DATE: September 27, 2016
TO: Board of Supervisors
SUBMITTED BY: Jean M. Rousseau, County Administrative Officer
SUBJECT: Property Tax Neutrality Funding Agreement
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute a Funding Agreement between the Pacific Forest and Watershed Lands Stewardship Council and the County of Fresno and accepting a lump sum payment to implement property tax neutrality requirements stipulated in a settlement agreement between Pacific Gas and Electric entities and the California Public Utilities Commission.
REPORT
As part of a settlement agreement between Pacific Gas and Electric entities (PG&E) and the California Public Utilities Commission (CPUC), PG&E has deeded property located near Wishon Reservoir to the United States Forest Service (USFS). The Funding Agreement is intended to establish property tax neutrality as a result of the transfer of lands from private to public ownership. Staff recommends accepting Option A of the agreement which provides for a lump sum payment of $13,482.
ALTERNATIVE ACTION(S):
The Board may choose to opt for installment payments of the lump sum over a period not to exceed five years (Option C). There is also a potential option to receive annual payments from trustee based on returns from the Trustee's investment of the lump sum value (Option B).
FISCAL IMPACT:
Revenue from this Agreement will be deposited in Countywide Revenues Org 0415 regardless of the payment option selected. The agreement also provides for an additional payment of $3,000 to the County in consideration of the administrative costs associated with this action.
DISCUSSION:
PG&E has made commitments to the CPUC with respect to land conservation matters. The Stewardship Council was formed to establish a land conservation plan to implement those commitments and to address the property tax neutrality requirement of those commitments. As part of that plan, PG&E has donated approximately 167 acres of land ne...
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