§ 5.06.010. Definitions.

As used in this chapter, unless the context otherwise requires:

1.

"Administrative fee" means a fee of up to five percent of incremental tax revenues utilized to pay the documented reasonable and necessary expenses incurred by the tax increment agency in administering a plan, including a reasonable allocation of overhead expenses. Documentation of reasonable and necessary administrative expenses for which administrative fees are requested shall be submitted to the director of finance for review at the time the request for disbursement of incremental tax revenue is made by the tax increment agency.

2.

"Debt service taxes" means for property located in the General Services District, that portion of property taxes designated by the metropolitan government property tax levy ordinance to be distributed to the General Services District Debt Service Fund and the School Debt Services Fund, and for property located in the Urban Services District, that portion of property taxes designated by the metropolitan government property tax levy ordinance to be distributed to the General Services District Debt Service Fund, the School Debt Services Fund and the Urban Services District Debt Service Fund.

3.

"Debt service tax percentage" shall mean the percentage obtained by dividing the debt service taxes for the applicable year by the total taxes for the applicable year.

4.

"Housing authority" means the metropolitan development and housing agency organized in accordance with Title 13, Chapter 20 of the Tennessee Code Annotated.

5.

"Incremental tax revenues" means incremental property tax revenues to be allocated by the metropolitan government to a tax increment agency pursuant to applicable tax increment statutes.

6.

"Industrial development board" means the industrial development board of the metropolitan government organized pursuant to Title 7, Chapter 53 of the Tennessee Code Annotated.

7.

"Plan" means a redevelopment plan approved pursuant to title 13, chapter 20 of the Tennessee Code Annotated, or an economic impact plan approved pursuant to title 7, chapter 53 of the Tennessee Code Annotated.

8.

"Plan area" means the area identified in any plan as being subject to such plan.

9.

"Refinancing" means any renewal, restructuring, refunding, extension, or other modification of the terms of any loan or other debt obligation.

10.

"Tax increment agency" means a housing authority or industrial development board.

11.

"Tax increment statutes" means Title 7, Chapter 53, Title 9, Chapter 23, and Title 13, Chapter 20 of the Tennessee Code Annotated.

12.

"TIF loan" means any loan or other debt obligation made to a tax increment agency pursuant to applicable tax increment statutes for which incremental tax revenues are pledged for payment of such loan or other debt obligation.

13.

"TIF loan maturity date" means the earlier of the date that the TIF loan is paid in full, or the date specified in the TIF loan documents when the tax increment agency is no longer obligated to utilize incremental tax revenues for payment of debt service on the TIF loan; provided however, if the TIF loan has not been paid in full by the date specified in the loan documents and the tax increment agency elects to refinance the TIF loan to fully amortize the remaining unpaid principal balance, then the TIF loan maturity date shall be extended to the earlier of the date the refinanced TIF loan is paid in full or the date specified in the loan documents for the refinanced TIF Loan when the tax increment agency is no longer obligated to utilize incremental tax revenues for payment of debt service on the refinanced TIF loan.

14.

"Total taxes" means, for property located in the General Services District, the property taxes designated by the metropolitan government property tax levy ordinance to be distributed to the General Services District General Fund, the School Fund, the General Services District Debt Service Fund and the School Debt Services Fund, and for property located in the Urban Services District, the property taxes designated by the metropolitan government property tax levy ordinance to be distributed to the General Services District General Fund, the School Fund, the General Services District Debt Service Fund, the School Debt Services Fund, the Urban Services District General Fund and the Urban Services District Debt Service Fund.

(Ord. BL2016-157 § 1, 2016)