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HomeMy WebLinkAboutReso 1990-368 - Involving property tax transfers between the county of shasta and the city of redding • RESOLUTION NO. 9© ',)G 8' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING INVOLVING PROPERTY TAX TRANSFERS BETWEEN THE COUNTY OF SHASTA AND THE CITY OF REDDING FOR THE CITY OF REDDING REORGANIZATION NO. 88-2 (OREGON GULCH/ TEXAS SPRINGS ROAD AREA) WHEREAS, Assembly Bill 8 (Chapter 282) Statutes 1979, as subsequently amended, provides for the Shasta County Board of Supervisors and the City of Redding to determine an appropriate property tax transfer for all jurisdic- iitional changes of organization occurring within Shasta County prior to the proposal being considered by the Local Agency Formation Commission (LAFCO) ; and 'i WHEREAS, the current distribution of property taxes for the affected properties within the affected tax rate areas 083-001, 123-000, 123-001, 123-011, 123-019 and 123-023 is as follows: 31.11744% Shasta County's Share 7.09085% County Service Area No. 1 - Fire Service 61.79170% Nonaffected District's Share 100.00000% and WHEREAS, Senate Bill 180 (Chapter 801) requires that nonaffected local I!i agencies percentage share will remain constant; and WHEREAS, the affected local agencies have a combined tax apportionment factor of 38.20829% which is subject to negotiation for a tax exchange as a result of the proposed change of organization or reorganization; and WHEREAS, the County of Shasta and the City of Redding wish to agree to a fair share distribution of remaining property tax revenues, NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Redding DOES HEREBY AGREE to the following formula for property tax distribu- tion within the affected area after change of organization/reorganization, 11, Ij including modifications to the annexation area that are approved by LAFCO: 1. BASE TAX REVENUE a. "Base year tax" as defined in Revenue & Taxation Code shall be 1,1 distributed as follows: 1 To the County, 75% of the base ( ) year tax allocated to the County in the fiscal year of annexation. - 1 - IW RESCINDED BY RESOLUTION #91-499 ill • (2) To the City, 25% of the base year tax allocated to the County in the fiscal year of annexation. (3) The base year tax revenue of any affected Special District for which service responsibilities are being transferred from the Special District to the City as a result of the change of organization shall be distributed to the City. 2. ANNUAL TAX INCREMENT REVENUE Annual tax increment as defined in Revenue & Taxation Code resulting from increases in assessed valuation over the base year valuations shall be distributed between the City of Redding and the County on a proportionate basis, utilizing all the tax increment revenue avail- able from each of the agencies affected by the change of organiza- including the County and any Special Districts on the basis of 54% to the County of Shasta and 46% to the City of Redding. I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular meeting of the City Council of the City of Redding on the 17th day of July 1990, and was duly adopted at said meeting by the following I� vote: AYES: COUNCIL MEMBERS: Arness, Fulton, Moss & Buffum NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: Dahl ABSTAIN: COUNCIL MEMBERS: None j ,27 ; �� Gil- '� NANCY BUFFFUM, May '% City of Redding ATTEST: 711 ."."4 ETHEL A. NICHOLS, City Clerk FORM APPROVED: • IiIDALL A. HAYS, Ci Attorney - 2 - TEA:88-2.CC/23 !