§ 30-337. Determination of tax increment.

The tax increment shall be determined and appropriated annually by each taxing authority, and shall be an amount equal to ninety-five (95) percent of the difference between:

(a)

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

(b)

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 International Drive Community Redevelopment Area as shown upon the most recent assessment roll used in connection with the taxation of such property by all taxing authorities, prior to October 5, 1998.

(Ord. No. 98-22, § 5, 9-29-98)