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COUNCIL AGENDA ITEM NO. 18
July 25, 2000
Tax Exchange Agreement with Contra Costa County.
Jon Elam, City
Jon Elam, City
a Resolution approving a Property Tax Exchange Agreement for the Central
Area Annexation to the City of Brentwood.
of California Revenue Taxation Code requires that the City and County
shall agree by resolution to exchange property tax revenues among themselves
and any affected agencies in the event of an annexation.
the most part annexations have been for smaller parcels.
Those are below the County’s threshold of value of $10,000,000,
which are covered by our Joint Master Property Tax Agreement.
the case of the Central Area Annexation, the 910 acres have a value of
$73.0 million and thus require a separate property, and in this case,
sales tax exchange agreement.
The proposed agreement is a duplicate of one that exists for property
located south of Balfour Rd.and on either side of Walnut Blvd.
agreement proposes that the existing policy that applies to property tax
revenues remains in place, but that amount shall be reduced by an amount
equal to 50% of the sum of the sales tax revenue and transient occupancy
tax revenue received by the City during the preceding tax year only from
the area annexed.
this looks like it could be fairly onerous, the review by staff suggest
that of the 910 acres proposed to be annexed just 20 acres may be zoned
for retail related business and even those types of uses can be modified
by the City.
Ten other acres are zoned commercial office use, which do not pay
City has worked hard with over 150 property owners in bringing this annexation
request to LAFCO.
suggests the long term benefit to the City of having this LAFCO supported
annexation will prove of great value, that far exceeds any sales tax revenues
generated from the 20 acre site.
the proposal is not accepted by the City the annexation may not proceed.
City of Brentwood City Council
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Brentwood, CA 94513
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