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06/20/2011 <br /> between the County Free Library (Tax Code Area 73 -041) and the City of <br /> Redwood City; and <br /> WHEREAS, it has been agreed that property tax revenue produced by an <br /> incremental factor .07925943635 for the affected properties will be transferred <br /> between the County of San Mateo (Tax Code Area 73 -041) and the City of <br /> Redwood City; <br /> NOW, THEREFORE; <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD <br /> CITY, AS FOLLOWS: <br /> 1. The property tax incremental factor to be transferred from the <br /> County Fire Protection District (Tax Code 73 -041) to the City of Redwood City is <br /> .0736672198. <br /> 2. The property tax incremental factor to be transferred from the <br /> County Free Library (Tax Code 73 -041) to the City of Redwood City is <br /> .0396223896. <br /> 3. The property tax incremental factor to be transferred from the <br /> County of San Mateo (Tax Code 73 -041) to the City of Redwood City is <br /> .07925943635. <br /> In accordance with Section 3a of Article XIIIB of the State Constitution, the <br /> appropriation limit of the City of Redwood City shall be increased by amounts <br /> indicated above, and the appropriation limits of the transfer or entities described <br /> above shall be decreased by the same amount. The exchange of said revenues <br /> is approved conditioned upon the completion of the proposed annexation of the <br /> ATTY /RESO.2124 /PROPERTY TAX EXCHANGE RESO # 15120 <br /> 042611 MUFF # 505 <br />