Title
Chief Administrative Office recommending the Board adopt and authorize the Chair to sign Resolution 050-2017 accepting the exchange of property tax increments for the annexation of one parcel (APN 325-160-39; 0.4 acre) into the City of Placerville and concurrent detachment from County Service Area #9 and County Service Area #9 Motherlode Recreation Tax Zone, Local Agency Formation Commission Project 2017-02.
FUNDING: Exchange of Property Tax Increment, primarily for General Fund, El Dorado County Fire, City of Placerville.
Body
DEPARTMENT RECOMMENDATION
Chief Administrative Office recommending the Board adopt and authorize the Chair to sign Resolution 050-2017 accepting the exchange of property tax increments for the annexation of one parcel (APN 325-160-39; 0.4 acre) into the City of Placerville and concurrent detachment from County Service Area #9 and County Service Area #9 Motherlode Recreation Tax Zone, Local Agency Formation Commission Project No. 2017-02.
DISCUSSION / BACKGROUND
The Holland Annexation to the City of Placerville, LAFCO Project No. 2008-03 will annex one 0.4 acre parcel (APN 325-160-39) into the City of Placerville and concurrently detach from County Service Area (CSA) 9, Local Agency Formation Commission Project No. 2017-02. The annexation triggers the requirement under the law to redistribute property tax increments applicable to the property being annexed. The negotiation is specific to the exchange of property tax revenues from the annual tax increment generated in the area subject to the jurisdictional change and attributable to the local agencies whose service area or service responsibilities will be altered by the proposed jurisdictional change. Each individual annexation of El Dorado County unincorporated territory to a city currently requires negotiation becasue there is no master property tax exchange agreement between the local agencies.
In accordance with Revenue and Taxation Code Sections 99 and 99.01, negotiations ...
Click here for full text