Adopt a Resolution Electing to Receive the City s Statutory Share of Tax Increment from the Entire Culver City Redevelopment Project. City of Culver City California City Council Agenda Item Report Meeting Date: 06/12/06 AGENDA ITEM: Adopt a Resolution Electing to Receive the City s Statutory Share of Tax Increment from the Entire Culver City Redevelopment Project Item Number: C 6 Contact Person/Dept.: Karen Maggio/City Treasurer s Office Phone Number: (310) 253 5844 Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification List on 06/07/06 Action Item: X No General Fund: Yes X No Attachments: X Department Approval: Crystal C. Alexander 5/31/06 CAO Approval: Jerry B. Fulwood (06/07/06) City Controller Approval: Marlee Chang (06/07/06) RECOMMENDATION: That City Council adopt a resolution electing to receive the City s statutory share of tax increment from the entire Culver City Redevelopment Project commencing with FY 2005 06 and continuing each year thereafter subject to future City Council election. DISCUSSION: the Agency adopted On July 26 1971 the 306 acre Slauson Sepulveda Redevelopment Project No. 1 (Component Area No. 1) and on December 28 1971 the Agency adopted the 184 acre Overland Jefferson Redevelopment Project No. 2 (Component Area No. 2). The 526 acre Washington Culver Redevelopment Project No. 3 (Component Area No. 3) was adopted on November 24 1975. On November 23 1998 the Agency adopted the 270 acre Component Area No. 4 and concurrently merged the four component areas. Component Area No. 4 is subject to statutory pass through requirements of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) ( CRL ) which provides for specific formulas for payments (so called statutory pass through payments ) to be made by the Agency to affected taxing entities. On November 23 1998 the Agency approved amendments to the Redevelopment Plan with regard to Component Areas No. 1 No. 2 and No. 3 that extended the time...
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