10A Action Items 2018 0402 - Laserfiche WebLink

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28 the Hayward Unified School District, the County Library District, the County Fire District, County Flood Control District, the Mosquito Abatement District, and the City. For Fiscal Year 2017-18, the total Section 33676 payments amounted to approximately $1.6 million. See “APPENDIX B - FISCAL CONSULTANT’S REPORT” for further information. Pass-Through Agreements The Project Area is subject to several fiscal agreements that were negotiated with taxing entities during the plan adoption process. These agreements (collectively, the “Pass-Through Agreements”) are briefly summarized below. Amounts payable under the Pass-Through Agreements have not been subordinated to the payment of debt service on the 2018 Bonds and are, therefore, payable senior to the 2018 Bonds. County Fiscal Agreement. Under a fiscal agreement between the County and the Successor Agency, the County taxing entities (which include the County, the County Library District, the County Flood Control District and the Eden Fire Protection District) receive their proportionate share of a percentage of net tax increment. The percentage of net tax increment increases every ten years; currently 65%, it will increase 75% in 2019-20 and to 85% from 2029-30 through the remaining life of the Project Area. The percentage is applied to gross tax increment net of Section 33676 payments, the former 20% housing set-aside and the County’s property tax administration fee. The fiscal agreement is distinct from the Project Area Agreement described under “–Project Area Agreement with County” above, which serves to determine the proportional expenditure of funds between the unincorporated County portion of the Project Area and the Successor Agency portion of the Project Area. AC Transit Fiscal Agreement. The fiscal agreement with the AC Transit District requires the Successor Agency to pay to the district the district’s proportionate share of tax increment from a base adjusted by 2% annually plus a base adjusted annually by 1.125% less the former 20% housing set-aside, the County’s property tax administration fee and ERAF payments. East Bay Regional Parks District Fiscal Agreement. Under its fiscal agreement with the Successor 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 a district- issued bond. Hayward Area Recreation and Parks District (“HARD”) Fiscal Agreement. The fiscal agreement between HARD and the Successor Agency calls for HARD to receive its 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 Project Area, the Successor Agency and the County agreed in a second amendment to the Project Area Agreement, that the payments to HARD are to be made out of the County’s share of Project Area tax increment. See “–Project Area Agreement” above and Table 6 herein. 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 Successor Agency containing identical terms. Each district receives its share of a percentage of tax increment net of the former 20% housing set-aside and the County’s property tax administration fee. The percentage is 35% from 2012-13 through the remaining life of the Project Area. 133