To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
title
Compensation Agreement and Amendment between the County of Humboldt and City of Eureka Redevelopment Successor Agency for Future Disposition and Development of Four (4) Former Eureka Redevelopment Agency Properties
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors approve and authorize the County Administrative Officer to execute the attached compensation agreement and amendment between the County of Humboldt and City of Eureka Redevelopment Successor Agency.
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SOURCE OF FUNDING:
City of Eureka Redevelopment Successor Agency
DISCUSSION:
As part of the 2011 Budget Act, and in order to protect funding for core public services at the local level, the Legislature approved the dissolution of the state's Redevelopment Agencies (RDA). After a period of litigation, RDAs were officially dissolved as of Feb. 1, 2012. Under the Dissolution Act, all authority, rights, powers, duties, and obligations of the former RDAs are vested in successor agencies. These agencies are charged with the responsibility of paying off existing debts of the former RDAs, disposing of properties and assets of the former RDAs in an appropriate manner to help pay off debts and return revenues to the local government entities that receive property taxes. Property tax revenues are used to pay required payments on existing bonds, other obligations, and pass-through payments to local governments. The remaining property tax revenues that exceed the enforceable obligations are now being allocated to cities, counties, special districts, and school and community college districts, collectively referred to as taxing entities.
The attached compensation agreement and amendment will ensure that each taxing entity receives a payment "in proportion to their share of the base property tax" from the net proceeds from the use and/or eventual disposition of ...
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