Title
Chief Administrative Office recommending the Board adopt Resolution 117-2013 agreeing to the exchange of property tax increment for the annexation of one parcel (APN 116-010-04) to the Cameron Park Community Services District (CSD), Local Agency Formation Commission Project No. 2013-03, and select among the following options for the exchange:
1) Exhibit B reflecting the staff proposal; or
2) Exhibit C reflecting the Cameron Park CSD's alternative proposal; or
3) Determine the exchange of tax increment independent of the staff and CSD proposals.
Body
FISCAL IMPACT
Minor reduction to County in property tax revenue. Undetermined property tax growth if parcel develops.
Background
The Cameron Hills Annexation will annex one 20 acre parcel (APN 116-010-04) to the Cameron Park Community Services District. The purpose of the annexation is to obtain recreational and fire suppression services to support the development of a proposed 41-lot residential subdivision. The property is located on the north side of Kimberly Road between Cambridge Road and Woodley Lane, in the Cameron Park area.
The Chief Administrative Office sent tax increment exchange proposals to affected agencies on July 17. The Board of Supervisors has historically reduced the County's share of tax increment in order to provide the Cameron Park CSD with a 6% share of increment for parks, and a 15% share for fire. The Chief Administrative Office proposal as reflected in Exhibit B continues this trend.
The Cameron Park CSD has alternatively proposed a 10% share of increment for parks with the share for fire remaining at 15% (See Attachment I). This results in a 25% cumulative share of the tax increment for the affected parcel. This proposal is reflected in Exhibit C. Should the Board select this alternative, the Resolution will be amended to reference Exhibit C.
The Revenue and Taxation Code places a 60-day limit on negotiations for the exchange of tax increment. The negotiation "clock"...
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