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6.3A <br /> � Pa[�e 1 <br /> �� _.�:'���- ✓r�'�- :,�^-��_ r ..�c.a^� ��'�` �. �x. � " . -r°r� �7 <br /> t '�� �'�.;�' . <br /> ' -'�.. Y '�' ' � <br /> � � �a'? -j� -G "�:.. �..,_.. ��Y�'�'�+..��5. �`�'^ 'at_��-�_Z 7.a <br /> 3. �y � �. �,. ��� �. �,. . a �, ,, -.. � : ,-`-+..�;� a`� � _ <br /> � �s�.. <br /> :s�^x .c' - r-2 -� ����. ���-..3. '^��� �-�- : <br /> ..� � y� �. � �. ������ , k�.} . � •�,i.. <br /> _ 'c�- �- >'_ Jr-. ;�-i�—�s-�.,�. �� '•y.�".;7". . <br /> ,a�. ��..'�.o �,rr�y,.�.✓�-.j-1��.�'� -us� <br /> � <br /> �i-' �3'3'�"'� urj t�.}���'�Z'��hy '4. � <br /> � <br /> � � Za, s'g" �` ' ��"5t--d� ,.fi?""'�'4 . .. �t""\ .'�',�i _ . <br /> � ,�3���".�F�f's�'�`,�` ._` ...3r� ', �.'�` '� ,_' 'f'"'..., �'.: p...€_�'..-4�''.. _ �_L'^tx" <br /> _._;•'�#�^?..,4=�3�"�y'� �`..�,,. �..: ._..,: ,....�. t _'.-... >..' . _.."' ,.. _,.. _.. .;...-.,.,r , <br /> May 12 , 2008 <br /> SUBJECT <br /> Property Tax Exchange for the Properties Located at 343—3?5 Alameda De Las Pulgas <br /> RECOMMENDATION <br /> It is recammend�d that the City Council approve a resolutian approving a property tax <br /> exchange with the County of San Mateo for the properties iocated at 343-375 Alameda <br /> De Las Pulgas. <br /> BACKGROUND <br /> The State of Califomia Revenue and Taxation Code requires that a ci#y annexing <br /> unincorporated lands from a county agree upon an exchange of property taxes with the <br /> county, prior to the Local Agency Formation Commission (LAFC4} approving the <br /> annexation. Staff has negotiated an agreement with the Counfy of San Mateo underwhich . <br /> the City will receive 19.81°lo (15.85% after deducting payments made#o the Educational <br /> Revenue Augmentation Fund) of the properly taxes generated by these parcets. The <br /> proportion of the general1% property taxes received under this agreement is stight(y less <br /> than#he citywide average{22%)that the Ci#y receives of#he genera! property taxes. This <br /> is caused by the fact that each of the taxing entities (primarily school districts) receive a <br /> higher percent of property taxes (and will continue to receive higher property taxes) in <br /> unincorporated areas due to the absence of a municipaiity wtiich woutd r�eceive a portian a# <br /> the 1°/a general property taxes. <br /> On January 14,20Q8 the Ci#y Councii approved an ordinance to prezone these properties <br /> which is a prerequisite to annexing these parcels into the City. <br /> ALTERNATIVE <br /> Should Council find this propased property tax excfiange unacceptable they may direct <br /> staff to aitempt to negotiate a more favorable outcame with the County. If the City and <br /> County are unable to agree upo�a higher property tax allocation forthe City the proposed <br /> annexation wilt nat proceed. <br /> FISCAL IMPACT <br /> Upon annexa#ion,the City should receive approximately$4,700 per year in property taxes. <br /> This estimate is based upon current total assessed valuations of the properties being <br /> annexed of$2.9 million. Annuai adjustments to this amount will then be govemed by the <br /> provisions se#forth in Article '13D of the State Constitu#ian (Proposition 13). <br /> FuTUR�Ac�non� <br /> lt is expected tha# the Counfy of San Mateo Board of Supervisors wiil approve this <br /> agreement at a board meeting in the near future. <br /> 1 <br />