RES 92221 - Laserfiche WebLink

Resolution No. 92-221 Page Two (c) Both (a) and (b) above shall be phased in such a manner as to provide the City of Pleasanton with a 20% tax share for taxes received from the effective date herein through Fiscal Year 94/95, a 22% tax share in Fiscal Year 95/96 and a 25% in Fiscal Year 96/97 based on a weighted average of the tax rate areas. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: That for that portion of Annexation No. 140 (Ruby Hill/Vineyard Avenue Corridor) applicable to Ruby Hill, 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) The Mayor's Formula shall apply to that portion of the property located within Tax Rate Area 75-004; (b) The Mayor's Formula shall apply to that portion of the property located within Tax Rate Area 64-003 except that the County shall receive that portion of the property tax currently allocated to the Livermore Area Recreation and Park District; and Both (a) and (b) above shall be phased in such a manner as to provide the City of Pleasanton with a 20% tax share for taxes received from the effective date herein through Fiscal Year 94/95, a 22% tax share in Fiscal Year 95/96 and a 25% in Fiscal Year 96/97 based on a weighted average of the tax rate areas. Section 2: That City certifies that: There is no significant commercial and/or industrial development on the proposed annexation. Section 3: That the property tax proceeds accruing for the Structural Fire Fund shall be transferred to the city of Pleasanton. Section 4: In all other respects the terms and provisions of Resolution No. 92-44 not applicable to Ruby Hill remain in full force and effect.