HomeMy WebLinkAboutMINUTES - 04231985 - 1.68 TO: REDEVELOPMENT AGENCY
r Contra
FROM: Phil Batchelor
Executive Director Costa
DATE: April 5, 1985 "`N "7
SUBJECT: Legislation : Assembly Bill 1995
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RE.COMME.NDAT ION
Adopt a position in opposition to Assembly Hill X99.5 b.y Assembly
Member Waters creating a 5 percent tax increment set aside for
emergency shelter .
FINANCIAL CMPACT
Reduces net tax increment revenues to th.e Redevelopment Agency by
5 percent . May lengthen the time period . for ending projects and
returning tax increments to local taxing agencies .
REASONS FOR RECOMMENDATION/BACKGROUND
Existing law provides that not less than 20 percent of all tax
increments allocated to a redevelopment agency be used for low -
and-moderate- income-housing . This bill would require that an
additional 5 percent of tax increments be used for emergency shelter
unless certain findings are made .
While the provision of emergency shelter to those in need is an
essential and laudable service, the funding source earmarked in AB
19.9.5 is inappropriate and unrelated to redevelopment . It should be
opposed . for the following reasons .
1 . It undermines the redevelopment process by reducing the
funds available for project implementation .
2 . It may unreasonably lengthen projects thereby lengthening the
time for debt repayment and return of full property tax to
local agencies .
3. It undermines local authority to divide -available taxes
according to local priorities and needs . By creating a
separate , virtually unassailable, pool of money for one purpose
it automatically diminishes funds that might otherwise be
used for some equally important purpose ( ie. safety services ,
healt.h care, etc . ). .
X
CONTINUED ON ATTACHMENT: YES SIGNATURE:
X RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF AGENCY CO ITTEE
X APPROVE OTHER
SIGNATURE(S)
ACTION OF AGENCY 7775 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 �O,N,,THE DATE SHOWN.
'
CC: County Administrator ATTESTED
Redevelopment Agency
Planning PHIL BATCHELOR, AGENCY SECRETARY
CSAC
Auditor-Controller
M382/7-63 BY DEPUTY
-4
Legislation : Assembly Bill 1995
April 5, 1985
Page 2
4 . Generally the source of funding proposed has no
relationship to redevelopment.
5 . If passed it may open the door to other special
interests to tap the tax increment financing mechanisms .
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