Bill Text
Bill Start
Amended
IN
Assembly
April 30, 2018 |
Amended
IN
Assembly
March 19, 2018 |
Assembly Bill | No. 3037 |
Introduced by Assembly Members Chiu, Bloom, Holden, Irwin, Mullin, Santiago, Daly, Eduardo Garcia, and Gloria (Coauthor: Assembly Member Ting) |
February 16, 2018 |
LEGISLATIVE COUNSEL'S DIGEST
(2)Existing property tax law requires the county auditor, in each fiscal year, to allocate property tax revenue to local jurisdictions in accordance with specified formulas and procedures, and generally requires that each jurisdiction be allocated an amount equal to the total of the amount of revenue allocated to that jurisdiction in the prior fiscal year, subject to certain modifications, and that jurisdiction’s portion of the annual tax increment, as defined.
Existing property tax law requires that, for purposes of determining property tax revenue allocations in each county for the 1992–93 and 1993–94 fiscal years, the amounts of property tax revenue deemed allocated in the prior fiscal year to the county, cities, and special
districts be reduced in accordance with certain formulas. It requires that the revenues not allocated to the county, cities, and special districts as a result of these reductions be transferred to the Educational Revenue Augmentation Fund in that county for allocation to school districts, community college districts, and the county office of education.
This bill would modify these reduction and transfer provisions by requiring the auditor of a county in which a qualified local agency is located to increase the total amount of ad valorem property tax revenue otherwise required to be allocated to the qualified local agency by the affected tax entity equity amount, as defined, and to commensurately reduce the total amount of ad valorem property tax revenue otherwise required to be allocated to school entities in the county, as provided. The bill would define “qualified local agency” to mean an affected tax entity that the Department of Finance
determines is to receive an affected tax entity equity amount at the time of the formation of a redevelopment housing and infrastructure agency, as described above. By imposing new duties in the annual allocation of ad valorem property tax revenue, this bill would impose a state-mandated local program.
(3)
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 53993 of the Government Code is amended to read:53993.
(a) Notwithstanding any other law, except as provided in subdivision (b), for the purpose of any law authorizing the division of taxes levied upon taxable property, including, but not limited to, Sections 53369.30, 53396, 53398.30, 53398.75, and 62005, no revenues derived from the imposition of a property tax rate approved by the voters pursuant to subdivision (b) of Section 1 of Article XIII A of the California Constitution and levied in addition to the property tax rate limited by subdivision (a) of Section 1 of Article XIII A of the California Constitution shall be divided.SEC. 2.
Title 23 (commencing with Section 100600) is added to the Government Code, to read:TITLE 23. Community Redevelopment Law of 2018
PART 1. General Provisions
100600.
This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.100601.
For purposes of this title:(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
100602.
(a) The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Article XVI of Section 16 of the California Constitution, and that a redevelopment housing and infrastructure agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.PART 2. Formation of a Redeveloping Redevelopment Housing and Infrastructure Agency
100610.
(a) The legislative body of a city or county, subject to the conditions as may apply under Section 100633, may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all the following:(5)The financing section may include a
100611.
(a) The city or county that adopted the resolution of intention pursuant to Section 100610 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.100612.
(a) The legislative body shall, no sooner than 60 days after the resolution of intention was provided to each affected taxing entity pursuant to subdivision (b) of Section 100610, hold a public hearing on the proposal.100613.
(a) The legislative body that adopted the resolution of formation pursuant to subdivision (d) of Section 100612 shall submit that resolution to the Strategic Growth Council for review.100614.
(a) The legislative body that adopted the resolution of formation pursuant to subdivision (d) of Section 100612 shall submit that resolution, along with all supporting documents, to the Department of Finance for approval.(1)Except as provided in paragraph (2), the Department of Finance shall determine the affected taxing entity
equity amount pursuant to Section 97.82 of the Revenue and Taxation Code for
each affected taxing entity, subject to all the following requirements:
(A)In making the determinations required by this paragraph, the Department of Finance shall ensure that the total equity authorized with respect to all agencies within the state does not exceed more than ____ in any fiscal year.
(B)Equity shall not be provided to the city or county that adopted the resolution of formation pursuant to subdivision (d) of Section 100612, or to any school entity, as defined pursuant to subdivision (f) of Section 95 of the Revenue and Taxation Code.
(2)If the resolution of formation includes a passthrough provision that the Department of Finance determines meets the requirements described in
paragraph (5) of subdivision (a) of Section 100610, then the Department of Finance shall provide that agency resolution with priority review, and that agency shall not be subject to paragraph (1).
(3)
(4)
PART 3. Governing Board of a Redevelopment Housing and Infrastructure Agency
100620.
(a) The governing board of the agency shall consist of the following:100621.
Members of the governing board established pursuant to this chapter shall not receive compensation but may receive reimbursement for actual and necessary expenses incurred in the performance of official duties pursuant to Article 2.3 (commencing with Section 53232) of Chapter 2 of Part 1 of Division 2 of Title 5.100623.
(a) Members of the governing board are subject to Article 2.4 (commencing with Section 53234) of Chapter 2 of Part 1 of Division 2 of Title 5.PART 4. Redevelopment Housing and Infrastructure Agency Powers and Duties
CHAPTER 1. Agency Powers
100630.
(a) (1) An agency may finance any of the following:100630.5.
(a) Except as provided in subdivision (b), an agency shall not, directly or indirectly, allocate or transfer any funds received by the agency pursuant to Chapter 1 (commencing with Section 100660) of Part 6 to any city, county, or special district.100631.
An agency may, within the area established in an approved redevelopment project plan, do either of the following:100632.
An agency may rent, maintain, manage, operate, repair, and clear real property owned by the agency within the area established in an approved redevelopment project plan for the purpose of providing affordable housing.100633.
A city or county that created a former redevelopment agency, as defined in Section 33003 of the Health and Safety Code shall neither initiate the creation of an agency, nor participate in the governance or financing of an agency, until each of the following has occurred:100634.
(a) An agency may include any portion of a former redevelopment project area that was previously created pursuant to Part 1 (commencing with Section 33000) of Division 24 of the Health and Safety Code, provided that the city or county that created the former redevelopment agency has met the requirements of Section 100633.100635.
It is the intent of the Legislature that the creation of an agency should not ordinarily lead to the removal of existing dwelling units. If, however, any dwelling units are proposed to be removed or destroyed in the course of public works construction within the area of the agency or private development within the area of the agency that is subject to a written agreement with the agency or that is financed in whole or in part by the agency then the redevelopment project plan adopted pursuant to Part 5 (commencing with Section 100650) shall contain provisions to do all of the following:100636.
Any action or proceeding to attack, review, set aside, void, or annul the creation of an agency, adoption of redevelopment project plan, including a division of taxes thereunder, shall be commenced within 30 days after the formation of the agency. Consistent with the time limitations of this section, action or proceeding with respect to a division of taxes under this chapter may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.100637.
An action to determine the validity of the issuance of bonds pursuant to this title may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure. However, notwithstanding the time limits specified in Section 860 of the Code of Civil Procedure, the action shall be commenced within 30 days after adoption of the resolution pursuant to Section 100684 providing for issuance of the bonds if the action is brought by an interested person pursuant to Section 863 of the Code of Civil Procedure. Any appeal from a judgment in that action or proceeding shall be commenced within 30 days after entry of judgment.100638.
(a) An agency shall maintain detailed records of every action taken by that agency, including, but not limited to, all the following:100639.
(a) An agency shall adopt an annual budget containing all of the following specific information:CHAPTER 2. Reporting Requirement
100640.
(a) An agency shall submit an annual report to its governing board within six months of the end of the agency’s fiscal year. The agency shall also submit the final report of any audit undertaken by any other local, state, or federal government entity to its governing board within 30 days of receipt of that audit report.100641.
(a) When the agency presents the annual report to the governing board pursuant to Section 100640, the agency shall inform the governing board of any major audit violations of this title based on the independent financial audit report. The agency shall inform the governing board that the failure to correct a major audit violation of this part may result in the filing of an action by the Attorney General pursuant to Section 100646.100642.
The Controller shall develop and periodically revise the guidelines for the content of the report required by Section 100640. The Controller shall appoint an advisory committee to advise in the development of the guidelines. The advisory committee shall include representatives from among those persons nominated by the Department of Housing and Community Development, the Legislative Analyst, the California Society of Certified Public Accountants, and any other authorities in the field that the Controller deems necessary and appropriate.100643.
(a) For the purposes of compliance with paragraph (3) of subdivision (b) of Section 100640, the description of the agency’s activities shall contain the following information, regardless of whether each activity is funded exclusively by the state or federal government, for each project area and for the agency overall:100644.
For the purposes of compliance with paragraph (2) of subdivision (b) of Section 100640, the fiscal statement shall contain the following information:(e)
100645.
(a) On or before May 1 of each year, the Department of Housing and Community Development shall compile and publish reports of the activities of each agency for the previous fiscal year, based on the information reported pursuant to paragraph (3) of subdivision (b) of Section 100640 and reporting the types of findings made by agencies pursuant to subdivision (a) of Section 100670, including the date of the findings. The department shall publish this information for each redevelopment project of each agency. These reports may also contain the biennial review of relocation assistance required by Section 50460 of the Health and Safety Code. The report shall contain a list of those project areas that are not subject to the requirements of Section 100635.100646.
(a) On or before April 1 of each year, the Controller shall compile a list of agencies that appear to have major audit violations as defined in this section, based on the independent financial audit reports filed with the Controller pursuant to Section 100640.PART 5. Preparation of Redevelopment Project Plans
100650.
(a) After the agency is formed, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan pursuant to Section 100651.100651.
The official designated pursuant to Section 100650 shall prepare a proposed redevelopment project plan. The redevelopment project plan shall be consistent with the general plan of each city or county within the agency’s boundaries, or, if the proposed project is located outside those boundaries, with the general plan of the city or county that the project is located. The plan shall include all of the following:100652.
The designated official shall mail the redevelopment project plan to each owner of land within the agency’s boundaries and to each affected taxing entity together with any report required by the California Environmental Quality Act (Division 13 (commencing with Section 21000) of the Public Resources Code) that pertains to the proposed public facilities or the proposed development project for which the public facilities are needed, and shall be made available for public inspection. The report shall also be sent to the governing board.100653.
(a) The agency shall, no sooner than 60 days after the redevelopment project plan was submitted to each affected taxing entity pursuant to Section 100652, hold a public hearing on the proposal.100654.
(a) At the conclusion of the hearing pursuant to Section 100653, the governing board may adopt a resolution proposing the adoption of the redevelopment project plan, as modified, or it may adopt a resolution abandoning the proceedings. If the proceedings are abandoned, then the agency shall cease to exist by operation of this section with no further action required of the legislative body that initially proposed to form the agency and the governing board may not enact a resolution of intention to adopt a plan that includes the same geographic area within one year of the date of the resolution abandoning the proceedings.PART 6. Division of Taxes
CHAPTER 1. General Provisions
100660.
(a) Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:100661.
(a) The portion of taxes required to be allocated pursuant to paragraph (2) of subdivision (a) of Section 100660 shall be allocated and paid to the agency by the county auditor or officer responsible for the payment of taxes into the funds of the affected taxing entities pursuant to the procedure contained in this section.(e)
(f)
(g)
(h)
(i)
(j)
100662.
(a) Section 100660 fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the Constitution, whenever that provision requires the allocation of money between agencies such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.100663.
(a) This section implements and fulfills the intent of this article and of Article XIII B and Section 16 of Article XVI of the California Constitution. The allocation and payment to an agency of the portion of taxes specified in paragraph (2) of subdivision (a) of Section 100660 for the purpose of paying principal of, or interest on, loans, advances, or indebtedness incurred for redevelopment activity, as defined in subdivision (b) of this section, shall not be deemed the receipt by an agency of proceeds of taxes levied by or on behalf of the agency within the meaning or for the purposes of Article XIII B of the California Constitution, nor shall such portion of taxes be deemed receipt of proceeds of taxes by, or an appropriation subject to limitation of, any other public body within the meaning or for purposes of Article XIII B of the California Constitution or any statutory provision enacted in implementation of Article XIII B. The allocation and payment to an agency of this portion of taxes shall not be deemed the appropriation by a agency of proceeds of taxes levied by or on behalf of a agency within the meaning or for purposes of Article XIII B of the California Constitution.100664.
An agency that is allocated a portion of taxes pursuant to paragraph (2) of subdivision (a) of Section 100660 and subdivision (h) of Section 100661 in a fiscal year shall distribute those taxes according to the following schedule:CHAPTER 2. Housing for Persons of Low and Moderate Income
100670.
(a) Not less than 30 percent of all taxes that are allocated to the agency from any affected taxing entity pursuant to Section 100660 shall be deposited into a separate fund, which the agency shall establish pursuant to Section 100670.5, and the agency shall use all moneys in that fund for the purposes of increasing, improving, and preserving the community’s supply of low- and moderate-income housing available at affordable housing cost, as defined by the following sections of the Health and Safety Code: Section 50052.5, to persons and families of low or moderate income, as defined in Section 50093, lower income households, as defined by Section 50079.5, very low income households, as defined in Section 50105, and extremely low income households, as defined by Section 50106, that is occupied by these persons and families unless the agency makes a finding that combining funding received under this program with other funding for the same purpose shall reduce administrative costs or expedite the construction of affordable housing. If the agency makes the finding described in the previous sentence, then (1) an agency may transfer funding from the program adopted pursuant to subdivision (e) of Section 100651 to the housing authority within the territorial jurisdiction of the local jurisdiction that created the agency or to the entity that received the housing assets of the former redevelopment agency pursuant to Section 34176 of the Health and Safety Code or to a private nonprofit housing developer, and (2) Section 34176.1 of the Health and Safety Code shall not apply to funds transferred. The agency shall spend all funds described in this subdivision within the plan area in which the funds were generated. Any person who receives funds transferred pursuant to this subdivision shall comply with all applicable provisions of this part.100670.5.
(a) The funds that are required by Section 100670 or 100671.5 to be used for the purposes of increasing, improving, and preserving the community’s supply of low- and moderate-income housing shall be held in a separate fund, established pursuant to subdivision (a) of Section 100670, until used.100671.
(a) Except as specified in subdivision (d), each agency shall expend over each 10-year period of the redevelopment project plan the moneys in the separate fund established pursuant to subdivision (a) of Section 100670 to assist housing for persons of low income and housing for persons of very low income in at least the same proportion as the total number of housing units needed that each of those income groups bears to the total number of units needed for persons of moderate, low, and very low income within the community, as those needs have been determined for the community pursuant to Section 65584. In determining compliance with this obligation, the agency may adjust the proportion by subtracting from the need identified for each income category, the number of units for persons of that income category that are newly constructed over the duration of the implementation plan with other locally controlled government assistance and without agency assistance and that are required to be affordable to, and occupied by, persons of the income category for at least 55 years for rental housing and 45 years for ownership housing, except that in making an adjustment the agency may not subtract units developed pursuant to a replacement housing obligation under state or federal law.100671.5.
Every redevelopment project plan shall contain both of the following:100672.
Programs to assist or develop low- and moderate-income housing pursuant to this title shall be entitled to priority consideration after a program implemented by a housing successor pursuant to Section 34176.1 of the Health and Safety Code for assistance in housing programs administered by the California Housing Finance Agency, the Department of Housing and Community Development, and other state agencies and departments, if those agencies or departments determine that the housing is otherwise eligible for assistance under a particular program.100672.5.
The same notice requirements as specified in Section 65863.10 shall apply to multifamily rental housing that receives financial assistance pursuant to Sections 100670 and 100670.5.100673.
Notwithstanding Sections 100670 and 100670.5, assistance provided by an agency to preserve the availability to lower income households of affordable housing units within the plan area which are assisted or subsidized by public entities and which are threatened with imminent conversion to market rates may be credited and offset against an agency’s obligations under Section 100670.100673.5.
(a) Except as otherwise provided in this subdivision, not later than six months following the close of any fiscal year of an agency in which excess surplus accumulates in the agency’s separate fund established pursuant to subdivision (a) of Section 100670, the agency may adopt a plan pursuant to this section for expenditure of all moneys in the separate fund within five years from the end of that fiscal year. The plan may be general and need not be site-specific, but shall include objectives respecting the number and type of housing to be assisted, identification of the entities that will administer the plan, alternative means of ensuring the affordability of housing units for the longest feasible time, as specified in subdivision (f) of Section 100670.5, the income groups to be assisted, and a schedule by fiscal year for expenditure of the excess surplus.100674.
(a) (1) Upon failure of the agency to expend or encumber excess surplus in the separate fund established pursuant to subdivision (a) of Section 100670, within one year from the date the moneys become excess surplus, as defined in paragraph (1) of subdivision (g), the agency shall do either of the following:100674.5.
(a) Notwithstanding Sections 50079.5, 50093, and 50105 of the Health and Safety Code, for purposes of an agency providing assistance to mortgagors participating in a homeownership residential mortgage revenue bond program pursuant to Section 33750 of the Health and Safety Code, or a home financing program pursuant to Section 52020 of the Health and Safety Code, or a California Housing Finance Agency home financing program, “area median income” means the highest of the following:100675.
The covenants or restrictions imposed by the agency pursuant to subdivision (f) of Section 100670.5 may be subordinated under any of the following alternatives:100675.5.
Subsidies provided pursuant to paragraph (8) of subdivision (b) of Section 100670 may include payment of a portion of the principal and interest on bonds issued by a public agency to finance housing for persons and families specified in that paragraph if the agency ensures by contract that the benefit of the subsidy will be passed on to those persons and families in the form of lower housing costs.100676.
For each interest in real property acquired using moneys from the separate fund established pursuant to subdivision (a) of Section 100670, the agency shall, within five years from the date it first acquires the property interest for the development of housing affordable to persons and families of low and moderate income, initiate activities consistent with the development of the property for that purpose. These activities may include, but are not limited to, zoning changes or agreements entered into for the development and disposition of the property. If these activities have not been initiated within this period, the agency may, by resolution, extend the period during which the agency may retain the property for one additional period not to exceed five years. The resolution of extension shall affirm the intention of the governing board that the property be used for the development of housing affordable to persons and families of low and moderate income. In the event that physical development of the property for this purpose has not begun by the end of the extended period, or if the agency does not comply with this requirement, the property shall be sold and the moneys from the sale, less reimbursement to the agency for the cost of the sale, shall be deposited in the agency’s separate fund established pursuant to subdivision (a) of Section 100670.PART 7. Tax Increment Bonds
100680.
The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds.100681.
The resolution adopted pursuant to Section 100680 shall contain all of the following information:100682.
(a) Except as otherwise provided in subdivision (b), the clerk of the agency shall publish the resolution adopted pursuant to Section 100681 once a day for at least seven successive days in a newspaper published in the city or county at least six days a week, or at least once a week for two successive weeks in a newspaper published in the city or county less than six days a week.100683.
(a) If the agency adopts a resolution proposing initiation of proceedings to issue bonds pursuant to Section 100680 for port or harbor infrastructure, it shall submit the proposal, together with the information specified in Section 100681, to the affected harbor agency pursuant to Section 1713 of the Harbors and Navigation Code for its preliminary approval.100684.
The agency shall issue bonds by adopting a resolution providing for all of the following:100685.
The agency may provide for refunding of bonds issued pursuant to this chapter. However, refunding bonds shall not be issued if the total net interest cost to maturity on the refunding bonds plus the principal amount of the refunding bonds exceeds the total net interest cost to maturity on the bonds to be refunded. The agency shall not extend the time to maturity of the bonds.100686.
The agency or any person executing the bonds shall not be personally liable on the bonds by reason of their issuance. The bonds and other obligations of an agency issued pursuant to this part are not a debt of the city, county, or state or of any of its political subdivisions, other than the agency, and none of those entities, other than the agency, shall be liable on the bonds and the bonds or obligations shall be payable exclusively from funds or properties of the agency. The bonds shall contain a statement to this effect on their face. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation.100687.
The bonds may be sold at discount not to exceed 5 percent of par at public sale. At least five days before the sale, notice shall be published, pursuant to Section 6061, in a newspaper of general circulation and in a financial newspaper published in the City and County of San Francisco and in the City of Los Angeles. The bonds may be sold at not less than par to the federal government at private sale without any public advertisement.100688.
If any member of the agency whose signature appears on bonds ceases to be a member of the agency before delivery of the bonds, his or her signature is as effective as if he or she had remained in office. Bonds issued pursuant to this part are fully negotiable.100689.
Upon the approval of its legislative body, a city, county, or special district that contains territory within the boundaries of an agency may loan moneys to the agency to fund those activities described in the redevelopment project plan approved and adopted pursuant to Part 5 (commencing with Section 100650). Moneys loaned pursuant to this provision may be repaid at an interest rate that does not exceed the Local Agency Investment Fund rate that is in effect on the date that the loan is approved by the governing board. Notwithstanding any other provision of law, it is the intent of the Legislature that any loan issued to an agency by a governmental entity shall be repaid fully unless agreed to otherwise between the agency and the governmental entity.100690.
(a) Every two years after the issuance of debt pursuant to Section 100684, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and to the Joint Legislative Budget Committee.(a)Notwithstanding any other law, for the 2019–20 fiscal year and for each fiscal year thereafter, the auditor of a county in which a qualified local agency is located shall do both of the following:
(1)Increase the total amount of ad valorem property tax revenue that is otherwise required to be allocated to a qualified local agency by the affected tax entity equity amount.
(2)(A)Decrease the total amount of ad valorem property tax revenue that is otherwise required to be allocated to the county’s Educational Revenue Augmentation Fund by
the affected tax entity equity amount.
(B)If, for any fiscal year, there is not enough ad valorem property tax revenue that is otherwise required to be allocated to a county Educational Revenue Augmentation Fund for the auditor to complete the allocation reduction required by subparagraph (A), the auditor shall additionally reduce the total amount of ad valorem property tax revenue that is otherwise required to be allocated to all school districts in the county for that fiscal year by an amount equal to the difference between the affected tax entity equity amount and the amount of ad valorem property tax revenue that is otherwise required to be allocated to the county Educational Revenue Augmentation Fund for that fiscal year. This reduction for each school district in the county shall be the percentage share of
the total reduction that is equal to the proportion that the total amount of ad valorem property tax revenue that is otherwise required to be allocated to the school district bears to the total amount of ad valorem property tax revenue that is otherwise required to be allocated to all school districts in a county. For purposes of this subparagraph, “school districts” do not include any districts that are excess tax school entities, as defined in Section 95.
(C)Any reduction in the amount of ad valorem property tax revenues deposited in the county’s Educational Revenue Augmentation Fund as a result of subparagraph (A) shall be applied exclusively to reduce the amounts that are allocated from that fund to school districts and county offices of education, and shall not be applied to reduce the amounts of ad valorem property tax revenues
that are otherwise required to be allocated from that fund to community college districts.
(b)For purposes of this section:
(1)“Affected tax entity equity amount” means an amount determined by the Department of Finance pursuant to Section 100614 of the Government Code to be sufficient to alleviate the burden caused by the redevelopment housing and infrastructure’s agency’s activities, but in no instance shall that amount exceed the amount of ad valorem property tax revenue that the qualified local agency would have received from property located within the redevelopment project area in the absence of the redevelopment and housing and infrastructure agency.
(2)“Qualified local agency” means a
local agency as defined in subdivision (a) of Section 95 that was approved by the Department of Finance to receive equity pursuant to Section 100614 of the Government Code. “Qualified local agency” does not include a school entity.
(c)For the 2019–20 fiscal year and each fiscal year thereafter, ad valorem property tax revenue allocations made pursuant to Sections 96.1 and 96.5, or any successor to either of those provisions, shall not incorporate the allocation adjustments made by this section.