HomeMy WebLinkAbout2006 CC RESO 2006-14 CDCRESOLUTION NO. 2006- 14
RESOLUTION OF THE
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE EXECUTIVE DIRECTOR
TO TRANSFER $698,474 OF TAX INCREMENT REVENUE
TO THE COUNTY AUDITOR FOR THE COMMUNITY DEVELOPMENT
COMMISSION'S SHARE OF FISCAL YEAR 2005-2006 OBLIGATION
TO THE EDUCATION REVENUE AUGMENTATION FUND
WHEREAS, the State Department of Finance requires redevelopment agencies to shift
$250 million in property tax revenues to K — 12 schools and community colleges; and,
WHEREAS, eachredevelopment agency is required to allocate an amount to the
county auditor for deposit into the Education Revenue Augmentation Fund (ERAF) no
later than May 10, 2006; and,
WHEREAS, Community Development Commission's share of the Fiscal Year 2005-
2006 ERAF payment is $698,474 and funding is available and has been budgeted with
Tax Increment Revenue; and,
WHEREAS, payment to the county auditor for the Education Revenue Augmentation
Fund is the obligation of the Community Development Commission of the City of
National City.
NOW, THEREFORE, BE IT RESOLVED, that the Community Development Commission
of the City of National City hereby authorizes the Executive Director to transfer $698,474
of tax increment revenue to the county auditor for the Community Development
Commission's share of fiscal year 2005-2006 obligation to the Education Revenue
Augmentation Fund.
PASSED and ADOPTED this 28th day of February 2006.
3
ck nzunza, Chairman
ATTEST:
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Chris Zapata, Seer
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APPROVED AS TO FORM:
George H. Eiser, III
City -CDC Attorney