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05 <br /> THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> pL E ASANTONo <br /> November 16, 2010 <br /> Community Development <br /> Engineering Division <br /> TITLE: ADOPT A RESOLUTION FOR ANNEXATION /DETACHMENT NO. 148, <br /> VINEYARD AVENUE REALIGNMENT CONSENTING TO THE WAIVER OF <br /> PROPERTY TAX FOR THE LONESTAR PARCEL (APN 946 - 4598 - 010 -00) <br /> LOCATED OUTSIDE THE CITY LIMITS <br /> SUMMARY <br /> On October 13, 2008, Annexation /Detachment No. 148, Vineyard Avenue Realignment <br /> was completed to make the city limits coincide with the new Vineyard Avenue road <br /> alignment. This annexation consisted of annexing approximately 12 acres into the City <br /> and detaching about seven acres of property owned by Lonestar, located north of the <br /> realigned Vineyard Avenue. <br /> As part of the annexation /detachment application the City Council adopted a resolution <br /> agreeing to the exchange of property tax revenue under our standard tax exchange <br /> formula with the County. However, the resolution never addressed the detachment of <br /> the parcel owned by Lonestar and did not specifically state that the City waives any <br /> interest or claim to the property tax for this parcel. The County Auditor has requested <br /> the City adopt a resolution to complete this process. <br /> RECOMMENDATION <br /> Adopt a resolution consenting to the waiver of property tax for the Lonestar parcel (APN <br /> 946- 4598 - 010 -00) located outside the city limits. <br /> FINANCIAL STATEMENT <br /> The portion of property tax the City would have received if the parcel remained within <br /> city limits is approximately $280 per year. <br />