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HomeMy WebLinkAboutReso - CC - 043-19875/13/87 RESOLUTION NO.43-87 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 Town of Hillsborough agree to a property tax exchange as a part of the proposed detachment of Lands of Newson from the Town of Hillsborough and annexation of said lands to the City of Burlingame. WHEREAS, the City of Burlingame in making this determinations 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.1870643336 for the affected properties will be transferred from the Town of Hillsborough 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 Town of Hillsborough, (Tax Code Area 06-001) to the City of Burlingame is: .1870643336. 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 Town of Hillsborough shall be decreased the same amount. The exchange of said revenues is approved conditioned upon completion of the proposed annexation of Lands of Newson to City of Burlingame and is effective immediately upon completion the annexation. Mayor I, JUDITH A. MALFATTI, City Clerk of the City of Burlingame hereby certify that the foregoing resolution was introduced at regular meeting of the City Council held on the 18th day of May 1987, and adopted thereafter by the following ES: COUNCILMEN: AMSTRUP, BARTON, LEMBI, PAGLIARO ES: COUNCILMEN: NONE SENT: COUNCILMEN: MANGINI City Cler 64..e &tv of Nur*um SAN MATEO COUNTY CITY HALL -501 PRIMROSE ROAD BURLINGAME, CALIFORNIA 94010 TEL:(415) 342-8931 May 21, 1987 LAFCo San Mateo County Hall of Justice & Records Redwood City CA 94063 Dear Sirs: At its meeting of May 18, 1987, the Burlingame City Council adopted Resolution 43-87 Making Determination of Property Tax Exchange in reference to the lands of David Newsom (APN 028-131-170). Newsom is requesting annexation to the City of Burlingame from the Town of Hillsborough. Enclosed is a certified copy of Resolution 43-87. Sincerely, uc{ith A. Malfatti ity Clerk cc: Town of Hillsborough City Planner