(a)

The Board of Commissioners of the Cape Coral Community Redevelopment Agency, as established by Ordinance 1-18, and as subsequently appointed by Mayor and City Council, is hereby dissolved.

(b)

Pursuant to the authority in F.S. § 163.357, the Mayor and City Council hereby declare themselves to be the Cape Coral Community Redevelopment Agency Board of Commissioners, and all rights, powers, duties, privileges, and immunities vested by this part in an agency will be vested in the Mayor and City Council, subject to all responsibilities and liabilities imposed or incurred. The members of the City Council shall be the Board of Commissioners of the Cape Coral Community Redevelopment Agency, but such Board of Commissioners constitute the head of a legal entity, separate, distinct, and independent from the governing body of the City of Cape Coral, Florida. The Mayor and City Council, as the new Board of Commissioners of the Cape Coral Community Redevelopment Agency (the "Agency"), are subject to all the responsibilities and liabilities imposed or incurred by the existing agency.

(1)

The Mayor and City Council have declared themselves as the Board of Commissioners pursuant to the authority delineated in F.S. § 163.357, and shall be prohibited from changing the appointment, unless a super majority vote of a 7/8, is declared by the Mayor and City Council to replace the governing body as the Board of Commissioners pursuant to subsection 27-1(b) set forth herein.

(2)

In the event a super majority vote of a 7/8 is approved by the Mayor and City Council to remove the governing body as the Board of Commissioners, the Mayor and City Council shall be required to adopt an Ordinance appointing a Board of Commissioners, which set forth the terms and conditions pursuant to F.S. § 163.356.

(c)

The Mayor and City Council, as the Board of Commissioners of the Cape Coral Community Redevelopment Agency, shall exercise its power and perform its duties in accordance with the provisions of F.S. Part III of Chapter 163, and carry out community redevelopment within any area described by the City Council as a Community Redevelopment Area.

(d)

Notwithstanding anything contained in this section, the Agency is and shall be deemed to be a continuing body and all acts of the Agency taken and in effect as of the effective date of this section remain in full force and effect unless and until changed, rescinded or repealed by the Agency or, if applicable, the City Council, and are not affected in any way by the enactment of this section or the creation of the board of commissioners of the Agency or the amendment(s) to this section, other than to the extent of the change in the composition of the governing body of the Agency.

(e)

The City Manager is hereby authorized and directed to perform all acts reasonably and administratively necessary to ensure an efficient transition of the Cape Coral Community Redevelopment Agency related responsibilities, and as may be required of him by the Cape Coral Community Redevelopment Agency. The City Manager shall be deemed the Executive Director to administer the Agency's business operations throughout the Community Redevelopment Area in order to undertake those redevelopment activities on behalf of the City.

(f)

The City Attorney shall serve as legal advisor to the Cape Coral Community Development Agency, the Board of Commissioners, and all of its Officers or employees in all matters related to their official powers and duties. The City Attorney is authorized to prepare or review all written documents or instruments in which the Agency is concerned, and shall endorse on each their approval of the form, language, and execution thereof. The City Attorney shall prosecute or defend, for and on behalf of the Agency, all complaints, suits, and controversies in which the Agency is a party, before any court or other legally constitutional tribunal, and shall appoint and remove all personnel in the City Attorney's Office, including outside counsel representing the Agency.

(g)

The purpose, functions, and duties of the Board of Commissioners shall be to serve as the governing body of the Agency, a public body corporate and politic and a dependent special district of the City of Cape Coral, Florida, and thereby undertake community redevelopment activities on behalf of the City, and to advance the public purposes and objectives set forth in the redevelopment plan(s) approved by the Mayor and City Council pursuant to the Redevelopment Act.

(h)

The Board of Commissioners shall be responsible for all reporting requirements applicable to the Agency set forth in the Redevelopment Act, F.S. ch. 189, or otherwise.

(i)

The Board of Commissioners shall adopt a proposed budget annually at a regular public meeting of the board, generally in accordance with F.S. § 189.016. The proposed budget shall be approved by resolution of the board and shall be attached to such resolution as an exhibit.

(1)

The proposed budget shall be prepared in accordance with generally accepted accounting principles and shall describe expected revenues and expenses for the forthcoming fiscal year, including debt service for any bonds or other debt obligations of the Agency, with the same level of detail as required for annual financial reporting. The fiscal year for the Agency shall be concurrent with the fiscal year of the City.

(2)

On or before June 30 of each year, a copy of the proposed budget shall be submitted to City Council for approval. City Council shall have the power to add, delete, amend or modify the proposed budget. City Council shall not amend the budget or take any other action which would prevent the board of commissioners from timely payment of any bonded indebtedness or contractual obligations lawfully incurred by the Agency.

(3)

The Agency's annual budget, as approved by City Council, shall be contained within the general budget of the City and be clearly stated as the budget for the Agency.

(4)

Prior to becoming effective, any proposed budget amendment adopted by the board of commissioners shall be submitted to City Council for approval. Upon receipt, City Council shall have 60 days to approve or modify the proposed budget amendment. If City Council takes no action within such 60-day period, the proposed budget amendment shall be deemed to be approved by City Council.

(5)

The Agency's budget, as approved by City Council, shall regulate expenditures of the Agency, and neither the board nor any officer of the Agency may expend or contract for expenditures in any fiscal year except pursuant to the adopted budget.

(Ord. 81-93, 1993; Ord. 33-12, 10-29-2012; Ord. 1-18, § 1, 1-22-2018; Ord. 84-23, § 4, 10-18-2023; Ord. 94-23, § 1, 11-15-2023; Ord. 94-23, § 1, 11-15-2023; Ord. No. 38-24, § 1, 5-15-2024)

(a)

There is a hereby established and created, in accordance with the provisions of the Act, a Community Redevelopment Trust Fund (the "Fund") for the Community Redevelopment Area, which fund shall be utilized and expended for the purposes of and in accordance with the Plan, including any amendments or modifications thereto approved by the City Council including any "community redevelopment" (as that term is defined in F.S. § 163.340) under the Plan.

(b)

The moneys to be allocated to and deposited into the Fund shall be used to finance "community redevelopment" within the area, which shall utilize the funds and revenues paid into and earned by the Fund for community redevelopment purposes as provided in the Plan and as permitted by law. The Fund shall exist for the duration of the "community redevelopment" undertaken by the Agency pursuant to the plan to the extent permitted by the Act. Moneys shall be held in the Fund by the city for and on behalf of the Agency, and disbursed from the Fund as provided by the Act, this section or resolution of the Agency.

(c)

There shall be paid into the Fund each year by each of the "taxing authorities" (as that term is defined in F.S. § 163.340) levying ad valorem taxes within the Community Redevelopment Area, a sum equal to 95% of the incremental increase in ad valorem taxes levied each year by that taxing authority, as calculated in accordance with subsection (e) below and the Act, based on the tax year established in subsection (d) below (such annual sum being hereinafter referred to as the "tax increment").

(d)

The most recently approved tax roll prior to the effective date of this section used in connection with the taxation of real property in the Area shall be the interim ad valorem tax roll of Lee County, Florida, reflecting valuation of real property for purposes of ad valorem taxation as of January 1, 1986 (the "base year value"), and all deposits into the Fund shall be in the amount of tax increment calculated as provided in subsection (e) hereof based upon increases in valuation of taxable real property from the base year value.

(e)

The tax increment shall be determined and appropriated annually by each taxing authority, and shall be an amount equal to 95% of the difference between:

(1)

That amount of ad valorem taxes levied each year by all taxing authorities on taxable real property located within the geographic boundaries of the Community Redevelopment Area; and

(2)

That amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for all taxing authorities, upon the total of the assessed value of the taxable real property in the Community Redevelopment Area, on such other larger amount permitted by law, as shown upon the assessment roll used in connection with the taxation of such property by all taxing authorities, prior to the effective date of this section.

(f)

All taxing authorities will annually appropriate to and cause to be deposited in the Fund the tax increment determined pursuant to the Act and subsection (e) above at the beginning of each fiscal year thereof as provided in the Act. The obligation of each taxing authority to annually appropriate the tax increment for deposit in the Fund shall commence immediately upon the effective date of this section and continue until all loans, advances and indebtedness, if any, and interest thereon, incurred by the Agency as a result of community redevelopment in the Community Redevelopment Area have been paid to the extent permitted by the Act.

(g)

The City of Cape Coral shall pay into the Fund, as initially funding the sum of $20,000. The $20,000 shall be payable out of the City Council Other current charges account and said funds shall be used as set forth in subsection (b) above and the Community Redevelopment Act.

(h)

The Fund shall be established and maintained as a separate trust fund by the city pursuant to the Act and this section, and other directives of the governing body of the Agency as the trustees of the Fund as may from time to time be adopted, whereby the Fund may be promptly effectively administered and utilized by the Agency expeditiously and without undue delay for its statutory purpose pursuant to the Plan.

(i)

The governing body of the Agency shall be the trustee of the Fund and shall be responsible for the receipt, custody, disbursement, accountability, management, investments, and proper application of all moneys paid into the Fund.

(j)

The moneys to be allocated to and deposited into the Fund attributed to the Expansion Community Redevelopment Area shall be used to finance "community redevelopment" within the Community Redevelopment Area, which shall utilize the funds and revenues paid into and earned by the Fund for community redevelopment purposes as provided in the Plan Amendment and as permitted by F.S. Part III of Chapter 163 (the "Act"). As used herein, the term "Community Redevelopment Area" shall mean the community redevelopment area established by City Resolution 38-86, and any amendments or expansions of such area adopted by the city from time to time to encompass additional areas including but not limited to the Expansion Community Redevelopment Area. All Tax Increment Revenues shall be deposited into the existing CRA Trust Fund to be available to all areas of the Community Redevelopment Area, existing and expanded. Moneys shall be held in the Fund by the city for and on behalf of the Agency and disbursed from the Fund as provided by the Act, this section or resolution of the Agency.

(Ord. 81-21, § 2, 10-6-2021)

(k)

There shall be paid into the Fund each year by each of the "taxing authorities" (as that term is defined in F.S. § 163.340) levying ad valorem taxes within the Expansion Community Redevelopment Area, a sum equal to 95% of the incremental increase in ad valorem taxes levied each year by that taxing authority, as calculated in accordance with subsection (m) below and the Act, based on the tax year established in subsection (m) below (such annual sum being hereinafter referred to as the "increment revenues").

(l)

The most recent assessment roll used in connection with the taxation of real property in the Expansion Community Redevelopment Area by each taxing authority prior to the effective date of this section shall be the preliminary ad valorem tax roll of Lee County, Florida, reflecting valuation of real property for purposes of ad valorem taxation as of January 1, 2009 (the "base year value"), and all deposits into the Fund shall be in the amount of increment revenues calculated as provided in subsection (m) below based upon increases in valuation of taxable real property from the base year value.

(m)

The increment revenues shall be determined and appropriated annually by each taxing authority and shall be an amount equal to 95% of the difference between:

(1)

That amount of ad valorem taxes levied each year by that taxing authority on taxable real property located within the geographic boundaries of the Expansion Community Redevelopment Area; and

(2)

That amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by that taxing authority, upon the total of the assessed value of the taxable real property in the Expansion Community Redevelopment Area, on such other larger amount permitted by law, as shown upon the assessment roll used in connection with the taxation of real property by all taxing authorities, prior to the effective date of this subsection (m).

(n)

Each taxing authority will annually appropriate to and cause to be deposited in the Fund the increment revenues determined pursuant to the Act and subsection (m) above at the beginning of each fiscal year thereof as provided in the Act. The obligation of each taxing authority to annually appropriate the increment revenues for deposit in the Fund shall commence immediately upon the effective date of this subsection and continue to the extent permitted by the Act.

(o)

Any and all ordinances or resolutions or parts of ordinances or resolutions in conflict herewith are hereby repealed.

(p)

If any part of this section is held to be invalid or unenforceable for any reason, such holding shall not affect the validity or enforceability of the remainder of this section, which shall remain in full force and effect.

(q)

The City Clerk of the city is hereby authorized and directed to send a certified copy of this section to each of the taxing authorities and to the Property Appraiser and Tax Collector of the Lee County, Florida.

(Ord. 51-87, 1987; Ord. 55-09, 9-21-2009; Ord. 84-23, § 4, 10-18-2023)