Loading...
HomeMy WebLinkAboutReso - CC - 049-1990RESOLUTION N0, 49-90 RESOLUTION MAKING DETERMINATION OF PROPERTY TAX EXCHANGE RESOLVED, by the CITY OF BURLINGAME that, WHEREAS, State law requires that the City of Burlingame and the County of San Mateo agree to a property tax exchange as a part of the proposed annexation of Lands of O'Connor to the City of Burlingame. WHEREAS, the City of Burlingame in making this determination has reviewed the proposed property tax exchange and the amount of said exchange; and WHEREAS, it has been agreed that property tax revenue produced by an incremental factor of .1698977454 for the affected properties will be transferred from the County of San Mateo to the City of Burlingame. NOW, THEREFORE, the City of Burlingame does hereby resolve, determine, and order as follows: The property tax incremental factor to be transferred from the County of San Mateo (Tax Code Area 54-0004) to the City of Burlingame is: .1698977454. In accordance with Section 3a of Article XIIIB of the State Constitution, the appropriation limit of the City of Burlingame shall be increased by the amounts indicated above, and the appropriation limits of the County of San Mateo shall be decreased by the same amount. The exchange of said revenues is annrnvP,9 conditioned upon the completion of the proposed annexation 0 of said lands to the City of Burlingame and is effective immediately upon completion of theZwp ation ` MAYOR I, JUDITH A. MALFATTI, City Clerk of the City of Burlingame, do hereby certify that the foregoing resolution was introduced at a regular meeting of the City Council held on the 7th day of May 1990, and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: BARTON, HARRISON, LEMBI, O'MAHONY, PAGLIARO NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE