10B Action 2009 1221 - Laserfiche WebLink

Home

adjusted by two percent annually plus a base adjusted annually by 1.125% less the 20% housing set-aside, the county property tax administration fee and ERAF payments. East Bay Regional Parks District Fiscal Agreement. Under its fiscal agreement with the Agency the District receives payments that are equivalent to its share of the 33676 (2%) inflation-adjusted payments, plus revenue from a debt service levy deriving from aDistrict- issued bond. Hayward Area Recreation and Parks District Fiscal Agreement. The fiscal agreement between HARD and the Agency calls for the District to receive the District's proportionate share of tax increment under a formula similar to that used in the County fiscal agreement. As the District is entirely within the unincorporated portion of the Joint Project Area the Agency and the County Economic Development Agency agreed in the Second Amendment to the Memorandum of Understanding between the two agencies, that the payments to HARD are to be made out of the County's share of Joint Project Area tax increment. School District Fiscal Agreements. The San Leandro Unified School District, San Lorenzo Unified School District and the Alameda County Superintendent of Schools have fiscal agreements with the Agency containing identical terms. Each district receives its share of a percentage of tax increment net of the 20% housing set-aside and the county property tax administration fee. The percentage was set at zero through 2003-04, at 30% from 2004-05 through 2011-12, and at 35% from 2012-13 through the remaining life of the Joint Project Area. Joint Project Area Agreement. The Joint Project Area tax increment is subject to a revenue-sharing agreement (herein and in the Indenture, the "Project Area Agreement") dated as of July 12, 1993 between the Agency and the County of Alameda designed to determine the proportionate expenditure of funds between the unincorporated County portion of the Joint Project Area and the City portion of the Joint Project Area. Under the formula, expenditures in the County equaled 38% of net increment (after deduction of 20% housing, the 33676 2% payments, the County's property tax administration fee, ERAF payments and payments made under fiscal agreements) through 1998-99; 45% of net increment from 1999-00 through 2003-04; 60% of net increment from 2004-05 through 2008-09; and 50% of net increment for the remaining life of the Joint Project Area. The Project Area Agreement was amended on July 1, 2001, designating the Alameda County Redevelopment Agency as the redevelopment authority with jurisdiction over the unincorporated portion of the Joint Project Area and the Redevelopment Agency of the City of San Leandro as the redevelopment authority with jurisdiction over the City portion of the Joint Project Area. The amended Joint Project Area Agreement retained the formula used in the original agreement but directed the City to pay to the County the portion of tax increment revenue designated for expenditure in the unincorporated portion of the Joint Project Area; the City retains the portion designated for expenditure in the City portion of the Joint Project Area. The amended agreement also required the Agency to pay to the County EDA an amount equal to half of the annual payment to the Low and Moderate Income Housing Fund. 33676 (2%) Payments. Revenue equivalent to the annual inflation adjustment applied to land and improvement under Proposition 13 is allocated by the Auditor-Controller to several taxing entities. These payments are known as 2% payments for the maximum inflation factor permissible under Proposition 13; they are also known as 33676 payments for the section of redevelopment law that required them. The County Auditor-Controller calculates the annual inflation adjustment on land and improvements from the base year forward. This annual inflation adjustment is allocated to eight -24-