Ordinance No. 592 - Redevelopment Plan Project Area No. 19
ORDINANCE NO. 592
AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF ROSEMEAD AMENDING CERTAIN
PROVISIONS OF THE REDEVELOPMENT PLAN
FOR PROJECT AREA NO. 1
THE CITY COUNCIL OF THE CITY OF ROSEMEAD DOES HEREBY
ORDAIN AS FOLLOWS:
Section 1. The City Council finds, determines and
declares:
a. By Ordinance No. 340, adopted January 4, 1972, the
City Council approved and adopted a Redevelopment Plan for
Project Area No. 1; and
b. Section 33333.4 of the Health & Safety Code
requires the amendment of the plan in certain respects.
Section 2. The "Tax Increment Financing" section of the
Redevelopment Plan for Project Area No. 1 is hereby amended
by the addition of the following language at the conclusion
of said section commencing on page 5-1a:
• "The portion of taxes divided and allocated to the
Agency pursuant to this Section shall not exceed a
cumulative total, commencing with fiscal year 1986-87
through completion or termination of the Plan, of
$249,245,938. The Agency shall not establish or incur
loans, advances or indebtedness to be repaid from the
allocation of taxes from and after 50 years from the
effective date of the ordinance adding this paragraph."
Section 3. The "Acquisition of Properties By Agency"
section of the Redevelopment Plan for Project Area No. 1 is
hereby amended by adding the following language at the
conclusion of said section on page 6-2.
"Eminent domain proceedings to acquire real or personal
property must be commenced within 12 years from the
• effective date of the ordinance adding this paragraph."
Section 4. The City Clerk shall certify to the adoption
of this Ordinance.
PASSED, APPROVED and ADOPTED this 9th day,,-of--De r , 1986.
ATTEST: „
CITY CLERK
MAY
• r
TAX INCREMENT CUMULATIVE TOTAL
ORDINANCE NO. 592
•
•
l)PTT T\TT
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
TAX INCREMENT DUE AGENCY*
$ 2,856,000
2,913,120
2,971,382
3,030,810
3,091,426
3,153,255
3,216,320
3,280,646
3,346,259
3,413,184
3,481,448
3,551,077
3,622,r
3,694,3,.,
3,768,431
3,843,800
3,920,676
3,999,090
4,079,071
4,160,653
4,243,866
4,328,743
4,415,318
4,503,624
4,593,697
4,685,571
4,779,282
4,874,868
4,972,365
Tax Increment Cumulative Total
Ordinance No. 592
Page Two
YEAR END TAX INCREMENT DUE AGENCY*
2016
$ 5,071,812
2017
5,173,248
2018
5,276,713
2019
5,382,247
2020
5,489,892
2021
5,599,690
2022
5,711,684
2023
5,825,918
2024
5,942,436
2025
6,061,285
2026
6,182,511
2027
6,306,161
2028
6,432,284
2029
6,560,930
2030
6,692,149
2031
6,825,992
2032
6,962,512
2033
7,101,762
2034
7,243,797
2035
7,388,673
2036
7,536,446
2037
7,687,175
40 TOTAL CUMULATIVE INCREMENT: $249,245,938
*Growth is projected at 20 per year