Title
Chief Administrative Office recommending the Board adopt Resolution 119-2013 agreeing to the exchange of property tax increment for the annexation of one parcel (APN 119-020-35) to the El Dorado Irrigation District, Local Agency Formation Commission Project No. 2013-02.
Body
Fiscal Impact/Change to Net County Cost
Minor reduction to County in property tax revenue. Undetermined property tax growth if parcel develops.
Background
The Porter Annexation will annex one 32.82 acre parcel (APN 119-020-35) into the El Dorado Irrigation District. The purpose of the annexation is to obtain water and wastewater services to support the development of a proposed 54-lot residential subdivision. The applicant has declined to request annexation into the Cameron Park Community Services District. However, the property is within the Cameron Park CSD sphere of influence. The property is located on the south side of Marble Valley Road, one mile west of the intersection with Flying C Road, 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 and other taxing entities' share of the tax increment in order to provide EID with a 2.6667% share. The Chief Administrative Office proposal continues this trend.
The Revenue and Taxation Code places a 60-day limit on negotiations for the exchange of tax increment. The negotiation "clock" begins when the affected agencies receive the Auditor-Controller's Estimate of Property Tax Revenue & Distribution for the affected parcel. The negotiation period for this annexation expires September 9.
Summary of Exhibits:
Exhibit A: The Resolution for Board consideration formally agreeing to the exchange of tax increment.
Exhibit B: The attachment to the Resolution which details the proposed exchange of tax increment.
Exhibit C: Letters from the Chief Administrative Office to affected taxing entities ...
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