RES 93036 - Laserfiche WebLink

Resolution No. 93-36 that the annexation becomes effective and continuing until the City issues the first grading permit in the annexed area; a 22 % tax share beginning at the time previously mentioned grading permit is issued and continuing for one year thereafter; and a 26.51% tax share beginning at the completion of the previously mentioned one year period. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: That for Annexation No. 138 (North Sycamore), which will be first effective for the fiscal year following the filing of the Certification of completion with the State Board of Equalization providing the filing occurs prior to December 31 of the preceding year, the Auditor-Controller of the County of Alameda shall be directed to cause an exchange of property tax revenues as follows: (a) 26.51% share of the property taxes from the North Sycamore area will be transferred to the City. (b) The above exchange shall be phased in such a manner as to provide the City of Pleasanton with a 20% tax share beginning at the time that the annexation becomes effective and continuing until the City issues the first grading permit in the annexed area; a 22 % tax share beginning at the time previously mentioned grading permit is issued and continuing for one year thereafter; and a 26.51% tax share beginning at the completion of the previously mentioned one year period. Section 2: That the County shall pay the City the full amount due from the Fire Protection Service Agreement until such time that the agreement is either terminated or revised by mutual consent of both parties. Section 3: That in the event that the Mayor' s Conference and County shall approve a subsequent agreement regarding a new "Mayor's Formula" said formula shall apply to this Annexation No. 138. Section 4: This resolution shall become effective immediately upon its passage and adoption. 2