2000 AGN JUL 18 I02 - Laserfiche WebLink

Browse Search

REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the City Council Meeting of July 18, 2000 TO: Honorable Mayor Pro -Tern and City Pouncilmembers APPROVAL: Henry Garcia, City Managerl- v C'VL-, FROM: Robb Steel, Redevelopment Director SUBJECT: Consideration of First Reading of an Ordinance Repeali Ordinance No. 0-25-93 and Amending Chapter 3.28 of I Colton Municipal Code by Deleting Section 3.28.139. DATE: July 10, 2000 Background In December 1993, the Redevelopment Agency adopted Ordinance No. 2-93, which created a local Sales and Use Tax for the Plaza Las Glorias Shopping Center and Resolution No. 614 which approved entering into an agreement with the State Board of Equalization (the "SBOE") to administer the sales and use taxes generated by Plaza Las Glorias Shopping Center. Copies of Ordinance No. 2-93 and Resolution 614 are attached to the staff report as Exhibit "A". To insure that the Agency received the sales taxes generated from the Shopping Center the Agency entered into an "Agreement for State Administration of Local Sales and Use Taxes" with the State Board of Equalization (the "SBOE Agreement"). Under this Agreement, the SBOE would send the appropriate amount of sales taxes (11%) to the Agency on a quarterly basis. Please refer to a copy of the SBOE Agreement attached as Exhibit "B". The Ordinance and Resolution were adopted by the Agency in response to certain provisions of the First Amendment to the Plaza Las Glorias Owner Participation Agreement (the "First Amendment"), which required the Agency to reimburse the Developer for unforeseen cost overruns incurred in connection with the redevelopment of the Shopping Center. Under this provision of the First Amendment, the Agency was to reimburse the Participant/Developer up to $94,500 of sales taxes collected and paid to the Agency for five fiscal years 1991/92 through 1995/1996. Please see a copy of the First Amendment attached to the Staff report as Exhibit "C". To accompany the Agency's establishment of a Sales and Use Tax and the Agreement with the SBOE, the City Council adopted Ordinance 0-25-93 which amended Chapter 3.28 of the Municipal Code to provide a credit against payment of Sales and Use Taxes for any taxes paid Item #2