The terms used in this chapter shall have the following meanings, unless the context clearly requires otherwise:
(a) "Base year assessment roll" means the base year assessment roll prepared by the City Assessor in accordance with Section 890.04.
(b) "Captured assessed value" means the amount in any one year by which the current assessed value, as finally equalized, of all taxable property in the Development Area exceeds the initial assessed value.
(c) "Development Area" means the area, including the boundaries of the proposed Authority district, to be considered, and shall include the area beginning at the intersection of West Main and Water Streets, south on Water Street to Church Street, east on Church Street to Courtland Street, south on Courtland to Chatauqua Street, west to the C & O right of way, southwesterly along the C & O right of way to the extreme southwest corporate limits of the City, east on Russell (Polk) Road to Griswold Street, north on Griswold approximately 1,400 feet, west from that point to Dryden Street, north on Dryden to Washington Street, east on Washington to Hart Street, north on Hart to East Main Street, east on East Main to Hart Lake, generally northwesterly along the south shore of Hart Lake to its closest point to West Main Street, and then west on Mechanic to Water Street and south on Water Street to the point of beginning.
(d) "Development Plan" means the "Tax Increment and Development Plan - Hart Tax Increment Finance Authority Development Area Number One," dated March, 1983, as amended, and transmitted to the City Council by the Tax Increment Finance Authority for public hearing, as modified by action of the City Council and confirmed by this chapter, copies of which are on file in the office of the City Clerk.
(e) "Finance Authority" means the City of Hart Tax Increment Finance Authority.
(f) "Initial assessed value" means the most recently assessed value as finally equalized of all the taxable property within the boundaries of the Development Area at the time of adoption of this chapter (Ordinance 149, passed October 25, 1983).
(g) "Project Fund" means the Tax Increment Finance Authority Project Number One Fund established pursuant to Section 890.06.
(h) "Taxing jurisdiction" means each unit of government levying an ad valorem property tax on property in the Development Area.
(Ord. 149. Passed 10-25-83.)