§ 10-15-3-311. Apportionment and use of ad valorem taxes.

A.

The ad valorem increment is the ad valorem revenue in excess of the revenue generated by the base assessed value of the increment district (i.e., the new revenue attributable to increases in the value of the increment district). Pursuant to the Amended Project Plan, the size of Increment District No. 1 has been reduced by the deletion of the area for Increment District No. 2; accordingly, the base assessed value within Increment District No. 1 is thereby reduced. Notwithstanding such reduction (and to render unnecessary a determination of the amount of such reduction), the increment of ad valorem taxes from Increment District No. 1 generated by values in excess of the base assessed value up to an equalized assessed value of $23,043,212 shall be allocated to the affected taxing jurisdictions in proportion to their respective annual levies. 62 O.S. § 853 (9) and (14)(i); § 854(4). The increment of ad valorem taxes from Increment District No. 1 in excess of the ad valorem taxes generated by an equalized assessed value of $23,043,212 for Increment District No. 1 shall be apportioned and may be used to pay project costs authorized by Section VIII of the Amended Project Plan for a period not to exceed twenty-five (25) years, as provided by law, or the period required for the payment of the project costs authorized by Section VIII, whichever is less. During the period of apportionment, the ad valorem apportionment fund (1) shall be available to pay project costs under Section VIII.A of the Amended Project Plan (2) shall constitute funds of LEDA, and (3) shall not constitute a part of the general fund of the City subject to annual appropriation.

B.

The increment of ad valorem taxes from Increment District No. 2 in excess of the revenues generated by the base assessed value of the increment district shall be apportioned and may be used to pay project costs authorized by Section VIII of the Amended Project Plan for a period not to exceed twenty-five (25) years from the effective date of Increment District No. 2, as provided by law, or the period required for payment of the project costs authorized by Section VIII of the Amended Project Plan, whichever is less. During the period of apportionment, the ad valorem apportionment fund (1) shall be available to pay project costs under Section VIII.A of the Amended Project Plan, (2) shall constitute funds of LEDA, and (3) shall not constitute a part of the general fund of the City subject to annual appropriation.

(Ord. No. 10-22, § 2, 6-8-2010)