HomeMy WebLinkAboutMINUTES - 08251987 - 1.38 TOS BOARD OF SUPERVISORS
FSI:Phil Batchelor, Contra
County Administrator Costa
DATE:August 19, 1987 Co
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SUBJECT: V 1!1.11 0.r
TAX SHARING AGREEMENT WITH SAN PABLO REDEVELOPMENT -AGENCY
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION•
Approve the attached agreement with the San Pablo Redevelopment Agency,
which provides for the sharing of tax increment revenues with the County
General Fund and all other County agencies under the direction of the Board
of Supervisors.
BACKGROUND:
The San Pablo Redevelopment Agency desires to merge their four projects
into one to provide better financial stability. State law requires that in
the event of a merger, affected taxing agencies must be informed, and may
call for fiscal review. The County called for fiscal review in early July
and has met with the Agency on numerous occasions to negotiate a sharing of
tax increment.
Under the current plan, none of the County agencies receive any tax
increment. Under the new agreement, the County agencies will receive 2%
effective in 1997, and 100% starting in 2012. If the Redevelopment Agency
is not able to achieve this sharing agreement due to the priority of bonded
indebtedness over the County' s share, the Agency will consider the amounts
not paid to be debt, to be repaid at a later date.
Additionally, a maximum indebtedness of $200, 000,000 has been agreed to by
the Agency. This means that at the point that the maximum has been
achieved, all agencies will begin receiving 100% of their share of the tax
increment in the area, regardless of debt remaining on the project.
Since the County was receiving no tax increment and had no prospects for
any during the lives of these four projects, it is felt that the agreement
is a very favorable change, . and it is recommended to the Board.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF VOARD COMMITTEE
- APPROVE OTHER
SIGNATUREIS1: T
ACTION OF BOARD ON Au ust 25 , 19 p Q 7 APPROVED AS RECO34M�F_'NDED -X_ OTHER
VOTE OF SUPERVISORS
I- HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT , APD CORRECT COPY OF AN ACTION TAKEN
AYES: _ NOES: AND ENTERED .ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED /9,91
Community Development - Redevelopment
PHIL BAT ELOR, CLERK OF THE BOARD OF
San Pablo Redevelopment Agency, SUPERVISORS AND COUNTY ADMINISTRATOR
BY `j'
M382/7-83 ��.� ---,DEPUTY