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• RESOLUTION NO. 98--L8 <br />A RESOLUTION CONSENTING TO THE USE OF <br />THE 1980 MASTER PROPERTY TAX TRANSFER AGREEMENT <br />WITH THE COUNTY OF ORANGE FOR THE PROPERTY KNOWN AS <br />THE SHELTON ANNEXATION <br />WHEREAS, the City of Newport Beach has initiated proceedings <br />pursuant to the Cortese -Knox Local Government Reorganization Act of 1985, <br />commencing with Section 56000 of the California Government Code, for the <br />annexation of the Shelton Property on February 9, 1998; and <br />WHEREAS, the Shelton Property is a .2 acre lot located adjacent to 4700 <br />Surrey Drive immediately west of the City's boundary; and <br />WHEREAS, the City of Newport Beach has received notification from the <br />Orange County Local Agency Formation Commission ( "LAFCO ") on February <br />24, 1998 that the City begin property tax transfer negotiations with the County <br />of Orange as an affected taxing agency; <br />WHEREAS, in 1980, the City of Newport Beach and the County of <br />• Orange approved a Master Property Tax Transfer Agreement that provides that <br />approximately 52% of the property tax revenue generated from an annexed <br />parcel goes to the City while approximately 48% goes to the County of Orange; <br />NOW, THEREFORE BE IT RESOLVED by the City Council of the City of <br />Newport Beach that the City hereby agrees to utilize the existing 1980 Master <br />Property Tax Transfer Agreement with the County of Orange for the property <br />known as the Shelton Annexation and described as such in Resolution 98 -13, <br />adopted February 9, 1998. <br />ADOPTED this 9th day of <br />ATTEST: <br />019 U�Vrt 2_ o o / • YV 4./`�t(/yg�i.. ' , <br />CITY CLERK <br />