58.1-3245 - Definitions.
§ 58.1-3245. Definitions.
As used in this article, unless the context clearly shows otherwise, the termor phrase:
"Base assessed value" means the assessed value of real estate within adevelopment project area as shown upon the land book records of the localassessing officer on January 1 of the year preceding the effective date ofthe ordinance creating the development project area.
"Blighted area" means any area within the borders of a development projectarea which impairs economic values and tax revenues, causes an increase inand spread of disease and crime, and is a menace to the health, safety,morals and welfare of the citizens of the Commonwealth; or any area whichendangers the public health, safety and welfare because commercial,industrial and residential structures are subject to dilapidation,deterioration, obsolescence, inadequate ventilation, inadequate publicutilities and violations of minimum health and safety standards; or any areapreviously designated as a blighted area pursuant to § 36-48; or any areaadjacent to or in the immediate vicinity thereof which may be improved orenhanced in value by the placement of a proposed highway construction project.
"Current assessed value" means the annual assessed value of real estate ina development project area as recorded on the land book records of the localassessing officer.
"Development project area" means any area designated for development orredevelopment in an ordinance passed by the local governing body.
"Development project cost" has the same meaning as the term "cost" in thePublic Finance Act (§ 15.2-2600 et seq.) and, in the case of blighted areas,includes amounts paid to carry out the purposes described in § 144(c)(3) ofthe Internal Revenue Code of 1986, as amended.
"Development project cost commitment" means a determination by the localgoverning body of payment of a sum specific of development project costs fromthe tax increment and other available funds in a development area.
"Governing body" means the board of supervisors, council or otherlegislative body of any county, city or town.
"Obligations" means bonds, general obligation bonds and revenue bonds asdefined in § 15.2-2602 of the Public Finance Act (§ 15.2-2600 et seq.), andany other form of indebtedness which the county, city or town may incur.
"Tax increment" means the amount by which the current assessed value ofreal estate exceeds the base assessed value.
(1988, c. 776; 1989, c. 418; 1990, c. 296; 1994, c. 667.)