Definitions

# (1)

“Act” means the Kent County Tax Increment Financing Act.

# (2)

“Adjusted assessed value” means:

a. For real property that qualifies for an agricultural, horticultural, or forest use under § 8329 of this title, the assessed value of the property without regard to its agricultural, horticultural, or forest use assessment as of January 1 of the calendar year preceding the effective date of the resolution creating the TIF District under § 5406 of this title or such later date as may be designated in such resolution by the Levy Court; or

b. In the event the County grants an exemption from taxes, the original assessed value less the assessed value of property granted an exemption.

# (3)

“Assessed value” means the total assessed value of all real property in a TIF District subject to taxation as determined by the assessor, with any adjustment pursuant to paragraph (2) of this section taken into account.

# (4)

“Assessor” shall mean the Kent County Assessment Office.

# (5)

“Bonds” or “bond” means any revenue or general obligation bonds or bond, notes or note, or other similar instruments or instrument issued by the County pursuant to and in accordance with this chapter.

# (6)

“Chief financial officer” means the Director of the Kent County Department of Finance or the Director’s designee designated by the Director of the Kent County Department of Finance.

# (7)

“County” means Kent County.

# (8)

“County Administrator” means the Kent County Administrator or the Kent County Administrator’s designee designated by the Kent County Administrator.

# (9)

“Development” means new development, redevelopment, revitalization, or renovation.

# (10)

“Issuer” means the County when it acts to issue bonds.

# (11)

“Issuing body” means a municipality or other political subdivision, department or agency of the State (other than the County) when it acts to issue a bond, a note, or other similar instrument.

# (12)

“Levy Court” means Kent County Levy Court.

# (13)

“Original assessed value” means the assessed value as of January 1 of the calendar year preceding the effective date of the resolution creating the TIF District under § 5406(1) of this title or such later date as may be designated in such resolution by the Levy Court.

# (14)

“Other obligations” or “other obligation” means a bond, a note, or other similar instrument issued by an issuing body for any of the purposes stated in § 5405 of this title.

# (15)

“Tax increment” means for any tax year the amount by which the assessed value as of January 1 preceding that tax year exceeds the original assessed value.

# (16)

“Tax year” means the fiscal year for the County.

# (17)

“TIF District” means an area designated by a resolution described in § 5406(1) of this title.