CC Resolution No. 06-117
RESOLUTION NO. 06~117
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CUPERTINO MAKING AN ELECTION TO RECEIVE PAYMENTS
PURSUANT TO HEALTH AND SAFETY CODE SECTION 33607.5 (b)
FOR THE CUPERTINO V ALLCO REDEVELOPMENT PROJECT
WHEREAS, the Redevelopment Agency of the City of Cupertino ("Agency")
adopted the Redevelopment Plan (the "Redevelopment Plan") for the Cupertino Val1co
Redevelopment Project on August 21,2000; and
WHEREAS, Section 33607.5(a)(1) of the Health and Safety Code provides that if
an Agency adopts a Redevelopment Plan on or after January I, 1994, then the Agency
shall make payment to affected taxing entities required by Section 33607.5; and
WHEREAS, the amounts required pursuant to subdivisions (b), (c), (d) and (e) of
Section 33607.5 must be paid to each affected taxing entity, including the City, if the City
elects to receive such tax increments; and
WHEREAS, the City of Cupertino is an affected taxing entity under Section
33607.5;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CUPERTINO that pursuant to Health and Safety Code Section 33607.5, the
City Council hereby elects to receive its share of the twenty-five percent (25%) tax
increment pass-through payment authorized by Health and Safety Code Section
33607.5(b), commencing with the first fiscal year the Agency is required to make such
payments to the affected taxing entities and continuing each year thereafter.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 20th day of June 2006, by the following vote:
Vote
Members of the City Council
YES:
NOES:
ABSENT:
ABSTAIN:
Lowenthal, Wang, Kwok, Mahoney, Sandoval
None
None
None
ATTEST:
APPROVED:
ft!~~ ~~
City Clerk
Mayor, City of Cupertino