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Repayment income has already been factored in as a revenue source in the City s budget <br />projections. <br />Is $6 per $1,000 the entire real property transfer tax or does the County also collect a tax? <br />Staff pointed out that the County collects $1.10 per $1, 000, which is in addition to what <br />the cities collect. Cities without a transfer tax are eligible to receive a portion of the <br />Countyfunds. However, if San Leandro's tax is repealed, it would not be eligible for <br />such revenue transfer. <br />Can the real property transfer tax be split between the buyer and the seller? Perhaps the <br />public should be informed that this is an option —or, in this real estate market, that the <br />buyer can pay (instead of the seller) <br />Staff acknowledged this possibility. <br />Can the Committee be provided with copies of the City's budget? <br />Staff responded that budget information will be provided by Department heads prior to <br />upcoming meetings. <br />A member thanked the Council for creating the Committee, as she felt it was a good way <br />to dispel misconceptions about the budget and the tax. <br />Can the City explore other options which make the tax more palatable? Specifically, <br />exemptions for people moving from one home in San Leandro to another, persons <br />entering nursing homes, etc. <br />Staff responded that the City has discussed such options and will continue to explore <br />them in the future. One option could be to "rebate" the tax if the homeowner does a <br />seismic upgrade on an older home. Another would be to provide an exemption for first- <br />time homebuyers. <br />Can the Committee suggest potential new sources of revenue? For instance, can they <br />suggest that the City try to attract land uses that generate more tax dollars (such as retail)? <br />Staff responded that the City has been exploring a number of options in this regard, <br />particularly to ensure cost recoveryfor services wherever possible. Staff pointed out the <br />challenges of creating new revenue sources since the passage Prop 218 (requires a 213 <br />approval for most new taxes) One possibility would be to explore a voter -approved <br />bond measure to upgrade parks and other public facilities. <br />Stafffurther noted that an over -reliance on retail could make the City vulnerable to <br />precipitous declines in sales tax revenue during recessions. <br />Can the City be more aggressive about collecting fines for construction without permits? <br />(and ensuring that building permits are received for all projects that require them) —this <br />could be a major revenue source. <br />'3' <br />34l <br />