As used in this chapter:

(1) “Act” means the New Castle 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 in which the resolution creating the tax increment financing (TIF) District under § 3206 of this title becomes effective; 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 General Manager of the New Castle County Department of Land Use or designee.

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

(6) “Chief financial officer” means New Castle County Chief Financial Official or designee.

(7) “County” or “county” means New Castle County.

(8) “County council” means New Castle County Council or designee.

(9) “County executive” means the County Executive for New Castle County or designee.

(10) “Development” means redevelopment, revitalization or renovation.

(l1) “Issuer” or “issuer” means New Castle County when it acts to issue bonds or to any other taxing body when it issues bonds.

(12) “Original assessed value” means the assessed value as of January 1 of the calendar year in which the resolution creating the TIF District under § 3206(1) of this title becomes effective.

(13) “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.

(14) “Tax year” means the fiscal year for the county.

(15) “TIF District” means an area designated by a resolution described in § 3206(1) of this title.

76 Del. Laws, c. 187, § 1.