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. - a <br /> AGREEMENT BETWEEN THE CITY OF PLEASANTON AND COUNTY OF <br /> ALAMEDA REGARDING TRANSFER OF PROPERTY TAX REVENUES IN <br /> CONNECTION WITH THE MERRITT PROPERTY ANNEXATION <br /> This Property Tax Transfer Agreement ("Agreement") is made between the City of <br /> Pleasanton ("City) and the County of Alameda ("County"), collectively the "Parties," pursuant <br /> to the provisions of Revenue and Taxation Code Section 99 and shall constitute the agreement <br /> for exchange of property tax revenues required by the Revenue and Taxation Code Section <br /> 99(b)(6) in connection with the Merritt Property Annexation. <br /> The Parties agree that the parcels to annexed are described as follows: <br /> The approximately 46-acre subject properties, comprising four parcels, are generally <br /> located on the east side of Foothill Road, approximately one-quarter mile south of Foothill <br /> High School. contiguous with City boundaries on north, south, and east sides. The subject <br /> properties are generally vacant except for two existing single-family residences (one of which <br /> will be retained post annexation), two to three out-buildings (to be demolished) previously <br /> used for agricultural purposes, and remnants of a former orchard. Proposed residential <br /> development has been approved on the subject properties by the City,pending annexation. <br /> Exhibit A lists all applicable existing addresses and parcel numbers affected by this <br /> Agreement and is incorporated herein. The Parties agree that for the annexation of the subject <br /> properties. the County of Alameda Auditor-Controller is directed to cause an exchange of <br /> property tax revenue as follows: <br /> A. The City is entitled to, and shall receive, an allocation of computed property tax <br /> revenue equivalent to the share of property tax revenue it receives on a weighted <br /> average city-wide. The weighted city-wide average shall be computed annually as <br /> follows: multiply the City's current Tax Allocation Factor in each tax rate area <br /> within the City by the current secured assessed valuation in each tax rate area to <br /> arrive at a product for each tax rate area. The sum of those products is divided by the <br /> total secured assessed valuation within the City to arrive at a weighted city-wide <br /> average. The secured tax roll is used here to establish the weighted citywide <br /> average. However, the factors resulting from the application of the formula will <br /> apply to all tax rolls. <br /> B. In the event that the City currently provides a service within its incorporated City <br /> limits such as Fire or Library, and if that service is currently being provided by a <br /> County taxing agency or special district in the territory proposed for annexation,the <br /> County shall receive an allocation of computed property tax revenue equivalent to <br /> the share of property tax revenue received by the County taxing agency or special <br /> district in the territory proposed for annexation. The County's receipt of that <br /> allocation shall not diminish the City's receipt of its allocation calculated under <br /> Section A above. <br /> C.In the event that the City assumes full responsibility for a service not currently being <br /> provided by the City within its incorporated city limits, but being provided by a <br /> separate County taxing agency or special- district within the territory proposed for <br /> annexation, pursuant to Revenue and Taxation Code 99(b), the City shall receive, in <br /> addition to the allocation determined in Section A above, an allocation of computed <br />