AgdaPkt 2003-09-08 - Laserfiche WebLink

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1 within or of benefit to the Project Area within the meaning of Section 33334.3 of the Law, after the deduction therefrom of (1) statutory administrative fees payable to the County and (ii) certain amounts required to be paid by the Agency pursuant to the Pass - Through Agreements. Tax Sharing Agmmierts Pursuant to former Section 33401 of the Redevelopment Law, the Agency has entered into tax sharing agreements ( "Pass - Through Agreements ") with, or has waived a specified share of tax increment for, the following taxing entities in the Project Area. Payments under the tax sharing agreements described below are senior or subordinate to debt service on the Bonds, as indicated below. A brief discussion of each agreement is provided below. Senior Tax Sharing Payments: San Mateo Countv: The Agency has executed an Agreement with San Mateo County whereby the Agency has waived its right to be allocated and paid that portion of tax increment generated in the Original and First Amendment Areas which are representative of the County's share of tax increment. The County's share equals 24.4 percent of the tax increment generated in the Original and First Amendment Areas. In the 2003 -04 fiscal year, this amount is estimated to be approximately $1.01 million. San Mateo Countv Mosauito Abatement District: The Agency has agreed to provide, at the Agency's discretion, financial assistance to the San Mateo County Mosquito Abatement District to alleviate any fiscal burden caused by redevelopment of the Original and First Amendment portions of the Project Area. The Agency is currently making payments to the District equal to the District's share of tax increment in the Original and First Amendment Areas. The District's share equals approximately 2 percent of the tax increment generated in the Original and First Amendment Areas. In the 2003 -04 fiscal year, this amount is estimated to be approximately $14,217. Subordinate Tax Sharing Payments: San Mateo County: The Agency and the County have agreed that with regard to the Second Amendment Area, the Agency will waive the County's share of tax increment after the Agency has received a cumulative $25 million of the County's share of Second Amendment Area tax increment. In the tax rate areas comprising the Second Amendment Area, the County's share is approximately 22.68 percent. As the County and an agreement with the Legal Aid Society of San Mateo (described herein under the caption "Low and Moderate Housing Set Aside ") are implemented, the Agency will deposit the first $11.9 million of the County share of tax increment into the Low and Moderate Income Housing Fund: that amount of the County's share of tax increment between $11.9 million and $25 million will be allocated and paid to the Agency; and that amount in excess of $25 million will be waived by the Agency to the County, provided however, that the amount waived to the County is subordinated to the Agency's long term indebtedness. Based on the Fiscal Consultant's projections, payments under the County agreement will be triggered in fiscal year 2018 -19. Other Taxing Entities: In accordance with Section 33401 of the Health and Safety Code, the Agency has entered into tax sharing agreements with the following taxing entities in the Second Amendment Area: • San Mateo County Office of Education • Red wood City School District • San Mateo County Mosquito Abatement District -10-