RESOLUTION NO. _____________

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

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RESOLUTION AUTHORIZING AND AGREEING TO ACCEPT THE EXCHANGE OF PROPERTY TAX REVENUES BETWEEN THE COUNTY OF SAN MATEO AND THE CITY OF REDWOOD CITY FOR THE PROPOSED ANNEXATION OF THE PROPERTIES LOCATED AT 1250, 1252 AND 1254 EDGEWOOD ROAD

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

WHEREAS, pursuant to state law that requires the County of San Mateo and the City of Redwood City to agree to a property tax exchange as a result of the proposed annexation of the properties located at 1250, 1252 and 1254 Edgewood Road to the City of Redwood City; and

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

WHEREAS, the subject determination has been made prior to and as a condition precedent to the Executive Officer of the Local Agency Formation Commission issuing the Certificate of Filing on said proposal; and

WHEREAS, the County of San Mateo in making this determination has reviewed the proposed tax exchange and the amount of said exchange; and

WHEREAS, it has been agreed that property tax revenue produced by an incremental factor of 0.0396223826 for the affected properties will be transferred between the Free Library (Tax Rate Area 073-041) and the City of Redwood City; and

WHEREAS, it has been agreed that property tax revenue produced by an incremental factor of 0.0736672198 for the affected properties will be transferred between the County Fire Protection District (Tax Rate Area 073-041) and the City of Redwood City; and

WHEREAS, it has been agreed that property tax revenue produced by an incremental factor of 0.0792594363 for the affected properties will be transferred between the County of San Mateo (Tax Rate Area 073-041) and the City of Redwood City;

NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED AS FOLLOWS:

1.

The property tax incremental factor to be transferred from the Free Library (Tax Rate Area 073-041) to the City of Redwood City is 0.0396223826.

2.

The property tax incremental factor to be transferred from the County Fire Protection District (Tax Rate Area 073-041) to the City of Redwood City is 0.0736672198.

3.

The property tax incremental factor to be transferred from the County of San Mateo (Tax Rate Area 073-041) to the City of Redwood City is 0.0792594363.

4.

The exchange and transfer of said property tax incremental factors is agreed to and approved conditioned upon completion of the proposed annexation of the properties located at 1250, 1252 and 1254 Edgewood Road to the City of Redwood City.

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