Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Mike Callagy, Assistant County Manager
Subject: Request from the Successor Agency to the San Carlos Redevelopment Agency to Approve Subordination of Pass-Through Payments
RECOMMENDATION:
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Adopt a resolution approving on behalf of the County of San Mateo and the San Mateo County Library the Pass-Through Payment Subordination Request from the Successor Agency to the San Carlos Redevelopment Agency.
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BACKGROUND:
Pursuant to Section 34177.5(a) of the California Health and Safety Code, the Successor Agency to the San Carlos Redevelopment Agency ("Successor Agency") intends to refinance its outstanding 2007 bonds to achieve debt service savings.
As a result of the issuance of refunding bonds, the Successor Agency has requested approval of subordination of the negotiated pass-through payments received by the County and the San Mateo County Library ("Library") from the San Carlos Redevelopment Property Tax Trust Fund ("RPTTF") pursuant to the pass-through agreement between the County, the San Mateo County Library, and the Redevelopment Agency of the City of San Carlos dated June 30, 1986 ("Pass-Through Agreement").
DISCUSSION:
Before the dissolution of redevelopment agencies in California, pass-through agreements, sometimes called tax sharing agreements, were contractual arrangements by which taxing entities would continue to be allocated property tax increment revenues derived from properties within a redevelopment area that would otherwise have been allocated to the redevelopment agency. The County and the Library-an entity governed by the Board of Supervisors and also known as the San Mateo County Free Library-jointly entered into such agreement with the San Carlos Redevelopment Agency.
Pursuant to Section 3 of the Pass-Through Agreement, the Successor Agency is entitled to request that the County and the Library subordinate t...
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