Schools, college property tax money determined
March 21, 2006
The South Tahoe Redevelopment Agency put the finishing touches Tuesday on an increased allocation of property tax increment to Lake Tahoe Unified School District and Lake Tahoe Community College.
This was part of a redevelopment financing plan in which the agency raised its cap and debt limit three months ago to accommodate future growth.
The two education entities receive $21,000 a year from the property tax collected by El Dorado County and channeled through the city. That amount is projected to go up significantly once projects such as the proposed convention center complex is built. It’s predicted to break ground in May 2007.
LTCC chief Guy Lease said the college is due to receive $23,000 in 2009-10. The amount jumps the following fiscal year to $57,000 and $79,000 in 2011-12, based on projections. Lease said the restricted money would be earmarked for infrastructure improvements the state doesn’t pay for, such as parking lots and a maintenance facility.
LTUSD Superintendent Jim Tarwater, who said he hasn’t received the final outcome of his tiered allocation amounts, would like to designate the money to classroom repairs, best management practices as in landscaping improvements and Americans with Disability Act upgrades. The agency expects to send $30,000 to the district in 2008-09, a $9,000 increase.
Over time, the city figured the net value to the school district would be $6.3 million, while the college’s allocation would be worth $1.2 million.
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“This is how a redevelopment agency benefits a city,” said City Manager Dave Jinkens, who also manages the redevelopment board.