The amount to be funded by the County for each Zone shall not be less than the percentage applied to the difference between subparagraphs (B)(1) and (B)(2) of this Section as set in the Tax Increment Resolution or the resolution creating an Economic Development Plan adopted for each Innovation Zone.

(D)

The County Manager shall certify to the Property Appraiser by May 1 of the year prior to the Initial Tax Increment Year, the boundaries of the designated geographic areas of each Zone, the reference to the Base Year Assessment Roll to be applied, and the specific proportion of the cumulative increase in taxable value to be applied in determining the Tax Increment. Any change in geographic boundaries, the Base Year Assessment Roll or percentage of the specific proportion of the cumulative increase in taxable value shall be certified to the Property Appraiser prior to May 1 of the year in which the change is to occur.

(Ord. No. 2010-20, § 4)