Title
Chief Administrative Office recommending the Board adopt Resolution 028-2014 agreeing to the exchange of property tax increment for the annexation of one parcel (APN 126-100-24) into the El Dorado Irrigation District and the El Dorado Hills County Water District (EDH Fire) to provide water and fire prevention services to the proposed subdivision. Local Agency Formation Commission Project No. 2014-01.
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Fiscal Impact/Change to Net County Cost
Proposal reduces tax revenue to County general fund from $9159.95 to $5473.79 per year. Undetermined property tax increase pending developement of 19 residential lots ranging in size of 5 acres to 9.9 acres and one 2.2 acre parcel of open space.
Background
The Diamonte Estates Reorginization project will annex approximately 113.11 acres (APN 126-100-24) into the El Dorado Irrgation District and El Dorado Hills Fire. The purpose of the annexation is to provide water and fire prevention services to the proposed subdivision. The subdivision includes 19 residential lots ranging in size of 5 acres to 9.9 acres and one 2.2 open space lot.
On March 18, 2014, the Chief Administrative Office sent tax increment exchange proposals to affected agencies. The Board of Supervisors has historically reduced the County and other taxing entitites' share of the tax increment in order to provide EID and El Dorado Hills Fire with a 2.6667% and 17% share, respectively. The Chief Administrative Office proposal continues this trend. The proposal reduces the County share of tax revenues from the the Diamonte Estates property by just over 16%, from 40.0190% to 23.9145%.
Summary of Exhibits:
Exhibit A: Board Resolution for consideration formally agreeing to the exchange of tax increment.
Exhibit B: Resolution attachment detailing the proposed exchange of tax increment.
Exhibit C: Letters from the Chief Administrative Office to affected taxing entities proposing the exchange of tax increment.
Exhibit D: Auditor-Controller's Esti...
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