§ 419.35. Common project priorities for Phase II.

(a) Tax increment and other revenues generated from the common project, but excluding the sources of security and repayment, shall, for purposes of Phase II, be applied in accordance with the following priorities in order given.

(1)

Payment or reservation for payment of any debt obligations, contractual obligations or other obligations incurred by the agency or the city from time to time with respect to the common project;

(2)

Payment of tax increment administration costs related to the common project as permitted pursuant to the tax increment act;

(3)

Reservation of Phase II funds pursuant to this chapter, except that no more than twenty million dollars ($20,000,000.00) shall be reserved for neighborhood revitalization in any fiscal year; and

(4)

General development purposes, as permitted by law.

(b)

The sources of security and repayment shall be applied in accordance with the discretionary development funding plan.

(c)

The revenues identified in that certain target center finance plan adopted by the city council in 1995, as amended through August 22, 2003, including revenues not generated by the common project, shall be applied to offset target center obligations. (2003-Or-111, § 3, 8-22-03)