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2001-116-A Joint Resolution Of The Town And Redevelopment Agency Of Los Gatos Authorizing The Town Manager Toe Execute A Settlement Agreement And Mutual ReleaseRESOLUTION 200.1-116 A JO1NT RESOLUTION OF THE TOWN AND REDEVELOPMENT AGENCY OF LOS GATOS AUTHORIZING TI3E TOWN MANAGER TO EXECUTE A SETTLEMENT AGREEMENT AND MUTUAL RELEASE WHEREAS, Revenue and Taxation Code Sections 95 through 100, Health and Safety Code Section 3.3670 et seq.,.and other applicable Californialaw requires that the County collect property taxes and apportion them to the Tax Allocation Parties; and WHEREAS, In 1997, the County began an internal review and recalculation of its apportionment of property taxes to the Tax Allocation .Parties; and WHEREAS, The County represents that the audit was based on the best available information and required extrapolation of some information; and WHEREAS, After completing the financial review and .recalculation on December 15, 2D00, the County determined that approximately .06% of the property taxes collected and .apportioned to the Tax Allocation Parties for the recalculation period .should have been apportioned in a different manner; and WHEREAS, The revised property tax allocation showed over payments of property tax to some of the Tax Allocation Parties and under payments to some of the Tax .Allocation Parties, representing an exact correspondence between .amounts over and under paid to the Tax Allocation Parties and WHEREAS, The County represents it did not beep or retain any of the property tax funds that were under or over paid to the Tax Allocation Parties; and WHEREAS, The County and Tax Allocation Parties have a dispute about whether the County is liable :for additional tax payments to underpaid Tax Allocation Parties and whether the County can recover excess tax payments from over paid Tax Allocation parties.; and WHEREAS, The County and Tax Allocation Parties agree and acknowledge that litigation to establish the Tax Allocation Parties rights and liabilities for under payments and over payments would be protracted, expensive, uncertain, and contrary to the public interest; RESOLVED,, jointly by the Town Council of the Town of Los Gatos and the Board of Directors of the Town's Redevelopment Agency that the Town Manager is authorized, and is hereby directed, to execute said settlement agreement and mutual release in the name and on behalf ofthe Town of Los Gato and the Town of Los Gatos Redevelopment Agency. PASSED AND ADOPTED at a j oint meeting ofthe Town Council of the Town of Los Gatos and the Board of Directors of the Redevelopment Agency of Los Gatos, California, held on the 15t" day of October, 2001, by the following vote.: COUNCIL .MEMBERS/AGENCY BOARD: AYES: Randy Attaway, Steven Blanton, Sandy Declcer, Steve Glickman, Mayor/Chair Joe Pirzynslci. NAYS.: None ABSENT: None ABSTAIN.: None ..~-' SIGNED: OR/C N TOWN OF LOS GATOS LOS GATOS REDEVELOPMENT AGENCY LOS GATOS, CALIFORNIA ATTEST: ~~ CLERI~/~ECRETARY TOWI~T OF LOS GATOS LOS Gl~TOS REDEVELOPMENT AGENCY LOS GA'I'OS, CALIFORNIA