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Home My WebLink About10/17/1995, C-3 - CITY ACCEPTANCE OF AN AGREEMENT WITH THE COUNTY OF SAN LUIS OBISPO ON THE PROPERTY TAX REVENUES AND ANNUAL TAX INCREMENT FOR THE GOLDENROD ANNEXATION (4380 BROAD STREET). MEETING DATE: ��►�►��IIIIIIfBIi�' IIUIII City san Luis OBS SPO 16- 11 -q5 COUNCIL AGENDA REPORT TMA NB FROM: Arnold B. Jonas, Community Developwt Director ° By: Judith Lautner, Associate Planner r SUBJECT: City acceptance of an agreement with the County of San Luis Obispo on the property tax revenues and annual tax increment for the Goldenrod Annexation (4380 Broad Street). CAO RECONIlVIENDATION: Adopt a resolution accepting the negotiated exchange of property tax revenues and annual tax increment that is required as a prerequisite to any jurisdictional change by the Revenue and Tax Code Section 99. DISCUSSION Situation/Previous Review On November 30, 1994, the City Council adopted an ordinance prezoning about 14 acres adjacent to the present city limits, between the southerly ends of Fuller Road and Goldenrod Street,to Low-Density Residential, Specific Plan(R-1-SP), consistent with the Land Use Element designation of Low-Density Residential. At the same meeting, the Council also approved a resolution requesting that the Local Agency Formation Commission (LAFCo) approve the annexation. On October 10, 1995, the San Luis Obispo County Board of Supervisors is scheduled to initiated a 30-day period (October 10 to November 9) for negotiation of exchange of property tax revenues and annual tax increment for the Goldenrod Annexation. Action taken by the Board will be reported to the Council at the meeting. Prior to final LAFCo action on the Goldenrod Annexation, the City Council needs to adopt a similar resolution acknowledging the negotiated agreements between the City and the County related to property tax revenues and annual tax increment. The terms of the proposed agreement will result in the City receiving incremental property tax revenues from the Goldenrod Annexation area at a rate of 13.78343 percent. This rate is consistent with the County's standard tax sharing policy regarding newly annexed areas. ALTERNATIVES The Council may continue action. Direction should be given to staff. The Council may direct staff to negotiate further with the County over desired terms of the property tax revenue distribution associated with the annexation. Attached: Draft Resolution Vicinity Map RESOLUTION NO. (1995 Series) A RESOLUTION OF THE CITY COUNCIL OF SAN LUIS OBISPO ACCEPTING A NEGOTIATED EXCHANGE OF PROPERTY TAX REVENUE AND ANNUAL TAX INCREMENT BETWEEN THE COUNTY OF SAN LUIS OBISPO AND THE CITY OF SAN LUIS OBISPO FOR THE GOLDENROD ANNEXATION AT 4380 BROAD STREET (SLO COUNTY ANNEXATION #43) BE IT RESOLVED by the Council of the City of San Luis Obispo, that: WHEREAS, in the case of a jurisdictional change which will alter the service area or responsibility of a local agency, Revenue and Taxation Code Section 99(b) requires that the amount of property tax revenue to be exchanged, if any, and the amount of annual tax increment to be exchanged among the affected local agencies shall be determined by negotiation; and WHEREAS, when a city is involved, the negotiations are conducted between the City Council and the Board of Supervisors of the County; and WHEREAS, Revenue and Taxation Code Section 99(b) requires that each local agency, upon completion of negotiations, adopt resolutions whereby said local agencies agree to accept the negotiated exchange or property tax revenues, if any, and annual tax increment and requires that each local agency transmit a copy of each such resolution to the Executive Officer of the Local Agency Formation Commission; and WHEREAS, no later than the date on which the certificate of completion of the jurisdictional change is recorded with the County Recorder, the Executive Officer shall notify the County Auditor of the exchange of property tax revenues by transmitting a copy of said resolution to him and the County Auditor shall therefore make the appropriate adjustments as required by law; and C-3c2 Resolution No. (1995 Series) Page 2 WHEREAS, the negotiations have taken place concerning the transfer of property tax revenues and annual tax increment between the County of San Luis Obispo and the City of San Luis Obispo pursuant to Section 99(b) for the jurisdictional change designated as Annexation No. 43 to the City of San Luis Obispo (Goldenrod Annexation); and WHEREAS, the negotiating parties, to wit: Paul Hood, Principal Administrative Analyst, County of San Luis Obispo, and Ken Hampian, Assistant City Administrative Officer, have negotiated the exchange of property tax revenue and annual tax increment between such entities as hereinafter set forth; and WHEREAS, it is in the public interest that such negotiated exchange of property tax revenues and annual tax increment be consummated. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo, as follows: 1. That the recitals set forth above are true, correct, and valid. 2. That the City of San Luis Obispo agrees to accept the following negotiated exchange of property tax revenues and annual tax increment: (a) No base property tax revenue shall be transferred from the County of San Luis Obispo to the City of San Luis Obispo. (b) Annual tax increment in an amount to be determined by the County Auditor, based upon the following percentage agreed to by the negotiating parties, 13.78343 percent, shall be transferred from the County of San Luis Obispo to the City of San Luis Obispo in the fiscal year 1996-97 and each fiscal year thereafter. Resolution No. (1995 Series) Page 3 3. Upon receipt of a certified copy of this resolution and a copy of the recorded certificate of completion, the County Auditor shall make the appropriate adjustments to property tax revenues and annual tax increments as set forth above. 4. That the City Clerk is authorized and directed to transmit a certified copy of the resolution to the Executive Officer of the San Luis Obispo Local Agency Formation Commission, who shall then distribute copies in the manner prescribed by law. On motion of seconded by and on the following roll call vote: AYES: NOES: ABSENT: the foregoing resolution was passed and adopted this day of 1995. Mayor ATTEST: City Clerk APPROVED: N. ity orn C- 3-� TANK % FpFM ,2�o r CITY LMT ' Para e!' lo be a�n�;ced „ 09 O f4 0 FEE-f 1000 2000 VICINITY MAP ANNX/R 110-93 NORTH GOLDENROD LANE C 3-S