§ 20-172. Findings.

(a)

The use of available tax increment revenues for the construction and expansion of P. J. Adams Parkway as a dedicated funding source enhances the general welfare of the county through the advancement of growth and economic development opportunities within northern Okaloosa County.

(b)

The boundaries of the North Okaloosa Transportation Tax Increment Area are intended to encompass a defined geographic area for the purpose of determining the tax increment paid and applied pursuant to ordinance, resolution or agreement within the meaning of the term "dedicated increment value" defined in Section 200.001(8)(h), Florida Statutes.

(c)

Commencing in the initial tax increment year, the tax increment calculated pursuant to section 20-174 of this division for the construction and expansion of P. J. Adams Parkway is intended to be a dedicated increment value referenced in the calculation of the "rolled back rate" under the method established in Section 200.065(1), Florida Statutes.

( Ord. No. 15-03 , § 2, 2-3-15)