RECOMMENDATION(S): (CONT'D)
3. Acting as the Governing Board of the Contra Costa County Water Agency, APPROVE and AUTHORIZE the Executive Director, or designee, to execute a Master Agreement for Taxing Entity Compensation with the City of Pinole for the distribution of net unrestricted proceeds to be received by the City from the disposition of properties formerly owned by the Pinole Redevelopment Agency, and remitted to the Auditor-Controller for distribution to certain taxing entities.
FISCAL IMPACT:
No fiscal impact related to this action. This Agreement contemplates potential, future sales of properties owned by the former Pinole Redevelopment Agency, by the City of Pinole and how proceeds remitted to the Auditor-Controller will be calculated for distribution to taxing entities according to the Redevelopment Agency Dissolution laws.
BACKGROUND:
On November 20, 2015, the California Department of Finance approved the amended Long Range Property Management Plan (the "Plan") submitted by the Successor Agency to the Pinole Redevelopment Agency and approved by the Oversight Board to the Successor Agency. The Plan, inter alia, calls for the Successor Agency to enter into compensation agreements with taxing entities, such as the County and its dependent special districts, pursuant to Health & Safety Code section 34180(f).
The compensation agreement is necessary since the Plan contemplates a transfer of properties from the Successor Agency to the City of Pinole for the purpose of selling the properties to developers for development according to the redevelopment plan. Among the properties to be transferred, nine are being transferred for a governmental purpose and eight are being transferred to the City for sale and future development by the purchaser.
The County Administrator's Office has been in discussions with the City of Pinole regarding the proposed plans and has determined that it is in the interest of the County, including its dependent special districts, and the City to enter into the attached Compensation Agreement to facilitate implementation of the Plan. Ultimately, the planned development of non-governmental use properties by the City, should result in an increased assessed valuation, and remittance of ad valorem property tax revenues, to all taxing entities within the tax rate area of each parcel.
CONSEQUENCE OF NEGATIVE ACTION:
The City of Pinole will not be in compliance with the Long Range Asset Management Plan approved by the California Department of Finance.
CHILDREN'S IMPACT STATEMENT:
No impact.