Title
a. Approve the execution of the Revised Master Taxing Entity Agreement with the City of Seaside, pursuant to Health and Safety Code section 34180(f); and
b. Authorize the Assistant County Administrative Officer to execute the Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the execution of the Revised Master Taxing Entity Agreement with the City of Seaside, pursuant to Health and Safety Code section 34180(f); and
b. Authorize the Assistant County Administrative Officer to execute the Agreement.
SUMMARY/DISCUSSION:
On April 3, 2018, the Board of Supervisors approved the execution of the Original Master Taxing Entity Agreement with the Successor Agency to the Redevelopment Agency of the City of Seaside (Successor Agency). Execution of this Agreement entitled the County to receive a proportional share of tax revenue generated by the sales of specified property, as established by status, of approximately 2 million dollars.
In 2005, Seaside Resort Development LLC (SRD) entered into a Development and Disposition Agreement (DDA), with the former Seaside Redevelopment Agency (Former Agency). The DDA provided for the development of a hotel and residential project on property consisting of approximately 80-acres located at the northwest corner of General Jim Moore Boulevard and Coe Avenue in the City of Seaside (the site).
Pursuant to Californian Health and Safety Code section 34175(b), properties of the Former Agency transferred to the Successor Agency by operation of law, including the site. As required by state law, the Successor Agency prepared a Long-Range Property Management Plan (LRPMP), which was approved by the California Department of Finance. The LRPMP authorizes transfer of the site to the City of Seaside (City), subject to the City entering into a compensation agreement with any affected taxing entity to compensate it for property tax revenues. Execution of the tax compensation agreement is a con...
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