SR-6-D (25)
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CMO f\cmanager\stfrprts\crtytisr JUt 0 8 1997
CIty CouncIl: July 8. 1997 Santa Monica, California
TO Mavor and Cltv CouncIl
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FROM CIty Staff
SUBJECT RecommendatIOn to Approve ResolutIon to Receive the City's Share of
Earthquake Recovery Redevelopment Project Area Tax Increment Revenues
IntroductIOn
ThIS staff report recommends CIty CouncIl approve a resolutIon to ensure that the CIty receIve Its
share of tax increment revenues from the Earthquake Recovery Redevelopment Project
DIscussIOn
Smce 1994 redevelopment law has reqUIred that each taxmg entIty \\'lthm the boundary of a
newly adopted redevelopment project area continue to receIve a portIOn of property tax
mcrement revenues An exceptIOn IS made for a CIty wInch only receIves those property tax
mcrement revenues upon takmg a fonnal actIOn electmg to do so Should a CIty fall to take thIS
formal actIon, revenue from property tax mcrement that would othenVlse be allocated to a CIty IS
dlstnbuted to vanous other taxmg entItles and not to eIther the local CIty or redevelopment
agency
Tax mcrement revenues from the CIty.s Earthquake Recovery Redevelopment Project are subject
to thIS portIOn of the redevelopment law The attached resolutIOn provides the necessary baSIS
for the City to receIve its share of mcreased property tax revenues resultmg from thIS Project
Stafhnll ensure that the resolUtlon IS properly transmItted to the County, which WIll result m the
CIty collectmg all due property tax revenues 6 n-. '
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JUL 0 8 1997
Budget and F manCl(.l1 Impact
AdoptIOn of thIS resolutIOn wIll result m the CIty recelvmg approxImately 3% of all incremental
property tax revenues from the Earthquake Recovery Redevelopment Project area Not takmg
thIS actIOn would result m the dlstnbutIOn of these revenues to non-local taxmg entItles
RecommendatIOn
Staff recommends that the CIty Councll adopt the proposed resolunon and dIrect the CIty
Manager to transmIt the resolutIon to the Los Angeles County Auditor-Controller' s office.
Prepared by C. Michael DennIS, DIrector of F mance
KeIth Breskm, Redevelopment Manager
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RMD KMB f irdaadmm!Clty tIsr
CIty CouncIl July 8, 1997 Santa Momca, Cahfoffila
RESOLUTION NlTl\mER 9160 (CCS)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
ELECTING TO RECEIVE A PA YMEl'iT PURSUANT TO CALIFORNIA HEAL Tn
Al\"D SAFETY CODE SECTION 33607.5 OF THE COMMUNITY REDEVELOP:\;IENT
LAW \VITH RESPECT TO THE SANTA MONICA EARTHQUAKE RECOVERY
REDE~~LOPMENTPROJECTAREA
WHEREAS, the CIty CouncIl of the CIty of Santa Momca adopted the Redevelopment Plan for
the Santa Momca Earthquake Recovery Redevelopment Project (the "ProJect") by Ordmance No
on June 21. 1994 and
WHEREAS, the Redevelopment Agency ofthe CIty of Santa Momca (the "Agency") wIll
receIve tax mcrement revenue from the Project area from the mceptlon of the Project and for the
term permItted by law, and
\VHEREAS, subdn'IsIon (b) of SectIon 33607 5 of the Health and Safety Code proVIdes that m
each fiscal year m whIch a redevelopment agency receIves tax Increment revenue from a
redevelopment project area adopted on or after January 1, 1994, the redevelopment agency shall
pay to the affected taxmg entItleS, mcludmg the commumty that has adopted the redevelopment
project area If the commumty elects to receIve the payment, an amount authonzed by SaId
SectlOn 33607 5, and
\\.'HEREAS. SectIOn 602 2 of the Redevelopment Plan for the Project states that the CIty of
Santa ~1011Ica shall receIve, and the Agency shall pay to It. the payment to the commumty m the
amount authonzed by subdlvslOn (b) of SectIOn 33607 5,
NOW, THEREFORE, THE CITY COl}NCIL OF THE CITY OF SA.l..JT A MONICA DOES
HEREBY RESOLVE AS FOLLOWS
SectIOn 1 The CIty CouncIl of the CIty of Santa MOllIca, on behalf of the CIty of Santa MOllIca,
elects to receIve the payment to the commumty authonzed by subdIVISIon (b) of SectIOn 33607 5
of the Health and Safety Code WIth respect to the Santa Momca Earthquake Recovery
Redevelopment Project Area for each and every fiscal year m VdllCh the Redevelopment Agency
of the City of Santa Moruca receIves tax mcrement revenue from the Santa MOllIca Earthquake
Recovery Redevelopment Pro] ect Area
SectIOn 2 The CIty Manager IS hereby authonzed and dIrected to transmIt a copy of thIS
ResolutIOn to the County of Los Angeles and to perform any other acts necessary to gIve effect
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to the mtent oftlus ResolutIon
SectiOn 3 The CIty Clerk shall certIfy to the adoptIon of thIS ResolutiOn
.4.PPROVED AS TO FORM.
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:\1ARSHA JO~S MOUTRIE
CIty Attorney
0/30/91
Date I '
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Adopted and approved thIS 8th of July 1997
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Pt O'Connor. Mayor
I. Mana M Stewart. CIty Clerk of the CIty of Santa MOnica, do hereby certIfy that the
foregomg Resolutlon 9160(CCS) was duly adopted at a rneetmg of the Cny CouncIl held on the
8th of July. 1997 by the followmg vote
Aves COUncIlmernbers Ebner. Femstem, Genser. Greenberg, Mayor Pro Tern
Holbrook. Mayor O'Connor, Rosenstem
Koes Councilmembers 1\ one
Abstam CouncIlmembers None
Absent Councllmembers None
ATTEST
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Mana M Stewart, Clty'clerk
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