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07/01/02 <br />O R I G I N A L <br />RESOLUTION NO. 14453 <br />DETERMINATION OF PROPERTY TAX EXCHANGE FOR <br />A PROPOSED LAND REORGANIZATION BETWEEN THE <br />CITY OF REDWOOD CITY AND THE COUNTY OF SAN <br />MATEO PURSUANT TO THE PROVISIONS OF THE <br />CALIFORNIA CONSTITUTION AND THE REVENUE AND <br />TAXATION CODE <br />WHEREAS, State law requires that the County of San Mateo ( "County ") and the <br />City of Redwood City ( "City ") negotiate a property tax exchange in the event that the <br />financial responsibility of providing services is transferred from one entity to another by <br />annexation; and <br />WHEREAS, a proposal currently exists to detach and annex the lands depicted <br />in the attached Exhibit "A" (the "Lands of Farahyar and Mathews" or the 'Properties "); <br />and <br />WHEREAS, the County and the City have agreed there is no net exchange of <br />property tax because the Properties being detached and annexed are of similar <br />assessed value: and <br />WHEREAS, the subject determination has been made prior to and as a condition <br />precedent to the Executive Officer of the Local Agency Formation Commission issuing <br />the Certificate of Filing on said proposal; and <br />WHEREAS, it has been agreed that no property tax revenue will be transferred <br />from the County to the City. <br />F:Atty /Reso /Reso.1313 1 <br />061902 <br />