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HomeMy WebLinkAboutMINUTES - 03111986 - 2.4 w To BOARD OF SUPERVISORS FROM: PHIL BATCHELOR, C Itra EXECUTIVE DIRECTOR CWLa DATE: March 3, 1986 C oiry SUBJECT: County Share of Tax Increment from Future City Redeyelopment' Frojects. SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION RECOMMENDED ACTION Adopt a resolution electing to receive tax increments attributable to 1) increases in the tax rate, and 2) increases in assessed value resulting from the annual 112 percent increase, " from all future redevelopment projects adopted by any city within the County. FINANCIAL IMPACT Assures that the County will receive at least the minimum share of tax increment it is entitled to from all future redevelopment projects in the County. The County may receive a larger portion .of increment depending upon financial burden or detriment caused by the project. -- BACKGROUND/REASONS FOR RECOMMENDATION California Community Redevelopment Law provides that redevelopment projects may be financed by what is commonly known as "Tax Increment Financing. " The tax increment being that portion of increased property tax revenues generated within a redevelopment project area following project adoption. Normally all tax increments generated by a redevelopment project would flow to the respective redevelopment agency, to the extent that the agency had incurred indebtedness in furthering the project. The law provides, however, that affected taxing agencies, such as the County, may elect to receive a portion of the tax increments generated by a project. Specifically the County is entitled to the tax increment resulting from: 1. Increases in the tax rate imposed for the benefit of the County (e.g. an override of the 1 percent tax rate established by Proposition 13 ) . 2 . Increases in assessed valuation of taxable property in the project area resulting from the annual inflationary adjustment ( i.e. limited to a maximum of percent per year) . CONTINUED ON ATTACHMENT: X YES SIGNATURE: ! �/ RECOMMENDATION OF COUNTY ADMINISTRATOR RECO EN �ATI N F B ARD C TTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON March 11, 1987-- APPROVED AS RECOMMENDED OTHER The Board acknowledged receipt' of the aforesaid report and adopted Resolution No . 86/116 . VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE X UNANIMOUS (ABSENT III AND CORRECT COPY OF AN ACTION TAKEN AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. Executive Director March 11, 1986 CC: ATTESTED Redevelopment Director PHIL BATCHELOR, CLERK OF THE BOARD OF Auditor-Controller SUPERVISORS AND COUNTY ADMINISTRATOR Assessor Treasurer-Tax Collector M382/7-83 BY ,DEPUTY v t Tax Increment Financing Page 2 The County may elect to receive those portions of tax increment outlined above by simple resolution. The attached resolution is intended to apply to all future redevelopment projects adopted by any city within the County. This does not preclude the County and any individual city redevelopment agency from mutually agreeing to a different share of increment for a particular project at the time of adoption, although the law currently requires a finding of financial burden or detriment caused by- the project. The attached resolution is intended to cover all affected taxing entities for which the Board of Supervisors is the governing body. A: 3-22-86.bo3 attachment THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this order on March 11, 1986 by the following vote: AYES: Supervisors Fanden, McPeak, Torlakson, Powers NOES: None ABSENT: Supervisor Schroder ABSTAIN: None Resolution No. 86/116 SUBJECT: County Share of Tax Increment from Future City Redevelopment Projects California Community Redevelopment Law provides that prior to adoption by a legislative body of a Redevelopment Plan providing for tax increment financing an affected taxing agency may elect to be allocated a certain portion of the tax increment pursuant to Health and Safety Code Section 33676. Therefore, the Contra Costa County Board of Supervisors does hereby resolve as follows: 1. The County elects to be allocated, in addition to the portion of taxes allocated to the County pursuant to subdivision (a) of Health and Safety Code Section 33670, all of the tax revenues allocated to a redevelopment agency pursuant to subdivision (b) of Health and Safety Code Section 33670 attributable to the following: a. Increases in the rate of tax imposed for the benefit of the County which levy occurs after the tax year in which the ordinance adopting the redevelopment plan becomes effective. b. Increases in . the assessed value of the taxable property in the redevelopment project area, as the assessed value is established by the assessment roll last equalized prior to the effective date of the ordinance adopting the redevelopment plan pursuant to subdivision (a) of Health & Safety Code Section 33670, which are, or otherwise would be, calculated annually pursuant to subdivision (f) of Section- 110.1 of the Revenue. and Taxation Code. 2. This resolution shall apply to any redevelopment plan providing for tax-increment financing pursuant to Section 33670, adopted by any legislative body within the County of Contra Costa subsequent to the effective date of this resolution, unless an agreement is entered into between the County and legislative body providing otherwise. 3. This resolution is intended to apply to all affected taxing entities for which . the Contra Costa County Board of Supervisors is the governing body, including, _ but not limited to the following: All Fire Protection Districts Flood Control and Water Conservation District Sanitation Districts 5, 7B, 15 and 19 All County Service Areas Storm Drainage District Storm .Drain Maintenance District RESOLUTION NO. 86/116 -4. The County Administrative Officer is directed to transmit this resolution to: a. The legislative body of all incorporated cities within the County. b. All redevelopment agencies with the County. C. The County Assessor. d. The County Treasurer-Tax Collector. e. The County Auditor-Controller. hereby certify that this is a true and correct copy of an action taken and entered on the minutos of the Board of Supervisors on the date shown. ATTESTED: 7X,4_,�, //. //A PI?IL BATCHELOR, Clerk of the Board of Supervisors and County Adrr:nistrator By 0, 0' , Deputy RESOLUTION N0.