Ord 1999-025 - Laserfiche WebLink

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which shall be calculated by applying the tax rate against the amount of assessed value by which the current year assessed value exceeds the first adjusted base year assessed value. The first adjusted base year assessed value is the assessed value of the Project. Area in the 10th fiscal year in which the Agency receives tax increment revenues. Commencing with the 31st fiscal year in which the Agency receives tax increments and continuing through the last fiscal year in which the Agency receives tax increments, the Agency shall pay to the affected taxing entities, other than the City, in addition to the amounts paid during the preceding 30 fiscal years and after deducting the amount allocated to the Low- and Moderate - Income Housing Fund, an amount equal to 14 percent of the portion of tax increments received by the Agency, which shall be calculated by applying the tax rate against the amount of assessed value by which the current year assessed value exceeds the second adjusted base year assessed value. The second adjusted base year assessed value is the assessed value of the Project Area in the 30th fiscal year in which the Agency receives tax increment revenues. Prior to incurring any loans, bonds, or other indebtedness, except loans or advances from the City, the Agency may subordinate to the loans, bonds or other indebtedness the amount required to be paid to an affected taxing entity, provided that the affected taxing entity has approved these subordinations. At the time the Agency requests an affected taxing entity to subordinate the amount to be paid to it, the Agency shall provide the affected taxing entity with substantial evidence that sufficient funds will be available to pay both the debt service and the payments required, when due. Notwithstanding any other provision of law, the Agency may make payments from tax increment funds to an affected taxing entity that is a state water supply contractor in accordance with the provisions of Health and Safety Code Section 33607.8. The payments to be made hereunder are the exclusive payments that are required to be made by the Agency to affected taxing entities during the term of the Plan. The Agency shall reduce its payments to an affected taxing entity by any amount the Agency has paid, directly or indirectly, pursuant. to Health and Safety Code Section 33445, 33445.5, 33445.6, 33446, or any other provision of law for, or in connection with, a public facility in the Project Area owned or leased by that affected taxing entity. Any reduction in the Agency's payment to a school district, community WEST SAN LEANDRO /MACAR'IliUR BOULEVARD PAGE 33 REDEVELOPMENT PROJECT AREA REV 2999;22399;22599; 32699; 33099;040199;061599fnl