| 1 | Representative(s) Berfield offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 689 through 706 and insert: |
| 5 | (6)(a) If an application for deferral is granted on |
| 6 | property that is located in a community redevelopment area, the |
| 7 | amount of taxes eligible for deferral shall be reduced, as |
| 8 | provided for in paragraph (b), if: |
| 9 | 1. The community redevelopment agency has previously |
| 10 | issued instruments of indebtedness that are secured by increment |
| 11 | revenues on deposit in the community redevelopment trust fund; |
| 12 | and |
| 13 | 2. Those instruments of indebtedness are associated with |
| 14 | the real property applying for the deferral. |
| 15 | (b) If the provisions of paragraph (a) apply, the tax |
| 16 | deferral shall not apply to an amount of taxes equal to the |
| 17 | amount that must be deposited into the community redevelopment |
| 18 | trust fund by the entity granting the deferral based upon the |
| 19 | taxable value of the property upon which the deferral is being |
| 20 | granted. Once all instruments of indebtedness that existed at |
| 21 | the time the deferral was originally granted are no longer |
| 22 | outstanding or have otherwise been defeased, the provisions of |
| 23 | this paragraph shall no longer apply. |
| 24 | (c) If a portion of the taxes on a property were not |
| 25 | eligible for deferral because of the provisions of paragraph |
| 26 | (b), the community redevelopment agency shall notify the |
| 27 | property owner and the tax collector 1 year before the debt |
| 28 | instruments that prevented said taxes from being deferred are no |
| 29 | longer outstanding or otherwise defeased. |
| 30 | (d) The tax collector shall notify a community |
| 31 | redevelopment agency of any tax deferral that has been granted |
| 32 | on property located within the community redevelopment area of |
| 33 | that agency. |
| 34 | (e) Issuance of debt obligation after the date a deferral |
| 35 | has been granted shall not reduce the amount of taxes eligible |
| 36 | for deferral. |