HomeMy WebLinkAboutReso - CC - 094-1987RESOLUTION NO. 94-87
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 a portion of the Hoover
School site from the Town of Hillsborough and annexation of said
lands to the City of Burlingame.
WHEREAS, the City of Burlingame in making this determinatic
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 decrease
by the same amount.
The exchange of said revenues is approved conditioned upon
the completion of the proposed annexation of said lands to the
City of Burlingame and is effective immediately upon completion
of the annexation.
cam.
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
8th day of September ,1987, and adopted thereafter by the
following vote:
AYES: COUNCILMEN: AMSTRUP, BARTON, LEMBI, MANGINI, PAGLIARO
NOES: COUNCILMEN; NONE
ABSENT: COUNCILMEN: NONE
City Clerk
9/2/87