RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION OF COUNTY OF SAN MATEO MAKING DETERMINATION OF PROPERTY TAX EXCHANGE PURSUANT TO PROVISIONS OF CHAPTER 282, SECTION 59, PART 0.05, IMPLEMENTATION OF ARTICLE XIIIA OF THE CALIFORNIA CONSTITUTION COMMENCING WITH SECTION 95, DIVISION 1, OF THE REVENUE AND TAXATION CODE

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, State law requires that the County of San Mateo and the City of Redwood City negotiate a property tax exchange relating to the proposed reorganization of the Lands of Trotta, Grove and Webb;

WHEREAS, the County and the City have agreed on certain other matters relating to the proposed annexation; and

WHEREAS, it has been agreed that property tax revenue produced by an incremental factor of .1189 for the affected properties will be transferred between the County of San Mateo (Tax Code Area 76001) and the City of San Carlos; and

WHEREAS, it has been agreed that no property tax revenue will be transferred from the County of San Mateo to the City of Redwood City.

NOW THEREFORE, THE COUNTY OF SAN MATEO DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:

The property tax incremental factor to be transferred from the County of San Mateo (Tax Code 76001) to the City of San Carlos is .1189.

In accordance with Section 3a of Article XIIIB of the State Constitution, the appropriation limit of Redwood City shall be increased by amounts indicated above, and the appropriation limits of the County shall be decreased by the same amount. The exchange of said revenues is approved conditioned upon the completion of the proposed annexation of the Lands of Trotta, Grove and Webb to the City of San Carlos and is effective immediately upon completion of the annexation.

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