AgdaPkt 2003-09-08 - Laserfiche WebLink

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q-. A - 29 • San Mateo County Harbor District • Mid - Peninsula Regional Open Space District • Sequoia Union High School District • San Mateo County Community College District The above referenced agreements each call for the respective taxing entity to receive 50 percent of the tax increment amount they would otherwise receive if tax increment financing did not exist in the Second Amendment Area, less the amount of required housing set -aside funds. The combined share for these tax entities equals approximately 50 percent of the tax increment generated in the Second Amendment Area. In addition, pursuant to Senate Bill 211 ( "SB 211"), the Agency may become subject to certain statutory pass - through requirements. See the discussion of SB 211 under the caption "Redevelopment Plan Limitations." In the Indenture, the Agency covenants that it shall not amend the Redevelopment Plan or enter into any agreement (including pass - through agreements) with the County or any other governmental unit which would have the effect of reducing the amount of Tax Revenues available to the Agency for payment of the Bonds, unless in the written opinion of an Independent Financial Consultant filed with the Trustee, Tax Revenues after execution of such amendment or agreement will remain at least one hundred thirty -five percent (135 %) of Maximum Annual Debt Service. For purposes of such conclusion, Tax Revenues shall be calculated using a tax rate of one percent (1 %) in the same manner as required for the issuance of Parity Bonds. In the Indenture, the Agency covenants that it shall not amend the Redevelopment Plan or enter into any agreement (including pass - through agreements) with the County or any other governmental unit which would have the effect of reducing the amount of Tax Revenues available to the Agency for payment of the Bonds, unless in the written opinion of an Independent Financial Consultant filed with the Trustee, Tax Revenues after execution of such amendment or agreement will remain at least one hundred thirty -five percent (135 %) of Maximum Annual Debt Service. For purposes of such conclusion, Tax Revenues shall be calculated using a tax rate of one percent (1 %) in the same manner as required for the issuance of Parity Bonds. Low and Moderate Housing Set -Aside Sections 33334.2 and 33334.3 of the Redevelopment Law require redevelopment agencies to set aside 20% of all tax increment derived from redevelopment project areas established after December 31, 1976 in a low and moderate income housing fund. Chapter 1135, Statutes of 1985, amended Section 33334.3 and added Sections 33334.6 and 33334.7 to the Redevelopment Law, extending the requirement for redevelopment agencies to set aside into a low and moderate income housing fund 20% of tax increment revenues allocated to redevelopment project areas established prior to January 1, 1977, beginning with fiscal year 1985 -86 revenues. The Agency calculates its housing set -aside obligation based on 20% of total tax increment less waived tax increment plus deposits required pursuant to an agreement (the "Legal Aid Agreement's with the Legal Aid Society of San Mateo County entered into subsequent to the adoption of the Second Amendment Area regarding the County's share of tax increment in the Second Amendment Area. Pursuant to the Legal Aid Agreement, the Agency is required to deposit the first $11.9 million of the County's share of tax increment generated from the Second Amendment Area into the Agency's Low and Moderate Income Housing Fund. The -11-