Laserfiche WebLink
.q,. 45 <br />County based on 100 percent of the unsecured and secured levy. The method is often referred <br />to as the Teeter Plan, however the application by the County to the Agency of 100% of the tax <br />increment is pursuant to an agreement between the County and the Agency rather that <br />application of the Teeter Plan. Accordingly, Agency receives full increment of the current . year's <br />secured and unsecured assessed valuation, less the base year's secured assessed valuation, with <br />no adjustments for delinquencies, refunds or adjustments, except that the County adjusts tax <br />increment payments for roll corrections, such as refunds of property taxes due to successfully <br />appealed assessments. <br />Historic Assessed Values and Tax Receipts <br />Unsecured values have experienced wide variations over the five year period from 1999- <br />00 to 2003 -04. A major drop occurred in fiscal year 1999 -2000, when four tenants left the <br />Project Area resulting in a decline of $75 million. The major tenant was Network Equipment <br />Technologies with a value of $37.2 million. Unsecured values steadily increased from fiscal <br />year 1999 -2000 to 2001 -02, adding $105 million in value. The following major new tenants <br />added value: Clarent Corporation ($31.9 million); Maxygen Inc. ($10.8 million); and Open <br />Wave Systems ($31.1 million). In fiscal year 2002 -03, unsecured values again declined by $33.5 <br />million. The major reason for the reduction in unsecured value was that Open Wave Systems <br />moved from a site in the Project Area to another site in the City. The decline in on the fiscal year <br />2003 -04 unsecured roll was primarily caused because the Clarent Corporation filed for <br />bankruptcy, which resulted in a reduction of unsecured values by $18 million. This reduction <br />was partly offset by new investment in the Project Area by other property owners. For example, <br />the Sims Group added $6 million in new unsecured value and Ortho McNeil Pharmaceutical <br />added $3 million. <br />The table below sets forth an historical summary of the Project Area's taxable <br />valuations and tax increment revenues since fiscal year 1999 -00. Taxable values have increased <br />from $900.4 million in 1999 -00 to $1.2 billion in fiscal year 2003 -04. The total percentage <br />change was 38 percent over the five -year period. The average annual percentage change in <br />values was 7.6 percent. <br />-27- <br />