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

"Adjustment rate" means a percentagerate or rates of adjustment of the assessment base determined by the directorof finance at the time the tax increment district is established, based on thehistorical and projected increases to the assessed values of taxable realproperty within the boundary of the tax increment district and the projectedcost increases to the county for servicing the new developments within the taxincrement district.

"Assessment base" means the totalassessed values of all taxable real property in a tax increment district asmost recently certified by the director of finance on the date of creation ofthe tax increment district.

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

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

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

"County" has the same meaning as setforth in section 1-22 and means the county in which a tax increment district issituated.

"Director of budget" means the officeor chief budget officer of the county charged with the responsibility ofpreparing and reviewing the operating and capital budget programs of thecounty.

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

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

"Project costs" means expendituresmade or estimated to be made or monetary obligations incurred or estimated tobe incurred by the agency that are listed in a tax increment financing plan ascosts of public works or public improvements in a tax increment district, plusother costs incidental to the expenditures or obligations.  Project costsinclude:

(1)  Capital costs, including the actual costs of theconstruction 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; andthe 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 incrementbonds and all interest paid to holders of evidences of indebtedness or otherobligations issued to pay for project costs, any capitalized interest, and anypremium paid over the principal amount of the obligations because of theredemption of the obligations prior to maturity;

(3)  Professional service costs, includingarchitectural, planning, engineering, marketing, appraisal, financialconsultant, and special services and legal advice;

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

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

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

(7)  Payments determined by the county council to benecessary or convenient to the creation of a tax increment district or to theimplementation of the tax increment financing plan for the tax incrementdistrict.

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

"Redevelopment plan" means a plan asdefined in section 53-1.

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

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

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

"Tax increment financing plan" meansthe plan for tax increment financing for a tax increment district submitted tothe county council.  The tax increment financing plan shall contain estimatesof:  project costs; amount of tax increment bonds to be issued; sources ofrevenue to finance or otherwise pay project costs; the most recent assessedvalue of taxable real property in the district; the duration of the district'sexistence; and statements from the county's department of finance, and thecounty's department of budget, if applicable, regarding the financial andbudgetary impacts on the county resulting from the proposed tax incrementfinancing plan.

"Tax increment fund" means a fundwhich shall be held by the director of finance or other fiduciary designated bythe county council and into which all tax increments and other moneys pledgedby the county for payment of tax increment bonds are paid, and all proceedsfrom the sale of tax increment bonds are deposited, and from which moneys aredisbursed to pay project costs for the tax increment district or to satisfyclaims of holders of tax increment bonds issued for the district. [L 1985, c267, pt of §1; am L 1987, c 248, §2]