CC - Item 3B - Cosideration of ordinances extending the date by oe year for effectiveness and receipt of tax increment for project area no. 1 and 2TO: HONORABLE MAYOR
AND MEMBERS
ROSEMEAD CITY COUNCIL
FROM: ktu-L CROWE, CITY MANAGE
DATE: July 3, 2004
RE: CONSIDERATION OF ORDINANCES EXTENDING THE DATE BY
ONE YEAR FOR EFFECTIVENESS AND RECEIPT OF TAX
INCREMENT FOR PROJECT AREA NO. 1 AND PROJECT AREA NO.
2.
Last year, to compensate Redevelopment. Agencies for the ERAF payments they were
forced to make, the legislature enacted SB 1045 which authorizes amendments to
redevelopment plans to extend, by one year, the time limits on effectiveness and receipt
of tax increment. These amendments may be enacted by ordinance without having to go
through the formalities normally required for a plan amendment.
Project Area No. 1 is currently effective through June 27, 2012 and the Agency may
receive tax increment until June 27, 2022. - Ordinance No. 832 extends the effectiveness
of Project Area No. 1 through June 27, 2013, and extends receipt of tax increment to
June 27, 2023.
Project Area No. 2 is currently effective through June 27, 2030 and the Agency may
receive tax increment until June 27, 2045. Ordinance No. 833 extends the effectiveness
of Project Area No. I through June 27, 2031, and extends receipt of tax increment to
June 27, 2046.
RECOMMENDATION:
That the Council introduce Ordinances No.832 and 833.
COUNCIL AGEA',1IJa>,
JUL 13 2004
ITEM No.~.