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CDA and City Resolution 89-23 . . .. RESOLUTION NO. 89- 23 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY ELECTING TAX INCREMENT PASS-THROUGH WHEREAS, the Community Development Agency of the City of Gilroy is preparing a Redevelopment Plan for the City of Gilroy Community Redevelopment Project Area (the "Redevelopment Plan"), which provides for tax increment financing pursuant to Health and Safety Code Section 33670; and WHEREAS, the City of Gilroy is an affected taxing agency authorized to make the election described in Health and Safety Code Section 33676. BE IT NOW THEREFORE RESOLVED: 1. That the City of Gilroy elects to be allocated all of the tax revenues attributable to increases in the rate of tax imposed for the benefit of the City of Gilroy which levy occurs after the tax year in which the ordinance adopting the Redevelopment Plan becomes effective, and elects to be allocated all of the tax revenues attributable to increases in the assessed value of the taxable property in the City of Gilroy Community Redevelopment Project Area, as the assessed value is established by the assessment roll last equalized prior to the effective date of the ordinance adopting the City of Gilroy Community Redevelopment Plan pursuant to Health and Safety Code Section 33670(a), which are or otherwise would be, calculated annually pursuant to Revenue and Taxation Code Section 110.1(f). 2. That the City Manager is hereby authorized and directed to transmit copies of this Resolution to the appropriate officials and to take all other actions required pursuant to Health and Safety Code Section 33676 to implement the election set forth in this Resolution. RESOLUTION NO. 89- 23 -1- . . '. Passed and adopted this 17th day of April, 1989 by the following vote: AYES: COUNCILMEMBERS: HALE, KLOECKER, PALMERLE~, VALDEZ and MUSSALLEM. COUNCILMEMBERS: None COUNC I LMEMBERS : GAGE and HUGHAN. NOES: ABSENT: APPROVED: L~protempore ATTEST: 03/30/89 #BOSOA/B49702 RESOLUTION NO. 89-23 -2- . . . ~ . I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 89-23 is an original resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council held on the 17th day of April , 19~, at which meeting a quorum was present. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of the City of Gilroy this 18th day of April 19 89. (Seal)-