Loading...
HomeMy WebLinkAboutR-11246 accepting a negotiated exchange of Tax Revenue and Annual Tax Increment for the Froom Ranch Annexation AreaR 11246 RESOLUTION NO. 11246 (2021 SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO, CALIFORNIA, ACCEPTING A NEGOTIATED EXCHANGE OF TAX REVENUE AND ANNUAL TAX INCREMENT BETWEEN THE COUNTY OF SAN LUIS OBISPO AND THE CITY OF SAN LUIS OBISPO FOR THE FROOM RANCH ANNEXATION AREA, AS REPRESENTED IN THE STAFF REPORT AND ATTACHMENTS DATED MAY 18, 2021 WHEREAS, the City of San Luis Obispo, a charter city and municipal corporation, wishes to move forward with the annexation of the Froom Ranch area; and WHEREAS, the Revenue and Taxation Code Section 99(a)(1) requires that the amount of 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, the 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 jurisdictional change is recorded with the County Recorder, the Executive Officer shall notify the County Auditor of the exchange of tax revenues by transmitting a copy of said resolutions to him and the County Auditor shall thereafter make the appropriate adjustments as required by law; and WHEREAS, the negotiations have taken place concerning the transfer of tax revenues and annual tax 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. 82 to the City of San Luis Obispo (Froom Ranch); and WHEREAS, the negotiating party, to wit: Emily Jackson, Division Manager, County of San Luis Obispo, on behalf of the County and Michael Codron, Community Development Director, City of San Luis Obispo, on behalf of the City have negotiated the exchange of tax revenue and annual tax increments between such entities as hereinafter set forth; and WHEREAS, it is in the public interest that such negotiated exchange of 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 tax revenues and annual tax increment: Resolution No. 11246 (2021 Series) Page 2 R 11246 1. No base tax revenue shall be transferred from the County of San Luis Obispo to the City of San Luis Obispo. 2. Annual tax increments shall be transferred from the County of San Luis Obispo to the City of San Luis Obispo in fiscal year 2022-2023 and each fiscal year thereafter in the amount of one-third of the increment remaining after transfers to the Educational Revenue Augmentation Fund (ERAF). 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 Vice Mayor Stewart, seconded by Council Member Christianson, and on the following roll call vote: AYES: Council Member Christianson, Marx, Pease, Vice Mayor Stewart, and Mayor Harmon NOES: None ABSENT: None The foregoing resolution was adopted this 18th day of May 2021. ____________________________________ Mayor Heidi Harmon ATTEST: ____________________________________ Teresa Purrington City Clerk APPROVED AS TO FORM: _____________________________________ J. Christine Dietrick City Attorney IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Luis Obispo, California, on ____________________________. ____________________________________ Teresa Purrington City Clerk