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To create the Navy Hill Fund.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. Definitions. Words, terms, and phrases used in this ordinance have the meanings ascribed to them in this section, unless the context clearly indicates that another meaning is intended.
(a) Authority. "Authority" means the Economic Development Authority of the City of Richmond, Virginia, a political subdivision of the Commonwealth of Virginia.
(b) Baseline Real Estate Value. "Baseline Real Estate Value" means the amount of real estate taxes that could have been levied by the City pursuant to Chapter 26, Article V of the Code of the City of Richmond (2015), as amended, on real estate in the Increment Financing Area based on the 2020 Proposed Assessment of such real estate in the Increment Financing Area provided in the 2020 Notice of General Reassessment for each parcel of real estate in the Increment Financing Area; provided, however, that if any real estate in the Increment Financing Area was exempt from real estate taxes in the Tax Year commencing January 1, 2019, the Baseline Real Estate Value of such real estate shall equal $0.00.
(c) City Incremental Revenues. "City Incremental Revenues" means the following incremental revenues generated within the Development Area and the Increment Financing Area:
(1) The amount of real estate taxes levied pursuant to Chapter 26, Article V of the Code of the City of Richmond (2015), as amended, on real estate in the Increment Financing Area by the City in each Tax Year beginning with the Tax Year commencing January 1, 2020, that exceeds the Baseline Real Estate Value, less the amount of any grants funded by the City where the grant amount is based on the amount of real estate taxes paid for real estate located in the Increment Financing Area.
(2) The amount of meals taxes levied pursuant to Chapter 26, Article VIII of the Code of the City of Richmond (2015), as amended, at a rate of six percent on mea...
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