{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3245.5.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3245.5.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3245.5.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3245.5.html"}],"law_id":75051,"edition_id":1,"section_id":75051,"structure_id":15489,"section_number":"58.1-3245.5","catch_line":"Dissolving the Tax Increment Financing Fund","history":"1988, c. 776; 1990, c. 296; 1994, c. 667.","full_text":"The governing body may pass an ordinance to dissolve the Tax Increment Financing Fund, and to terminate the existence of a development project area, upon the payment or defeasance of all obligations secured by the Tax Increment Financing Fund and payment or provision for payment of all development project cost commitments. When the Tax Increment Financing Fund is dissolved, any revenue remaining in the Fund after payment or provision for payment of all such obligations and commitments shall be paid into the general fund of the county, city or town.\n\t\tUpon dissolving the Tax Increment Financing Fund, the real estate shall be assessed and taxes collected in the same manner as applicable in the year preceding the adoption of the tax increment financing ordinance, and pursuant to this chapter.","order_by":null,"text":{"0":{"id":269562,"text":"The governing body may pass an ordinance to dissolve the Tax Increment Financing Fund, and to terminate the existence of a development project area, upon the payment or defeasance of all obligations secured by the Tax Increment Financing Fund and payment or provision for payment of all development project cost commitments. When the Tax Increment Financing Fund is dissolved, any revenue remaining in the Fund after payment or provision for payment of all such obligations and commitments shall be paid into the general fund of the county, city or town.\n\t\tUpon dissolving the Tax Increment Financing Fund, the real estate shall be assessed and taxes collected in the same manner as applicable in the year preceding the adoption of the tax increment financing ordinance, and pursuant to this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15489,"edition_id":1,"name":"Tax Increment Financing","identifier":"4.1","label":"article","depth":4,"order_by":1,"parent_id":12997,"metadata":{},"date_created":"2026-06-26 03:55:29","date_modified":"2026-06-26 03:55:29","permalink":{"id":257373,"object_type":"structure","relational_id":15489,"identifier":"4.1","token":"58.1\/III\/32\/4.1","url":"\/58.1\/III\/32\/4.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12997,"edition_id":1,"name":"Real Property Tax","identifier":"32","label":"chapter","depth":3,"order_by":1,"parent_id":12704,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":256887,"object_type":"structure","relational_id":12997,"identifier":"32","token":"58.1\/III\/32","url":"\/58.1\/III\/32\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12704,"edition_id":1,"name":"Local Taxes","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":256459,"object_type":"structure","relational_id":12704,"identifier":"III","token":"58.1\/III","url":"\/58.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64629,"structure_id":15489,"section_number":"58.1-3245","catch_line":"Definitions","url":"\/58.1-3245\/","token":"58.1\/III\/32\/4.1\/58.1-3245","metadata":false},{"id":79324,"structure_id":15489,"section_number":"58.1-3245.1","catch_line":"Blighted areas constitute public danger","url":"\/58.1-3245.1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.1","metadata":false},{"id":59024,"structure_id":15489,"section_number":"58.1-3245.2","catch_line":"Tax increment financing","url":"\/58.1-3245.2\/","token":"58.1\/III\/32\/4.1\/58.1-3245.2","metadata":false},{"id":60952,"structure_id":15489,"section_number":"58.1-3245.3","catch_line":"Copies of tax increment financing ordinance to local assessing officer and treasurer or director of finance","url":"\/58.1-3245.3\/","token":"58.1\/III\/32\/4.1\/58.1-3245.3","metadata":false},{"id":84670,"structure_id":15489,"section_number":"58.1-3245.4","catch_line":"Issuance of obligations for project costs","url":"\/58.1-3245.4\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4","metadata":false},{"id":69062,"structure_id":15489,"section_number":"58.1-3245.4:1","catch_line":"No annual debt limits for certain cities","url":"\/58.1-3245.4_1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4_1","metadata":false},{"id":75051,"structure_id":15489,"section_number":"58.1-3245.5","catch_line":"Dissolving the Tax Increment Financing Fund","url":"\/58.1-3245.5\/","token":"58.1\/III\/32\/4.1\/58.1-3245.5","metadata":false}],"previous_section":{"id":69062,"structure_id":15489,"section_number":"58.1-3245.4:1","catch_line":"No annual debt limits for certain cities","url":"\/58.1-3245.4_1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4_1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-3245.5\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 776 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1990, chapter 296; in 1994, chapter 667<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":257399,"object_type":"law","relational_id":75051,"identifier":"58.1-3245.5","token":"58.1\/III\/32\/4.1\/58.1-3245.5","url":"\/58.1-3245.5\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3245.5\/","token":"58.1\/III\/32\/4.1\/58.1-3245.5","dublin_core":{"Title":"Dissolving the Tax Increment Financing Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3245.5","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The governing body<\/span> may pass an ordinance<\/span> to dissolve the Tax Increment<\/span> Financing Fund, and to terminate the existence of a development project area<\/span>, upon the payment or defeasance of all obligations<\/span> secured by the Tax Increment<\/span> Financing Fund and payment or provision for payment of all development project cost<\/span> commitments<\/span>. When the Tax Increment<\/span> Financing Fund is dissolved, any revenue remaining in the Fund after payment or provision for payment of all such obligations<\/span> and commitments shall be paid into the general fund of the county, city or town.\n\t\tUpon dissolving the Tax Increment<\/span> Financing Fund, the real estate shall be assessed and taxes collected in the same manner as applicable in the year preceding the adoption of the tax increment<\/span> financing ordinance<\/span>, and pursuant to this chapter.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISSOLVING THE TAX INCREMENT FINANCING FUND (\u00a7 58.1-3245.5)\n\nThe governing body may pass an ordinance to dissolve the Tax Increment Financing\nFund, and to terminate the existence of a development project area, upon the\npayment or defeasance of all obligations secured by the Tax Increment Financing\nFund and payment or provision for payment of all development project cost\ncommitments. When the Tax Increment Financing Fund is dissolved, any revenue\nremaining in the Fund after payment or provision for payment of all such\nobligations and commitments shall be paid into the general fund of the county,\ncity or town.\n\t\tUpon dissolving the Tax Increment Financing Fund, the real estate shall be\nassessed and taxes collected in the same manner as applicable in the year\npreceding the adoption of the tax increment financing ordinance, and pursuant to\nthis chapter.\n\nHISTORY: 1988, c. 776; 1990, c. 296; 1994, c. 667.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}