title
DOWNTOWN EXPANSION DISTRICT BOUNDARIES AND TRUST FUND (B)
ORDINANCE NO. 0-01-67
An ordinance of the City of Gainesville, Florida, amending Division 9 of Chapter 2 of the Code of Ordinances of the City of Gainesville relating to Community Redevelopment, amending Section 2-410 by defining the boundaries of the Downtown Expansion District redevelopment area; amending Section 2-412 relating to the trust fund for the Downtown Expansion District redevelopment area; providing directions to the codifier; providing a severability clause; providing a repealing clause; and providing an immediate effective date.
recommendation
The City Commission adopt the proposed ordinance.
explanation
On September 24, 2001, the City Commission authorized the preparation of an ordinance to describe the boundaries of the Downtown Expansion District Community Redevelopment Area and to modify the trust fund for tax increment funds. The ordinance describes the additional area from which increment funds will be collected, sets the base amount upon which future increases in values on the properties in this area will be measured, and requires certain taxing authorities to deposit increment funds on an annual basis.