RECOMMENDATION(S):
ADOPT Resolution No. 2016/651, approving and authorizing the County Administrator, or designee, to execute an agreement with the City of Concord to apportion sales tax revenue from future development on Parcel C at Buchanan Field Airport.
FISCAL IMPACT:
There may be impact on the General Fund. The agreement provides for the County and the City to share sales and use tax revenue (“STR”) generated at the site. Each jurisdiction’s allocation depends on whether the future tenants of Parcel C previously operated at a different location in Concord. If the tenant did not previously operate at a different location in Concord, the City will be entitled to 51% of the STR and the County will be entitled to 49%. If the tenant previously operated at a different location in Concord, the City will be entitled to a little more than 51% of the STR, with the actual amount determined by an agreed-upon formula. If a lease is successfully negotiated for Parcel C, the Airport Enterprise Fund would realize lease and other revenue.
BACKGROUND:
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