(A) The city hereby creates a Tax Increment Financing District, Reinvestment Zone over the area depicted in Exhibit A attached to Ord. 708, passed February 20, 2006.
(B) The operation of the zone shall commence on February 20, 2006 and shall terminate on December 31, 2035. The zone may be renewed for an additional five years, or may terminate sooner by subsequent ordinance.
(C) The city hereby creates a Board of Directors for the zone, which shall consist of five members, at least four of which shall be appointed by the Board of Commissioners, one by the Wichita County Commission. Three Board members shall have initial appointments terminating on December 31, 2007. Two Board members shall have initial appointments terminating on December 31, 2006. All subsequent appointments shall be made for two year staggered terms. In the event that no successor has been appointed by December 31 of any year, such member shall continue to serve until his of her successor is appointed.
(D) The Board of Commissioners shall appoint one member of the Board to serve as chairman for a term to expire on December 31, 2006. The Board of Commissioners will appoint a chairman to serve for a one- year term beginning January 1 of each year thereafter. The Board of Commissioners may elect a vice-chairman to preside in the absence of the chairman or when there is a vacancy in the office of chairman. The TIF Board may elect other officers, as it considers appropriate.
(E) There is hereby created a Tax Increment Fund for the zone into which all tax increments shall be deposited. The tax increments shall be equal to the amount of property taxes levied for a year on the captured appraised value, that is the amount by which the current appraised value of all taxable real property located in the zone exceeds its tax increment base. The base shall be as determined and certified in the Financial Plan as the 2005 values.
(F) The Plan for the Tax Increment Financing Reinvestment Zone (Exhibit B attached to Ord. 708, passed February 20, 2006) is hereby adopted.
(Ord. 708, passed 2-20-06; Am. Ord. 900, passed 7-18-16)