HomeMy WebLinkAboutr10255propertytaxrevenueexchangeRESOLUTION NO . 10255 (2011 Series )
A RESOLUTION OF THE CITY OF SAN LUIS OBISPO ACCEPTING A
NEGOTIATED EXCHANGE OF PROPERTY TAX REVENUE AND ANNUAL TA X
INCREMENT BETWEEN THE COUNTY OF SAN LUIS OBISPO AND THE CITY O F
SAN LUIS OBISP O
WHEREAS,the City of San Luis Obispo, a charter city and political subdivision of th e
State of California, wishes to move forward with the annexation of the Orcutt Area ; and
WHEREAS,the Revenue and Taxation Code Section 99(a)(1) requires that the amoun t
of property tax revenue to be exchanged, if any, and the amount of annual tax increment to b e
exchanged among the affected local agencies shall be determined by negotiation ; and
WHEREAS,Revenue and Taxation Code Section 99(b)(6) requires that each loca l
agency, upon completion of negotiations, adopt resolutions whereby said local agencies agree t o
accept the negotiated exchange of property tax revenues, if any, and annual tax increment an d
requires that each local agency transmit a copy of each such resolution to the Executive Office r
of the Local Agency Formation Commission ; and
WHEREAS,no later than the date on which the certificate of completion of th e
jurisdictional change is recorded with the County Recorder, the Executive Officer shall notify th e
County Auditor of the exchange of property tax revenues by transmitting a copy of sai d
resolutions to him and the County Auditor shall thereafter make the appropriate adjustments a s
required by law; and
WHEREAS,the negotiations have taken place concerning the transfer of property ta x
revenues and annual tax increments between the County of San Luis Obispo and the City of Sa n
Luis Obispo pursuant to Section 99(a)(1) for the jurisdictional change designated as Annexatio n
No . 79 to the City of San Luis Obispo (Orcutt); an d
WHEREAS,the negotiating party, to wit : Dan Buckshi, Assistant County Administrativ e
Officer and Emily Jackson, Administrative Analyst, on behalf of the County and Michae l
Codron, Assistant City Manager and Mary Bradley, Interim Finance Director/City Treasurer, o n
behalf of the City of San Luis Obispo have negotiated the exchange of property tax revenue an d
annual tax increments between such entities as hereinafter set forth ; and
WHEREAS,it is in the public interest that such negotiated exchange of property ta x
revenues and annual tax increments be consummated .
NOW, THEREFORE BE IT RESOLVED by the Council of the City of San Lui s
Obispo as follows :
SECTION 1 .Agreement.The City Council agrees to accept the following negotiate d
exchange of base property tax revenues and annual tax increment .
R 10255
Resolution No . 10255 (2011 Series )
Page 2
1.No base property tax revenue shall be transferred from the County of San Luis Obispo t o
the City of San Luis Obispo .
2.For the purposes of this exchange, all land within the annexation area will be considere d
to be pre-zoned residential .
3.Annual tax increments shall be transferred from the County of San Luis Obispo to the
City of San Luis Obispo in fiscal year 2011-2012 and each fiscal year thereafter in th e
amount of 34 percent of the increment remaining after transfers to the Educational Revenu e
Augmentation Fund (ERAF).
4.If development of the open space area (44 percent or 100 acres) of the site is eve r
pursued, it will be incumbent upon the City to notify the County of such development and th e
County will reserve the right to renegotiate with the City regarding a revised formula for th e
exchange of property tax increment in that area .
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 Agenc y
Formation Commission, who shall then distribute copies in the manner prescribed by law .
Upon motion of Vice Mayor Ashbaugh, seconded by Council Member Smith, and on th e
following vote :
AYES :
Council Members Carpenter, Carter and Smith, Vice Mayor Ashbaugh an d
Mayor Mar x
NOES :
Non e
ABSENT : Non e
The foregoing resolution was adopted this 5th day of April, 2011 .
ATTEST :
Elaina Can o
City Clerk
APPROVED AS TO FORM :
City Attorney