§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]