RDA Redevelopment Plans 2010-07 - Laserfiche WebLink

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1.36.020 the redevelopment project as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency, last equalized prior to the effective date of such ordinance, shall be allocated to and when collected shall be paid to the re- spective taxing agencies as taxes by or for said taxing agencies on all other property are paid (for the purpose of allocating taxes lev- ied by or for any taxing agency or agencies which did not include the territory of the project on the effective date of such ordi- nance but to which such territory is annexed or otherwise included after such effective date, the assessment roll last equalized on the effective date of said ordinance shall be used in determining the assessed valuation of the taxable property in the project on said effective date) and; 2. That portion of said levied taxes each year in excess of such amount shall be allo- cated to and when collected shall be paid into a special fund of the agency to pay the principal of and interest on bonds, loans, monies advanced to, or indebtedness (whether funded, refunded, assumed or oth- erwise) incurred by the agency to finance or refinance, in whole or in part, this redevel- opment project. Unless and until the total assessed value of the taxable property in the project exceeds the total assessed value of the taxable property in the project as shown by the last equalized assessment roll referred to in subsection (A)(1) of this section, all of the taxes levied and collected upon the taxa- ble property in the project shall be paid to the respective taxing agencies. When such bonds, loans, advances and indebtedness, if any, and interest thereon, have been paid, all monies thereafter received from taxes upon the taxable property in the project shall be (San Leandro Redevelopment Agency Supp. No. 2, 12-05) 46 paid to the respective taxing agencies as tax- es on all other property are paid. B. The provisions of subsections (A)(1) and (A)(2) of this section notwithstanding, the agency shall not be allocated nor paid any portion of such taxes collected from the following properties, designated by their current assessor's parcel numbers as 77A- 675-3, 77A-675-4-3, 77A-675-4-9, 77A- 675-4-15, 77A-675-4-18, 77A-675-4-19, 77A-675-5-2, 77A-675-5-6, 77A-675-6-3, 77A-675-7, 77A-675-8-3, 77A-675-11, and 77A-675-12. These properties, which shall not be subject to capture of tax increment by the agency, are shown as Sub -Area D-1 in Exhibit 1.24.010(B). C. The portion of taxes mentioned in subsection (A)(2) of this section collected by the agency are hereby irrevocably pledged for the payment of the principal of and inter- est on the advance of monies, or making of loans, or the incurring of any indebtedness (whether funded, refunded, assumed or oth- erwise) by the agency to finance or re- finance the project in whole or in part. D. The agency is authorized to make such pledges as to specific advances, loans and indebtedness as appropriate in carrying out the project. E. The number of dollars of taxes which may be divided and allocated to the agency pursuant to this plan shall not exceed eighty- seven million five hundred thousand dollars ($87,500,000), inclusive of the housing set- aside funds required by Section 33334.2 and replacement housing obligations created in accordance with Section 33413 of the Community Redevelopment Law. Taxes shall not be divided and shall not be allocat- ed to the agency beyond said limitation without an amendment to this plan.