BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Approve City of Santa Clara Successor Agency Compensation Agreement.
End
RECOMMENDATION:
Recommendation
Approve City of Santa Clara Successor Agency Compensation Agreement.
Body
SUMMARY:
Approval and full execution of the Compensation Agreement will result in positive fiscal impacts for the affected taxing entities including Valley Water (Attachment 1). Proceeds from the sale of the Convention Center parcels to the City of Santa Clara (the "City") pursuant to the Compensation Agreement will be distributed to the affected taxing entities, including the County, local school districts, and local special districts, in proportion to each entity's share of property tax distributions in the redevelopment project area. Although exact FY20-21 rates are not yet available, the approximate distribution for Valley Water will be $100,000, according to County staff.
Recordation of the Conditions, Covenants, and Restrictions ("CC&Rs") as required by the Compensation Agreement will also facilitate the sale of two additional properties, known as the Hyatt and Techmart parcels, that will result in additional revenues to the affected taxing entities (Attachment 2).
Pursuant to Health and Safety Code section 34181(a)(1), the Successor Agency to the Redevelopment Agency of the City of Santa Clara ("Successor Agency") is required to dispose of all assets of the former redevelopment agency. On December 22, 2015, the Successor Agency's Long Range Property Management Plan ("LRPMP") became effective. The LRPMP directs the disposition of all properties owned by the Successor Agency. The Successor Agency has since disposed of many of the properties listed on the LRPMP. The last remaining properties as listed on the LRPMP include No. 2 - Santa Clara Convention Center, APNs 104-55-016, 104-55-017, 104-43-025 ("Convention Center Complex"); No. 3 - Techmart Meeting Center and Office Complex, APN 104-55-013 ("Techmart"); and No. 4 - Hyatt Regen...
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