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ORDINANCE: 0-2002-7
SUBJECT: An ordinance authorizing a temporary waiver of one half of the City's two percent sales tax within portions of the Belmar Project Area
ADDRESS: Southeast corner of Wadsworth and Alameda
RECOMMENDATION: Staff recommends approval of the Ordinance in order to implement the Public Financing Amendment to the Redevelopment Agreement, which Council recently approved. Pursuant to such Amendment the developer of the Belmar project will impose a 2.5% public improvement fee and the City will waive on a temporary basis one half of its two percent (2%) sales tax.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: Pursuant to Council approval, the City entered into a Public Financing Amendment to the Redevelopment Agreement dated as of December 31, 2001. That Amendment sets forth the funding sources to construct the public improvements necessary to serve the proposed Belmar development. One aspect of that funding is that the developer will impose a 2.5% public improvement fee on transactions within the Belmar area and the City will temporarily waive one half of its two percent (2%) sales tax for not more than 25 years so that the City will only impose and collect a one percent (1%) sales tax rather than a two percent (2%) sales tax in such area. This ordinance simply implements the temporary waiver provided for in the Amendment as previously approved by Council.
DATE OF FIRST READING: February 11, 2002
DATE OF SECOND READING: February 25, 2002
ORIGINATED BY: Jacque Wedding-Scott, Finance Director
STAFF PERSON RESPONSIBLE: Jacque Wedding-Scott,
Finance Director, 303-987-7601
DOCUMENTS ATTACHED: Ordinance 0-2002-7
SUBMITTED BY:
Jacque Wedding-Scott, Finance Director
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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