Deed - 1433 East 14th St - File 1321, 1997-0716

Home

Chapter 1.36 FINANCING Sections: 1.36.010 General. 1.36.020 Tax increments. 1.36.030 Bonds, advances and indebtedness. 1.36.040 Low- and moderate - income housing fund. 1.36.010 General. The agency is authorized to finance the project with financial assistance from the city, state, federal government of the United States of America, property tax increments, special assessment districts, donations, interest in- come, agency bonds, loans from private fi- nancial institutions, the lease of agency - owned property, sale of agency -owned prop- erty and/or any other available source. (Plaza 2 redev. plan § 11(A), 1988) 1.36.020 Tax increments. All taxes levied upon taxable property within the project area each year by or for the benefit of the state, county, city, any district or other public corporation (hereinafter some- times called "taxing agencies") after the effec- tive date of the ordinance by which a redevel- opment plan was established for the areas set forth in said ordinance, and until such time as all indebtedness created pursuant to Section 1.36.030 hereof has been paid, shall be di- vided as follows: 1. That portion ofthe taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed value of the taxable property in the redevel- opment project as shown upon the assessment 1.36.010 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 col- lected shall be paid to the respective taxing agencies as taxes by or for said taxing agen- cies on all other property are paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did not include the territory of the project on the ef- fective date of such ordinance but to which such territory is annexed or otherwise in- cluded after such effective date, the assess- ment 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 princi- pal of and interest on bonds, loans, monies advanced to, or indebtedness (whether funded, refunded, assumed or otherwise) incurred by the agency to finance or refinance, in whole or in part, this redevelopment project. Unless and until the total assessed value of the taxable property in the project exceeds the total as- sessed value of the taxable property in the project as shown by the last equalized assess- ment roll referred to in subsection (A)(1) of this section, all of the taxes levied and col- lected upon the taxable property in the project shall be paid to the respective taxing agencies. When such bonds, loans. advances and in- debtedness- if any, and interest thereon, have been paid, all monies thereafter received from taxes upon the taxable property in the project shall be paid to the respective taxing agencies as taxes on all other property are paid. B. The provisions of subsections (A)(1) and (A)(2) of this section notwithstanding, the 45 (San Leandro Redevelopment Agency Stipp. No. 1, 10-04)