Reinvestment Zones and Homestead Preservation Zones Sample Clauses

Reinvestment Zones and Homestead Preservation Zones. The City had approved (i) the Xxxxxxx Tax Increment Reinvestment Zone the Xxxxxx Creek Tax Increment Reinvestment Zone, and the Colony Park Tax Increment Reinvestment Zone (collectively, the "Existing TIRZs"), to which 100% of the incremental property tax revenue collected within the boundaries of each such zone is currently allocated; and (ii) one Homestead Preservation Zone (the "HPZ"), to which 20% of the incremental ad valorem property tax revenue collected within the HPZ boundaries is currently allocated. For purposes of calculating the Proposition A Revenue, the ad valorem property tax revenue required for each Existing TIRZ and the HPZ shall first be deducted from the total ad valorem property tax revenue received by the City. If any Existing TIRZ is extended or expanded or any new TIRZ or HPZ is created by the City, the incremental ad valorem property tax revenue collected by the City as a result of such new TIRZ or HPZ shall not be deducted prior to calculating the Proposition A Revenue, unless ATP shall first have agreed to such deduction in writing; provided, however, the City may create a TIRZ on city owned property without the consent of ATP, including a TIRZ in which city owns a majority (50.1%) of the acres included in the zone.
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