§46-102 Definitions. As used in this part, the following words and terms shall have the following meanings unless the context indicates a different meaning or intent:

"Adjustment rate" means a percentage rate or rates of adjustment of the assessment base determined by the director of finance at the time the tax increment district is established, based on the historical and projected increases to the assessed values of taxable real property within the boundary of the tax increment district and the projected cost increases to the county for servicing the new developments within the tax increment district.

"Assessment base" means the total assessed values of all taxable real property in a tax increment district as most recently certified by the director of finance on the date of creation of the tax increment district.

"Assessment increment" means the amount by which the current assessed values of taxable real property located within the boundaries of a tax increment district exceeds its assessment base.

"Community development plan" means a plan established pursuant to section 206E-5.

"Council" means the council of the county in which a tax increment district is situated.

"County" has the same meaning as set forth in section 1-22 and means the county in which a tax increment district is situated.

"Director of budget" means the office or chief budget officer of the county charged with the responsibility of preparing and reviewing the operating and capital budget programs of the county.

"Director of finance" means the officer or officers of the county charged with the responsibility of administering the real property taxation function of the county.

"High technology parks" means an industrial park that has been developed to accommodate and support high technology activities including the Hawaii technology park at Mililani town, city and county of Honolulu, the Maui research and technology park, Maui county, and the Hawaii ocean science and technology (HOST) park, Hawaii county.

"Project costs" means expenditures made or estimated to be made or monetary obligations incurred or estimated to be incurred by the agency that are listed in a tax increment financing plan as costs of public works or public improvements in a tax increment district, plus other costs incidental to the expenditures or obligations. Project costs include:

(1) Capital costs, including the actual costs of the construction of public works or public improvements, new buildings, structures, and fixtures; the actual costs of the demolition, alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures; and the actual costs of the acquisition, clearing, and grading of land;

(2) Financing costs, including, but not limited to, all necessary and incidental expenses related to the issuance of tax increment bonds and all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs, any capitalized interest, and any premium paid over the principal amount of the obligations because of the redemption of the obligations prior to maturity;

(3) Professional service costs, including architectural, planning, engineering, marketing, appraisal, financial consultant, and special services and legal advice;

(4) Imputed administrative costs, including reasonable charges for the time spent by employees of the agency in connection with the implementation of a tax increment financing plan;

(5) Relocation costs to the extent required by federal or state law;

(6) Organizational costs, including the costs of conducting environmental impact studies or other studies, the costs of publicizing the creation of a tax increment district, and the cost of implementing the tax increment financing plan for the tax increment district;

(7) Payments determined by the county council to be necessary or convenient to the creation of a tax increment district or to the implementation of the tax increment financing plan for the tax increment district.

"Redevelopment agency" or "agency" means an agency defined in section 53-1 or the Hawaii community development authority as established pursuant to chapter 206E.

"Redevelopment plan" means a plan as defined in section 53-1.

"Tax increment" means the amount of real property taxes levied for one year on the assessment increment.

"Tax increment bonds" mean bonds, notes, interim certificates, debentures, or other obligations issued pursuant to this part.

"Tax increment district" or "district" means a contiguous or noncontiguous geographic area designated pursuant to section 46-103 by the county council for the purpose of tax increment financing.

"Tax increment financing plan" means the plan for tax increment financing for a tax increment district submitted to the county council. The tax increment financing plan shall contain estimates of: project costs; amount of tax increment bonds to be issued; sources of revenue to finance or otherwise pay project costs; the most recent assessed value of taxable real property in the district; the duration of the district's existence; and statements from the county's department of finance, and the county's department of budget, if applicable, regarding the financial and budgetary impacts on the county resulting from the proposed tax increment financing plan.

"Tax increment fund" means a fund which shall be held by the director of finance or other fiduciary designated by the county council and into which all tax increments and other moneys pledged by the county for payment of tax increment bonds are paid, and all proceeds from the sale of tax increment bonds are deposited, and from which moneys are disbursed to pay project costs for the tax increment district or to satisfy claims of holders of tax increment bonds issued for the district. [L 1985, c 267, pt of §1; am L 1987, c 248, §2]