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SR-6-D (25) l'''' ~1 " ~ . ; . -""t... it f ):. ~ ~ "i'- ~:;;.<c ~j _ _ CMO f\cmanager\stfrprts\crtytisr JUt 0 8 1997 CIty CouncIl: July 8. 1997 Santa Monica, California TO Mavor and Cltv CouncIl "' "' 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-. ' - .~ , h ! ~ - ... 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 ~ 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 - -- -- - , to the mtent oftlus ResolutIon SectiOn 3 The CIty Clerk shall certIfy to the adoptIon of thIS ResolutiOn .4.PPROVED AS TO FORM. ft0u O,GLJlU4 ~ :\1ARSHA JO~S MOUTRIE CIty Attorney 0/30/91 Date I ' , Adopted and approved thIS 8th of July 1997 ~~:-- - - - 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 ~~.~ Mana M Stewart, Clty'clerk .