Title
Chief Administrative Office recommending the Board provide direction regarding the exchange of property tax increments for the annexation of two parcels (APNs 331-221-035-000 and 331-221-036-000) associated with the previously approved El Dorado Senior Village Apartments project into the El Dorado Irrigation District water and sewer service area, Local Agency Formation Commission Project 2024-02. (District 3) Options include the following:
1) Adopt and authorize the Chair to sign Resolution 018-2025, which would accept an exchange of property tax increment determined in accordance with the County's current practice for allocating increment upon annexation of a parcel into a service-providing district; or
2) Direct an alternative exchange of property tax increment. (Cont. 2/4/2025, Item 5 2)
FUNDING: General Fund.
Body
DISCUSSION / BACKGROUND
The El Dorado Senior Village Apartments Annexation to the El Dorado Irrigation District (EID), LAFCO Project No. 2024-02, will annex two parcels (APNs 331-221-035-000 and 331-221-036-000) of approximately 8.08 acres into the EID water and sewer service area. Pursuant to the application filed with LAFCO, the purpose of the annexation is to obtain water and wastewater services to support the development of the El Dorado Senior Village Apartments. The owner of the parcels intends to develop an affordable, age-restricted community housing development, consistent with current zoning. The annexation triggers the requirement under the law to redistribute property tax increments applicable to the properties being annexed.
CAO staff is currently working on a policy to establish a framework for redistributing property tax during jurisdictional reorganizations; however, while that policy is in process, staff have continued to follow the current practice for allocating increment upon annexation of a parcel into a service-providing district. This process includes setting the tax increment shares equal to those in adjacent tax ...
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