HomeMy WebLinkAboutReso 55-1993 RESOLUTION NO. 55-93
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SOUTH SAN FRANCISCO ELECTING
TAX INCREMENT PASS-THROUGH
~EREAS, the Redevelopment Agency of the City of South San
Francisco is preparing a Redevelopment Plan for the E1 Camino
Corridor Redevelopment Project Area (the "Redevelopment Plan"),
which provides for tax increment financing pursuant to Health
& Safety Code §33670; and
WHEREAS, the City of South San Francisco is an affected
taxing agency authorized to make the election described in
Health & Safety Code §33676.
NgW, THEREFORE, BE IT RESOLVED that the City Council of
the City of South Francisco as follows:
1. Elects to be allocated all of the tax revenue
attribatable to increases in the rate of tax imposed for the
benefi~ of the City of South San Francisco which levy occurs
after the tax year in which the ordinance adopting the
Redevelopment Plan becomes effective;
2. Elects to be allocated all of the tax revenues
attributable to increases in the assessed value of the taxable
proper~y in the E1 Camino Corridor Redevelopment Project Area,
as the assessed value is established by the assessment roll
last equalized prior to the effective date of the ordinance
adopting the Redevelopment Plan for the E1 Camino Corridor
Redevekopment Project Area pursuant to Health & Safety Code
§33670[a), which are or otherwise would be, calculated annually
pursuant to Revenue & Taxation Code §llO.l(f).
BE IT FURTHER RESOLVED that the City Manager is hereby
authorSzed and directed to transmit copies of this Resolution
to the appropriate officials and to take all other actions
required pursuant to Health & Safety Code §33676 to implement
the election set forth in this Resolution.
I hereby certify that the foregoing Resolution was
regularly introduced and adopted by the City Council of the
City Qf South San Francisco at reqular meeting held on
the ~12th day of May , 1993 by the following vote:
AYES:
NOES:
ABST~
Councilmembers Jack Drago, Joseph A. Fernekes, and Robert Yee
None
Councilmember John R. Penna, and Mayor Roberta Cerri Teglia
None
ATTEST:
ci~ty Cler~k~~