HomeMy WebLinkAboutMINUTES - 04161985 - 1.45 i
TO: REDEVELOPMENT AGENCY
Contra
FROM: Phil Batchelor
Executive Director Costa
DATE: A p r i t 4 , 1985 C t
SUBJECT: Legislation : Senate Bill 690
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) do BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Adopt a positioninsupport of SB 690 by Senator McCorquodale
which would require the adoption of limits on tax increment
allocations and time Limits on indebtedness for- redevelopment
projects adopted prior to October 1 , 1976 .
FINANCIAL IMPACT
Potentially positive. Limitations will cause the closure of
some redevelopment projects which would otherwise be "on-going"
without bounds . Any provision that speeds the return of tax
increments to local taking agencies will have a positive effect
on County revenues .
REASONS FOR RECOMMENDATION/BACKGROUND
Existing Community Redevelopment Law requires redevelopment plans
adopted on or after October 1 , 1976, to contain limitations on
,the amount of tax increment funds that may be divided and
allocated to the agency under the plan , a time limit on the
establishment of loans, advances, and indebtedness to finance
the project, and a time limit for the commencement of eminent
domain proceedings to acquire property within the project area .
SB 690 would require similar limitations on projects adopted
prior to October 1 , 1976, subject ' to indebtness incurred prior
to that date .
Some projects adopted prior to 1976, containing no limiting
provisions, continue to exist Fong after they are justifiably
needed . They continue to collect tax increments at the expense
of other local taxing agencies . This legislation is a step
toward correcting that situation and should be strongly supported .
CONTINUED ON ATTACHMENT: YES SIGNATURE: �- ,,-,:>:::�
X _ RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF AGENCY CO ITTEE
_X APPROVE OTHER
SIGNATURE(S)
ACTION OF AGENCY nN APR_1 1985 APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE REDEVELOP-
MENT AGENCY ON THE DATE SHOWN.
County Administrator APR 16 1985
CC: Redevelopment Agency ATTESTED
P l a n n i n g PHIL BATCHELOR, AGENCY SECRETARY
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IM302/7-03 BY DEPUTY