HomeMy WebLinkAboutResolution 2010-092 N.C.S. 06/21/2010Resolution No. 2010-092 N.C.S.
of the City of Petaluma, California
ELECTING TO RECEIVE FOR THE BENEFIT
OF THE CITY OF PETALIIMA ANNUAL TIER ONE
STATUTORY TAX INCREMENT PASS-THROUGH PAYMENTS
GENERATED BY THE PCD PROJECT AREA
WHEREAS, the City Council ("City Council") of the City of Petaluma ("City")
adopted Ordinance No. 1725 in July 1988, approving and adopting the Redevelopment Plan for
the Petaluma Community Development Redevelopment Plan ("PCD Redevelopment Plan");
and,
WHEREAS, the PCD Redevelopment Plan was subsequently amended in 1994, 2000,
and on September 1 1, 2006 ("2006 Plan Amendment"), by which amendment the Petaluma
Community Development Project Area ("Project Area") was fiscally merged with the Central
Business District Project Area ("Merged Project Area"); and,
WHEREAS, the 2006 Plan Amendment, among other changes to the Redevelopment
Plan, eliminated the time limit for the Petaluma Community Development Commission
("PCDC") to incur debt; and,
WHEREAS, Health and Safety Code Section 33607.7 provides that where a
.redevelopment plan amendment increases or eliminates the time limit on establishing
indebtedness, and an agency does not have an existing pass-through payment agreement entered
into prior to January 1, 1994, with affected taxing entities, the agency shall pay to affected taxing
entities Statutory Pass-through Payments pursuant to athree-tiered formula established in Health
and Safety Code Section 33607.5; and.
WHEREAS, Section 33607.7 further provides that the adjusted base year assessed value
for purposes of making Statutory Pass-through Payments shall be the year in which the limitation
being amended would have taken effect without the amendment; and,
WHEREAS, but for the 2006 Plan Amendment, the time limit for the PCDC to incur
debt for the Project Area would have occurred in Fiscal Year 2009-2010; and,
WHEREAS, in Fiscal Year 2009-2010, the PCDC did not receive tax increment for the
Project Area; and,
WHEREAS, Health and Safety Code Section 33607.5(b) authorizes the City,
commencing with the first fiscal year in which the PCDC receives tax increment and continuing
through the last fiscal year in which the PCDC receives tax increment, to elect to receive annual
"Tier One" Statutory Pass-through Payments, consisting of the City's share of property taxes
generated within the Project Area multiplied by 25 percent of the tax increment received by the
PCDC, net of the amount that the PCDC is required to deposit in the Low and Moderate Income
Housing Fund; and,
Resolution No. 2010-092 N.C.S. Page 1
WHEREAS, commencing in Fiscal Year 2010-2011, as an affected taxing entity, the
City Council desires that the City receive its annual allocation of tax increment pursuant to
Health and Safety Code Section 33607.5(b).
NOW, 'T'HEREFORE, BE IT RESOLVED by the City Council of the City of Petaluma
as follows:
1. The City of Petaluma hereby elects to be allocated "Tier One" Statutory Pass-
through Payments in accordance with Health and Safety Code Section 33607.5(b).
2. The City of Petaluma hereby directs that a copy of this Resolution, as adopted, be
transmitted to the Sonoma County Auditor-Controller.
Under the. power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the
Council of the City of Petaluma at a Regular meeting on the 2151 day of June, 2010,
by the following vote:
AYES: Barrett, Vice Mayor Glass, Harris, Rabbitt, Renee, Mayor Torliatt
NOES: None
ABSENT: Healy
ABSTAIN: None
ATTEST: _
City Clerk 1v
City
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Resolution No. 2010-092 N.C.S. Page 2