As used in this chapter:
(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 Di
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As used in this chapter:
(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.