Section 3.18.030 Allocation of funds to taxing districts.

As to each of the Riverfront Urban Renewal Project Sub-area and the CBD-North Urban Renewal Project Sub-area, that portion of the taxes which would be produced by the rate at which the tax is levied each year in each such Sub-area by or for each of the taxing districts taxing property in each such Sub-area upon the total sum of assessed value of the taxable property on the assessment roll for January 1, 1990, being the first day of the calendar year preceding the effective date of this Ordinance, shall be allocated to and when collected be paid into the Fund for the respective taxing district as taxes by or for said taxing district into which all other property taxes are paid. The taxes so determined may be referred herein as the "base period taxes" for each such Sub-area. Provided, however, that the allocation of taxes levied on the taxable property in the Riverfront Urban Renewal Project Sub-area and the CBD-North Urban Renewal Project Sub-area provided in this chapter shall terminate for all levies of taxes occurring after June 30, 2016.

As to the CBD-East Urban Renewal Project Sub-area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment role for January 1, 1965, being the assessment roll last equalized prior to the adoption of the CBD-East Urban Renewal Plan. As formerly provided in Chapter 3.08, the assessed value of said Sub-area on January 1, 1965 was in the amount of Six Hundred Eighty-four Thousand Seven Hundred Thirty Dollars. Provided, however, that the allocation of taxes levied on the taxable property in the CBD-East Urban Renewal Project Sub-area provided in this chapter shall terminate for all levies of taxes occurring after June 30, 2016.

As to the CBD-West Urban Renewal Project Sub-area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment role for January 1, 1970, being the assessment roll last equalized prior to the adoption of the CBD-West Urban Renewal Plan. As formerly provided in Chapter 3.09, the assessed value of said Sub-area on January 1, 1970 was in the amount of Five Million One Hundred Seventy-three Thousand Three Hundred Ninety-four Dollars. Provided, however, that the allocation of taxes levied on the taxable property in the CBD-West Urban Renewal Project Sub-area provided in this chapter shall terminate for all levies of taxes occurring after June 30, 2016.

As to the Old Town East Conservation Project Sub-area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment role for January 1, 1985, being the first day of the calendar year preceding the effective date of Ordinance No. 86/T-5171, as formerly provided in Chapter 3.16. Provided, however, that the allocation of taxes levied on the taxable property in the Old Town East Conservation Project Sub-area provided in this chapter shall terminate for all levies of taxes occurring after June 30, 2016.

As to the Battery Urban Renewal Project Sub-area, base period taxes shall be computed in the same manner using the total assessed value shown on the assessment roll for January 1, 2002, being the assessment roll applicable to property in such area as of January 1 of the calendar year preceding the effective date of this Ordinance. Provided, however, that the allocation of taxes levied on the taxable property in the Battery Urban Renewal Project Sub-area provided in this chapter shall terminate for all levies of taxes occurring after June 30, 2016. (Ord. 2005-0123; 2003-0778; 99-8239; 91/T-9958)