RES 01070 - Laserfiche WebLink

Page 1 of 4 AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF PLEASANTON REGARDING TRANSFER OF PROPERTY TAX REVENUES IN CONNECTION WITH THE KOLB PROPERTY ANNEXATION This Agreement is made pursuant to the provisions of Revenue and Taxation Code Section 99 and shall constitute the agreement for exchange of property tax revenues required by the Revenue and Taxation Code Section 99(b)(6). Furthermore, Revenue and Taxation Code Section 99(b)(5) provides that if a jurisdictional change will alter the service area or service responsibility of a special district, the Board of Supervisors of the county in which the special district is located shall negotiate any exchange of property tax revenues on behalf of the special district. The parties agree that for annexation of parcels within the area bordered by Foothill Road to the east and Dublin Canyon Road to the northwest, as shown on Exhibit A, pages 3-4, listing all applicable parcel numbers, to this agreement and incorporated herein, the Auditor-Controller of the County of Alameda is directed to cause an exchange of property tax revenue as follows: The City is entitled to receive an allocation of computed property tax revenue equivalent to the share of property tax revenue it receives on a weighted average citywide. The weighted citywide average shall be computed annually as follows: multiply the City's current AB8 factor in each tax rate area within the city by the current secured assessed valuation in each tax rate area to arrive at a product for each tax rate area. The sum of those products is divided by the total secured assessed valuation within the city to arrive at a weighted citywide average. The secured tax roll is used here to establish the weighted citywide average. However, the factors resulting from application of the formula will apply to all tax rolls. In the event that the City currently provides a service within its incorporated city limits such as Fire or Library, and if that service is currently being provided by a County taxing agency or special district in the territory proposed for annexation, the County shall receive an allocation of computed property tax revenue equivalent to the share of property tax revenue received by the county taxing agency or special district in the territory proposed for annexation. The County's receipt of that allocation shall not diminish the City's receipt of its allocation calculated under A. above.