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Council Agenda: 5-17-2022
Item No.: 8.1
DRAFT--Contact the Office of the City Clerk at (408)535-1260 or [email protected] for final document.
RESOLUTION NO.
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN
JOSE (A) APPROVING THE PROPOSED SPENDING PLAN
OF MEASURE E REAL PROPERTY TRANSFER TAX
REVENUES FOR FISCAL YEAR 2022 -2023; (B)
APPROVING THE PROPOSED AMENDMENTS TO THE
SPENDING PLAN OF MEASURE E REAL PROPERTY
TRANSFER TAX REVENUES FOR FISCAL YEAR 2020-
2021; (C) APPROVING THE PROPOSED AMENDMENTS
TO THE SPENDING PLAN OF MEASURE E REAL
PROPERTY TRANSFER TAX REVENUES FOR FISCAL
YEAR 2021-2022; AND (D) AUTHORIZING THE DIRECTOR
OF HOUSING, OR DESIGNEE, TO NEGOTIATE AND
EXECUTE AGREEMENTS WITH GRANTEES FOR THE
ACTIVITIES IDENTIFIED IN THE FISCAL YEAR 2022-2023
MEASURE E SPENDING PLAN, AMENDED FISCAL YEAR
2020-2021 MEASURE E SPENDING PLAN, AND THE
AMENDED FISCAL YEAR 2021 -2022 MEASURE E
SPENDING PLAN AND ALL RELATED CONTRACT
AMENDMENTS, EXTENSIONS, AND CHANGES
WHEREAS, on March 3, 2020, San José voters approved Measure E, a transfer tax on real estate transactions where the purchase price exceeds $2 million; and
WHEREAS, staff anticipates that Measure E may generate approximately $205 million in revenue through the end of Fiscal Year (“FY”) 2022-2023, which will provide critical funding for production of affordable housing and homeless prevention and rental assistance programs in San José; and
WHEREAS, in June 2020, the Council of the City of San José (“City”) amended City Council Policy 1-18 to include a new Section 22 that specifies the spending priorities and percentage allocations for Measure E revenue, along with a process for amending the priorities; and
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Council Agenda: 5-17-2022
Item No.: 8.1
DRAFT--Contact the Office of the City Clerk at (408)535-1260 or [email protected] for final document.
WHEREAS, on April 19, 2022, the City Council adopted, under Resolution No. 80472, amendments to the spending priorities for Measure E revenues under Council Policy 1- 18; and
WHEREAS, on April 21, 2022 and May 12, 2022, staff presented the Measure E spending plan for fiscal year 2022-2023 and amended spending plans for fiscal years 2020-2021 and 2021-2022 (“Spending Plans”) to the Housing and Community Development Commission, which the City Council designated as the oversight committee; and
WHEREAS, on October 29, 2020, City Council approved the FY 2020-2021 Spending Plan, which allocated an initial estimate of $30 million in Measure E revenue, but the City received $20 million of additional revenue in this fiscal year and staff proposes that the City Council approve the FY 2020-2021 Amended Spending Plan as described in Table 2 of staff’s memorandum to City Council dated May 3, 2022; and
WHEREAS, on June 15, 2021, City Council approved the FY 2021-2022 Spending Plan, which allocated an initial estimate of $40 million in Measure E revenue, but the City received $50 million in additional revenue in this fiscal year and staff proposes that the City Council approve the FY 2021-2022 Amended Spending Plan as described in Table 3 of staff’s memorandum to City Council dated May 3, 2022; and
WHEREAS, staff anticipates that Measure E could generate approximately $65 million in Measure E revenue for FY 2022-2023 and proposes that the City Council approve the FY 2022-2023 Spending Plan as described in Table 4 of staff’s memorandum to City Council dated May 3, 2022; and
WHEREAS, approval of the Spending Plans will allow staff to, among other things provided in the spending plan, negotiate and execute agreements with grantees to NVF:CPA:CLS
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Council Agenda: 5-17-2022
Item No.: 8.1
DRAFT--Contact the Office of the City Clerk at (408)535-1260 or [email protected] for final document.
provide services that will help address the ongoing housing and homelessness crisis in San José, provide affordable housing opportunities for extremey-low and low-income residents, provide rental assistance and homeless prevention services, and provide homeless support programs including shelter construction and operation;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SAN JOSE THAT:
(a) The proposed Spending Plan of Measure E Real Property Transfer Tax revenues for Fiscal Year 2022-2023 is hereby approved;
(b) The proposed amendments to the Spending Plan of Measure E Real Property Transfer Tax revenues for Fiscal Year 2020-2021 are hereby approved;
(c) The proposed amendments to the Spending Plan of Measure E Real Property Transfer Tax revenues for Fiscal Year 2021-2022 are hereby approved; and
(d) The Director of Housing, or designee, is hereby authorized to negotiate and execute agreements with grantees for the activities identified in the Fiscal Year 2022-2023 Measure E Spending Plan, amended Fiscal Year 2020-2021 Measure E Spending Plan, and the amended Fiscal Year 2021-2022 Measure E Spending Plan and all related contract amendments, extensions, and changes.
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Council Agenda: 5-17-2022
Item No.: 8.1
DRAFT--Contact the Office of the City Clerk at (408)535-1260 or [email protected] for final document.
ADOPTED this _____ day of ___________, 2022, by the following vote:
AYES:
NOES:
ABSENT:
DISQUALIFIED:
SAM LICCARDO
Mayor
ATTEST:
TONI J. TABER, CMC
City Clerk