HomeMy WebLinkAboutMINUTES - 02271990 - 1.127 11o27IV
TO: BOARD OF SUPERVISORS t'_ Contra
FROM:
Phil Batchelor, County Administrator f Costa
ot.
County
DATE: February 27, 1990
SUBJECT: APPROVAL OF PROPERTY TAX TRANSFER AND SETTLEMENT AGREEMENT WITH
CITY OF HERCULES
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)A BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Approve property tax transfer agreement and settlement agreement with
City of Hercules related to the Franklin Canyon annexation to the
City.
FINANCIAL IMPLICATIONS
Under the terms of the agreement, the County will transfer 10 . 6350 of
its base property tax revenues and 21.27% of its increment revenues
from the area to be annexed to the City of Hercules. The amount
transferred annually will be reduced by an amount equal to 32% of the
transient occupancy tax raised in the area, up to a maximum of
$110,000. The ultimate dollar value of these transactions is
dependent upon the pace of development in the Franklin Canyon area,
the cost of the new housing that' s being built, and the occupancy of
the new hotel that' s planned.
BACKGROUND
These agreements result from several years of discussions over the
Franklin Canyon Golf Course annexation to the City. The attached
agreements explain in detail the terms and conditions that the City
and County have agreed to.
CONTINUED ON ATTACHMENT: X YES SIGNATURE: %VVd xwaqfn
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION ON
February 27 , 9.9.0 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: T r T T T , TV,V NOES: T T AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: ATTESTED
County Administrator PHIL BATCHELOR,CLERK 41F THE BOARD OF
Auditor--Controller SUPERVISORS AND COUNTY ADMINISTRATOR
City of Hercules
County Counsel
BY DEPUTY
M382 (10/88)