Ordinance No. 19253 - Laserfiche WebLink

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~gzs3 tional Downtown Development District special ad valorem tax bur~- den attributable to the owner's parcel because of the Downtown Development District special ad valorem tax credits allowed since the creation of the Downtown Development District. ~3} Except as otherwise provided in this subsection, each owners proportionate share described in subsection ~2} of this Section shall be distributed in cash to those persons or their legal representatives who .are determined by the finance officer to be the owners of those parcels which received partial or nv credit for 14th & Qak ~verpark special benefit assessments against their Downtown Development District special ad valorem tax in any fiscal year for which there is determined to be excess net operating revenue and a rebate is declared under Section 3 of this ordinance. Such distributions shall be made for the first fiscal year in which there were Downtown Development District special, ad valorem tax credits and each fiscal year thereafter until the debt of the 10th & oak overpark Fund ~No. 521} to the Downtown Development District Fund tNo. 113} for Downtown Development District special ad valorem tax credits is satisfied in full. The amount distributed to owners, or their legal repre- sentatives, for each fiscal year shall be limited to their pra~- portionate share of the excess net operating revenue declared for such fiscal year. Any distribution provided far under this sub- section may be applied to offset, in whole or in part, the Down-~ Page 9 - and inan~ce