HomeMy WebLinkAboutReso RDA 6-2003 RESOLUTION NO. 06-2003
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION APPROVING THE FIRST AMENDMENT TO THE
FISCAL AGREEMENT WITH SAN MATEO COUNTY COMMUNITY
COLLEGE DISTRICT REGARDING THE EL CAMINO CORRIDOR
REDEVELOPMENT PROJECT
WHEREAS, it is recommended that the Redevelopment Agency approve the First
Amendment to the Fiscal Agreement with the San Mateo County Community College District
regarding the E1 Camino Corridor Redevelopment Project, as attached hereto as Exhibit "A."
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
South San Francisco that the Redevelopment Agency hereby approves the First Amendment to the
Fiscal Agreement with San Mateo County Community College District regarding the E1 Camino
Corridor Redevelopment Project.
BE IT FURTHER RESOLVED that the Executive Director is hereby authorized to execute
the Agreement on behalf of the Redevelopment Agency.
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 regular meeting held on the 13t~
of August 2003 by the following vote:
AYES:
Boardmembers Joseph A. Fernekes, Richard A. Garbarino, and Raymond L.
Green, Vice-Chair Karyl Matsumoto, and Chairman Pedro Gonzalez
NOES: None.
ABSTAIN: None.
ABSENT: None.
ATTEST: ~
Clerk
EXHIBIT A
FIRST AMENDMENT TO FISCAL AGREEMENT WITH
THE SAN MATEO COUNTY COMMUNITY COLLEGE DISTRICT
REGARDING THE EL CAMINO CORRIDOR REDEVELOPMENT PROYECT
THIS FIRST AMENDMENT to the Fiscal Agreement dated September 22, 1993
between the San Mateo Community College District (the "District" and the
Redevelopment Agency of the City of South San Francisco (the "Agencf') is entered
into this ~ day of ,2003.
REcrrALs
A. The Agency and the District have previously entered into the Fiscal Agreement
dated September 22, 1993 (the "Agreement").
Pursuant to former Section 33401 of the Health and Safety Code, Section 2.1 of
the Agreement provided for the Agency to make annual payments of Tax
Increment Revenue to the District from the E1 Camino Corridor Project Area (the
"Project Area") as specified in Section 2.1 if the Agreement.
Co
Both the District and the Agency agree that the payments required per Section 2.1
(a) of the Agreement do not accurately reflect the intent of the parties at the time
the Agreement was entered into.
The District and the Agency have agreed to enter into this First Amendment to the
Fiscal Agreement in order to clarify the mount of the payments owed by the
Agency to the District.
Now, therefore, in consideration of the foregoing and the mutual covenants and
conditions contained herein, the parties hereto agree as follows:
FIRST AMENDMENT:
Section 1
Section 2. l(a) of the Agreement is amended in its entirety to read as
follows:
(a) Beginning for Fiscal Year 1994-95 and continuing through the expiration of the term
of the Plan, the Agency shall pay to the District for each Fiscal Year an amount to equal
100 percent of the District Share of Tax Increment Revenue attributable to increases in
assessed value of the taxable property in the Project Area, as the assessed value is
established by the assessment roll last equalized prior to the effective date of. the
ordinance adopting the Plan, which are, or otherwise would be, calculated annually
pursuant to subdivision (f') of Revenue and Taxation Code Section 110.1. BY,this
subsection (a), it is intended that the District will receive fi.om the Agency the amount it
would have received had it make the election pursuant to former Health and Safety Code
Section 33676(a)(2).
Section 2
All other provisions of Section 2.1 (b) through (e) and the remainder of the
Agreement shall remain in full force and effect.
Section 3
Exhibit A attached to this First Amendment demonstrates how payments
to the District shall be calculated per Section 2. l(a), as amended, and
Sections 2.1 (b) through (e) of the Fiscal Agreement. This Exhibit is
presented for illustrative purposes only; numbers will be adjusted to reflect
actual assessment and tax revenue figures.
Section 4
All terms not otherwise defined herein have the .meaning defined in the
Agreement
IN WITNESS WHEREOF, the parties hereto have .caused this First Amendment to the
Agreement to be executed.
REDEVELOPMENT AGENCY OF THE
CITY OF SOUTH SAN FRANCISCO
SAN MATEO COMMUNITY COLLEGE
DISTRICT
By:
Exhibit A
Example Calculation
El Camino Corridor Redevelopment Area College District Payment Calculation (1)
Cash Flow Based on Tax Increment
Current Year Taxable Value
- Less Base Year Value
Incremental Value
x .01 Tax
Tax increment revenue
- 20% Housing Set Aside
Net' Tax increment
x Normal Coll. Dist. Share pre RDA
"Normal" College District share
x 99/00 - 03/04 % to College Dist. per Agmt.*
Payment to College District
$ 186,492,839
$ 49,316,048
$ 137,176,791
1%
1,371,767.91
$ 274,354
$ 1,097,414
7.26%
$ 79,672
12.50%
$ 9,959
2002-03 Inflated Base (2)
Less Secured Base Year Value
Incremental Value
.01 Tax
Tax increment revenue
x Normal Coll. Dist. Share pre RDA
"Normal" College District share
$ 56,108,903
$ 46,879,265
$ 9,229,638
1%
92,296.38
7.26%
$ 6,701
Total I~avment to the Collec~e District shall be the sum of the two cash flows
Development Payment $ 9,959
100% of 2% payment $ 6,701
$ 16,660
(1) This exhibit uses the actual 2002-03 taxable values and tax increment.
(2) See Exhibit B for calculation of amount.
*Percent share will increase to 25% during fiscal years
2004/05 - 2009/10, and 37.5% during fiscal years 2010/11
until expiration or termination of Plan
**Annual two percent (2%) inflationary adjustments
for each year if and when the increases are granted
by the County
Table 3
South San Francisco Redevelopment Agency
US Steel (Shearwater) Project Area
PAYMENTS CALCULATED PER SECTION 33676 (a) (2)
ASSUMING 2002-03 VALUE
Fiscal Year
Adjusted Real (1)
Property Inflation
Value Factor
2002 2003 153,584,995 2.00%
2003 2004 156,656,695 2.00%
2004 2005 159,789,829 2.00%
2005 2006 162,985,625 2.00%
2006 2007 166,245,338 2.00%
2007 2008 169,570,245 2.00%
2008 2009 172,961,650 2.00%
2009 2010 176,420,883 2.00%
2010 2011 179,949,300 2.00%
2011 2012 183,548,286 2.00%
2012 2013 187,219,252 2.00%
2013 2014 190,963,637 2.00%
2014 2015 194,782,910 2.00%
2015 2016 198,678,568 2.00%
2016 2017 202,652,139 2.00%
2017 2018 206,705,182 2.00%
2018 2019 210,839,286 2.00%
2019 2020 215,056,071 2.00%
2020 2021 219,357,193 2.00%
2021 2022 223,744,337 2.00%
2022 2023 228,219,223 2.00%
2023 2024 232,783,608 2.00%
2024 2025 237,439,280 2.00%
2025 2026 242,188,066 2.00%
2026 2027 247,031,827 2.00%
2027 2028 251,972,463 2.00%
2028 2029 257,011,913 2.00%
2029 2030 262,152,151 2.00%
2030 2031 267,395,194 2.00%
2031 2032 272,743,098 2.00%
2032 2033 278,197,960 2.00%
2033 2034 283,761,919 2.00%
2034 2035 289,437,157 2.00%
2035 2036 295,225,901 2.00%
Grand Total
Adj. B'ase Over
2002-03Value
$153,584,995
0
3,071,700
6,204,834
9,400,630
12,660,343
15,985,250
19,376,655
22,835,888
26,364,305
29,963,291
33,634,257
37,378,642
41,197,915
45,093,573
49,067,144
53,120,187
57,254,291
61,471,076
65,772,198
70,159,342
74,634,228
79,198,613
83,854,285
88,603,071
93,446,832
98,387,468
103,426,918
108,567,156
113,810,199
119,158,103
124,612,965
130,176,924
135,852,162
141,640,906
Total1%
Revenue Fmm
Adiusted Base
0
30,717
62,048
94,006
126,603
159,852
193,767
228,359
263,643
299,633
336,343
373,786
411,979
450,936
490,671
531,202
572,543
614,711
657 722
701 593
746 342
791 986
838 543
886 031
934 468
983 875
1,034,269
1,085,672
1,138,102
1,191,581
1,246,130
1,301,769
1,358,522
1,416,409
SM
College
District
0
2.301
4,647
7,041
9.483
11,973
14,513
17,104
19,747
22,443
25,192
27,997
30,857
33,775
36,751
39,787
42.883
46,042
49,263
52,549
55,901
59,320
62,807
66,364
69,992
73.692
77 467
81 317
85 244
89 249
93 335
97 503
101 753
106 089
1,614,381
Net Present
Value @
5%
0
2,191
4,215
6,082
7,801
9,381
10,830
12,156
13,365
14,467
15,466
16,369
17,182
17,912
18,562
19,138
19,645
20,088
20,470
20,796
21,069
21,292
21,471
21,606
21,702
21,762
21,787
21,781
21,745
21,683
21,596
21,486
21,355
21,204
567,653
Fraser Associates SSF US Steel 33676
sec33676A 04/21/2003