8G Consent 2012 0305 - Laserfiche WebLink

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File Number: 12 -087 first fiscal year in which a redevelopment 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, including the City, if the City elects to receive a payment, an amount equal to each such entity's allocated share of 25% of the tax increment received by the agency after deduction of the amount required to be deposited into the Low and Moderate Income Housing Fund, and further provides that in any fiscal year in which the agency receives tax increments, the community that has adopted the redevelopment project area may elect to receive such passthrough payment. The San Leandro Redevelopment Agency received its final disbursement of tax increment revenue in January 2012, so it is eligible to elect to receive this passthrough payment in FY2011 -12. The City did not previously elect to receive passthrough payments in order to maximize the funds available for redevelopment activities. Now that redevelopment has been discontinued, it is in the City's interest to receive all applicable passthrough payments. All future passthrough payments will be made by the Alameda County Auditor - Controller and any passthroughs paid to the City will be deposited into the General Fund. Fiscal Impacts The City of San Leandro's share of the passthrough payments from the West San Leandro /MacArthur Boulevard Redevelopment Project Area is estimated to be $120,000 for FY2011 -12. This amount is a subset of the City's projected annual passthrough revenue of $310,000. The recommended action does not increase the revenue projection, rather it strengthens the City's claim to funding that was already included in previous analyses. Future payments, if applicable, would be expected to increase slightly as the assessed values within the former project area increase. This payment will be made to the General Fund with no restrictions on use. ATTACHMENTS None PREPARED BY: Jeff Kay, Business Development Analyst, Community Development City of San Leandro Page 2 Printed on 212812012