Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 1190
       
       
       
       
       
       
                                Ì963938VÎ963938                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/26/2016           .                                
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       The Committee on Community Affairs (Simpson) recommended the
       following:
       
    1         Senate Amendment to Amendment (787538) (with title
    2  amendment)
    3  
    4         Between lines 4 and 5
    5  insert:
    6         Section 1. Subsection (6) is added to section 125.045,
    7  Florida Statutes, to read:
    8         125.045 County economic development powers.—
    9         (6) The governing body of a county may employ tax increment
   10  financing for the purposes of this section. For any tax
   11  increment area created pursuant to this section, the governing
   12  body of a county shall administer a separate reserve account for
   13  the deposit of tax increment revenues. Tax increment revenues,
   14  including the proceeds of any revenue bonds secured by, and
   15  repaid with, such tax increment revenues, shall be used to fund
   16  economic development activities and projects which directly
   17  benefit the tax increment area. The tax increment authorized
   18  under this section shall be determined annually and shall be the
   19  amount equal to a maximum of 95 percent of the difference
   20  between:
   21         (a) The amount of ad valorem taxes levied each year by the
   22  county, exclusive of any amount from any debt service millage,
   23  on taxable real property contained within the geographic
   24  boundaries of the tax increment area; and
   25         (b) The amount of ad valorem taxes which would have been
   26  produced by the rate upon which the tax is levied each year by
   27  or for the county, exclusive of any debt service millage, upon
   28  the total of the assessed value of the taxable real property in
   29  the tax increment area, as shown upon the most recent assessment
   30  roll used in connection with the taxation of such property by
   31  the county, before establishment of the tax increment area.
   32  
   33  ================= T I T L E  A M E N D M E N T ================
   34  And the title is amended as follows:
   35         Delete line 501
   36  and insert:
   37         An act relating to growth management; amending s.
   38         125.045, F.S.; authorizing the governing body of a
   39         county to employ tax increment financing; requiring
   40         the governing body of a county to administer a
   41         separate reserve account for tax increment areas for
   42         the deposit of tax increment revenues; requiring that
   43         tax increment revenues be used to fund certain
   44         activities and projects which directly benefit the tax
   45         increment area; specifying requirements for a tax
   46         increment; amending s.