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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