South Carolina Code 31-12-270. Adoption of ordinance concurring in redevelopment plan; issuance of obligations; retirement of obligations; disposition of funds
(1) after the issuance of the obligations; and
Terms Used In South Carolina Code 31-12-270
- Authority: means a redevelopment authority created pursuant to § 31-12-40. See South Carolina Code 31-12-30
- Municipality: means an incorporated municipality of this State. See South Carolina Code 31-12-30
- Obligations: means bonds, notes, or other evidence of indebtedness issued by the municipality to carry out a redevelopment project or to refund outstanding obligations. See South Carolina Code 31-12-30
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: includes all property assessed under authority of § 12-4-540 when the term is used in this chapter with regard to tax increment financing. See South Carolina Code 31-12-30
- Redevelopment plan: means the comprehensive program of the authority for redevelopment intended by the payment of redevelopment costs to redevelop properties scheduled for disposal which may tend to return properties to the tax rolls, replace lost jobs, and integrate the properties back into the community, enhancing the tax bases of the taxing districts which extend into the project redevelopment area and the economic health of the community in which it lies. See South Carolina Code 31-12-30
- Redevelopment project: means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. See South Carolina Code 31-12-30
- Redevelopment project area: means an area within the incorporated area of a municipality and designated pursuant to § 31-12-200, which is not less in the aggregate than one and one-half acres. See South Carolina Code 31-12-30
- Redevelopment project costs: means and includes the total of all reasonable or necessary costs incurred or estimated to be incurred and any costs incidental to a redevelopment project. See South Carolina Code 31-12-30
- Taxing districts: means counties, incorporated municipalities, schools, special purpose districts, and any other municipal corporations or districts with the power to levy taxes. See South Carolina Code 31-12-30
(2) after the total equalized assessed valuation of the taxable real property in a redevelopment project area exceeds the certified "total initial equalized assessed value" established in accordance with § 31-12-300(B) of all taxable real property in the project area, the ad valorem taxes, if any, arising from the levies upon taxable real property in the project area by taxing districts and tax rates determined in the manner provided in § 31-12-300(B) each year after the obligations have been issued until obligations issued under this chapter have been retired and redevelopment project costs have been paid must be divided as follows:
(a) that portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the total initial equalized assessed value of all taxable real property in the redevelopment project area must be allocated to, and when collected must be paid by the county treasurer to, the respective affected taxing districts in the manner required by law in the absence of the adoption of the redevelopment plan; and
(b) that portion, if any, of taxes which is attributable to the increase in the current total equalized assessed valuation of all taxable real property in the redevelopment project area above the total initial equalized assessed value of taxable real property in the redevelopment project area must be allocated to, and when collected must be paid to, the municipality which must deposit the taxes into a special fund called the special tax allocation fund of the municipality for the purpose of paying redevelopment project costs and obligations incurred in the payment of the costs and obligations. The municipality may pledge in the ordinance the funds in and to be deposited in the special tax allocation fund for the payment of the costs and obligations.
(B) When obligations issued under this chapter have been retired and redevelopment project costs incurred under this chapter have been paid or budgeted pursuant to the redevelopment plan, as evidenced by resolution of the governing body of the municipality, concurred in by resolution of the authority, all surplus funds remaining in the special tax allocation fund must be paid by the municipal treasurer to the county treasurer. Immediately after receiving the payment, the treasurer shall pay the funds to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the treasurer to the affected districts of real property taxes from real property in the redevelopment project area.
(C) Upon the payment of all redevelopment project costs, retirement of all obligations of a municipality issued pursuant to this chapter, and the distribution of surplus monies pursuant to this section, with the fifteen-year period for issuance of obligations as provided in § 31-12-210(F) having passed, the municipality shall adopt an ordinance dissolving the tax allocation fund for the project redevelopment area and terminating the designation of the redevelopment project area as a redevelopment project area for purposes of this chapter. After that, the rates of the taxing districts must be extended and taxes levied, collected, and distributed in the manner applicable in the absence of the adoption of a redevelopment plan and the issuance of obligations pursuant to this chapter.