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r'< .. o c SWC:mf 8/11/81 ---------- RES 0 L UTI 0 N N O. 8949 ORIGINAL AUG 24 1981 RESOLUTION APPROVING NEGOTIATED EXCHANGE OF PROPERTY TAX REVENUES AND AGREEING TO ACCEPT SUCH EXCHANGE UPON JURISDICTIONAL CHANGE OF CERTAIN PROPERTIES PROPOSED FOR DETACHMENT FROM THE CITY OF REDWOOD CITY AND ANNEXATION TO THE CITY OF FOSTER CITY WHEREAS, pursuant to the provisions of Chapter 6 (commencing with Section 95) of the Revenue and Taxation Code, the City of Redwood City and the City of Foster City must determine and agree to an exchange of property tax revenues prior to the effective date of a proposed municipal reorganization consisting of the uninhabited detachment from the City of Redwood City and the uninhabited annexation to the City of Foster City of certain lands described mn the attached map labeled "Exhibit A" and incorporated herein by this reference; and WHEREAS, this Council has determined the exchange of property tax revenues, based upon 1981-82 assessed valuation, which will result from the jurisidictional change effected by the proposed municipal reorganization, and agrees to said exchange of revenues with the City of FOster City; NOW, THEREFORE; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AS FOLLOWS: 1. This Council hereby determines, with respect to the subject reorganization, that the property tax revenues totalling $1,820.80 based upon the 1981-82 assessed valuation for the affected properties will be exchanged as follows: Amount transferred to the City of Foster City: I $1,669.07 Amount allocated to the City of Redwood City: $ 151.73 2. The City Clerk is hereby authorized and directed to transmit copies of this resolution to the San Mateo County Local Agency Formation 8949