HomeMy WebLinkAboutRDA Reso 14-2011 RESOLUTION NO. 14 -2011
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION OF THE BOARD OF THE
REDEVELOPMENT AGENCY OF SOUTH SAN FRANCISCO
AUTHORIZING THE EXECUTIVE DIRECTOR TO MAKE A
PAYMENT TO SAN MATEO COUNTY FOR THE SHARE OF
THE REDEVELOPMENT AGENCY'S OBLIGATION TO THE
COUNTY TO REIMBURSE GENENTECH INC. FOR
PROPERTY TAXES THAT WERE ORDERED REFUNDED BY
THE SAN MATEO COUNTY SUPERIOR COURT
WHEREAS, on or around March 21, 2008 Superior Court Judge Carol L. Middlesteadt
issued a Notice of Entry of Writ of Mandate and Remand instructions (the judgment) to the
County of San Mateo to refund prior years' property taxes paid by Genentech Inc. (Case No.
CIV 456781); and
WHEREAS, as a result of that judgment the Redevelopment Agency of the City of South
San Francisco (the Agency) would have future tax increment deducted from its share of property
tax payments; and
WHEREAS, the County and Genentech continue to discuss these and other related
property tax appeals related to other years; and
WHEREAS, the Redevelopment Agency Board of South San Francisco (the Board)
believes it would be expeditious to pay the County of San Mateo for the share of the judgment
that the Agency will end up owing in the future, given the uncertainty over the future status of
Redevelopment Agencies in the State of California; and,
WHEREAS, the County of San Mateo estimated that the South San Francisco
Redevelopment Agency's share of the judgment to be $8,895,865 as of July 16, 2008; and,
WHEREAS, the County may assess additional interest accruals on that balance prior to
receiving the payment from the County; and,
WHEREAS, staff has already booked $8.9 million as a liability in the Redevelopment
Agency's financial statements, meaning, has already reduced reserves to cover this payment, but
the payment has not yet been budgeted.
NOW, THEREFORE, BE IT RESOLVED, by the Board that if the State of California takes
action to terminate the activities of the Redevelopment Agency with an effective date of prior to
June 30, 2011, the Agency Executive Director is hereby authorized to pay the County of San
Mateo a total of not to exceed $10,000,000 to reflect the final amount provided by the County,
including interest that may have accumulated since 2008, and the Redevelopment Agency
operating budget is hereby correspondingly increased. Funds have been set aside as a liability to
fund this obligation.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the Redevelopment Agency of the City of South San Francisco at a special meeting held on the
2nd day of March, 2011 by the following vote:
AYES: Boardmembers Mark Addiego, Pedro Gonzalez, and Karyl Matsumoto,
Vice Chair Richard A. Garbarino
NOES: None
ABSTAIN: Chairman Kevin Mullin
ABSENT: None
ATTEST: % et : ,,4J AV
(CityClerk
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