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a. That portion of taxes levied upon each taxable lot, block, tract or <br /> parcel of real property which is attributable to the lower of the current <br /> equalized assessed value or the initial equalized assessed value of each <br /> such taxable lot, block, tract or parcel of real property in the , <br /> Redevelopment Project Area shall be allocated to and when collected shall <br /> be paid by the County Collector to the respective affected taxing districts <br /> in the manner required by law in the absence of the adoption of tax <br /> increment allocation financing; <br /> b. That portion, if any, of such taxes which is attributable to the <br /> increase in the current equalized assessed valuation of each taxable lot, <br /> block, tract or parcel of real property in the Redevelopment Project Area <br /> over and above the initial equalized assessed value of each lot, block, tract <br /> or parcel of real property in the Redevelopment Project Area shall be <br /> allocated to and when collected shall be paid to the City Treasurer who <br /> shall deposit said funds in a special fund called "the Southeast Plaza <br /> Special Tax Allocation Fund" of the City for the purposes set forth in <br /> Redevelopment Plan and Project referred to in Paragraph 1 of this <br /> Ordinance. <br /> Section 3. All ordinances and parts of ordinances in conflict herewith are hereby <br /> repealed. <br /> Section 4. This Ordinance shall be in full force and effect from and after its passage and <br /> approval as provided by law. <br /> PRESENTED, PASSED, APPROVED AND RECORDE th day of May, 1997. <br /> TE Y . HOWLEY <br /> M <br /> AT"TEST: <br /> i� / <br /> / / ;� <br /> � �� _ �C/C�� <br /> CITY CLERK <br />