HomeMy WebLinkAboutR-10608 Tax Revenue and Tax Increment with CountyRESOLUTION NO. 10608 (2015 Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, 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
WHEREAS, the City of San Luis Obispo, a charter city and political subdivision of the
State of California, wishes to move forward with the annexation of a .74 acre property at the
corner of Broad Street and Farmhouse Lane; and
WHEREAS, the Revenue and Taxation Code Section 99(a)(1) requires the amount of
property tax revenue to be exchanged, if any, and the amount of the annual tax increment
exchanged, to be negotiated between the affected local agencies; and
WHEREAS, Revenue and Taxation Code Section 99(b)(6) requires that each local
agency, upon completion of negotiations, adopt resolutions whereby said local agencies agree to
accept the negotiated exchange of 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
jurisdiction 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
resolutions to the County Auditor who shall thereafter make the appropriate adjustment as
required by law; and
WHEREAS, the negotiations have taken place concerning the transfer of property tax
revenues and annual increments between the County of San Luis Obispo and the City of San
Luis Obispo pursuant to Section 99(a)(1) for the jurisdictional change designated as Annexation
No. 78 to the City of San Luis Obispo; and
WHEREAS, it is in the public interest that such negotiated exchange of property tax
revenues and annual tax increments be consummated.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows.
SECTION 1. Agreement. The City Council agrees to accept the following negotiated
exchange of base 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.
R 10608
Resolution No. 10608 (2015 Series)
Page 2
b) County will retain the future property tax increment, after transfers to the
Educational Revenue Augmentation Fund (ERAF), in Fiscal Year 2016 -17 and
each fiscal year thereafter.
c) All sales tax, base rate and local add -on tax, generated by future development of
the property will be retained by the City of San Luis Obispo.
SECTION 2. Transmittal. 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.
Upon motion of Council Member Christianson, seconded by Vice Mayor Ashbaugh, and on the
following roll call vote:
AYES: Council Members Carpenter, Christianson and Rivoire,
Vice Mayor Ashbaugh and Mayor Marx
NOES: None
ABSENT: None
The foregoing resolution was adopted this 31St day of March, 2015.
r Jan Marx
ATTEST:
Zth'ony . j ia, MM
City Clerk f'
APPROVED AS TO FORM:
N- Christine Dietrick
City Attorney
Resolution No. 10608 (2015 Series)
Page 3
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of San Luis Obispo, California, this 166 ' day of 201 S'
ti
Jony J. Meji ,
City Clerk