The increment of ad valorem taxes from Increment District No. 1 in excess of ad valorem taxes generated by the base assessed value of the increment district, as most recently determined by the County Assessor prior to the adoption date of this chapter shall be apportioned and may be used to pay or finance eligible project costs authorized pursuant to section VIII of the Project Plan for a period not to exceed twenty five (25) years, as provided by law, or the period required for the payment of up to twenty two million dollars ($22,000,000.00) of the project cost authorized pursuant to section VIII of the Project Plan, whichever is less. (Ord. 2126, 2019)