HomeMy WebLinkAboutItem #11 Ordinance Establishing a Redevelopment Trust Fund
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AGENDA ITEM COVER SHEET
Meeting Date: May 16, 2006
Item # II
Contact Name:
Contact Number:
Jamie Croteau
407 -905-3117
Reviewed By:
Department Director:
City Manager:
~RO e Erank
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Subject: . Ordinance Establishing A Redevelopment Trust Fund; Providing for the Funding of A
Redevelopment Trust Fund; Providing. for the Administration of the Trust Fund; Determining the
Taxll'lc..ement to Be Deposited in the Trust Fund.
(First Reading)
Background Summary:
On September 21, 2004 the City Council adopted a resolution finding a certain defined area of the City of Ocoee
had conditions of "blight" as that term is defined in the Community Redevelopment Act. The steps in the process
of redeveloping that area in accordance with the Act are: (i) create a Community Redevelopment Agency; (ii)
adopt a redevelopment plan; and (iii) create a redevelopment trust fund and provide for the deposit therein of
increment revenues attributed to the redevelopment area.
The Redevelopment Act states that in a county that has adopted a home rule charter all redevelopment powers
are vested in the county. A municipality located within such a county may exercise redevelopment powers under
the Act only if the governing body of the county has delegated those powers to the governing body of the city.
9163.400, Florida Statutes. Orange County had adopted a home rule charter.
On March 21, 2006, the Orange County Board of County Commissioners unanimously approved the CRA
Resolution, and an Interlocal Agreement with the City of Ocoee delegating authority for creating and managing a
community redevelopment agency to the City. The City approved the ordinance officially creating the Community
Redevelopment Agency (CRA) on April 18, 2006.
The attached Ordinance creates the Redevelopment Trust Fund and provides for its funding and administration.
The Ordinance also establishes the governing body of the CRA as the trustees of the fund.
Issue:
Should the Honorable Mayor and City Commissioners adopt upon second reading an Ordinance Creating a
Redevelopment Trust Fund?
Recommendations
First Reading of the Ordinance Creating A Redevelopment Trust Fund.
Attachments:
Financial Impact:
Unknown
Type of Item: (please mark with an "x'J
Public Hearing
_ Ordinance First Reading
Ordinance Second Reading
Resolution
~ Commission Approval
Discussion & Direction
For Clerk's Deat Use:
_ Consent Agenda
Public Hearing
_ Regular Agenda
_ Original Document/Contract Attached for Execution by City Clerk
_ Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by ( )
N/A
N/A
N/A
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