NVF:CPA:KML
6/8/2023
T-40350.001\2027354_2 1
Council Agenda: 6-13-2023
Item No.: 3.5(a)(3)
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 APPROVING THE PERCENTAGE ALLOCATIONS
FOR THE SPENDING OF MEASURE E REAL PROPERTY
TRANSFER TAX REVENUES TOTALING $50.0 MILLION
ANTICIPATED TO BE RECEIVED IN FISCAL YEAR 2023-
2024
WHEREAS, on March 3, 2020, San José voters approved Measure E, which established a transfer tax on real estate transactions where the purchase price exceeds $2 million; 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 spending priorities and percentage allocations; and
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 May 17, 2022, the City Council adopted, under Resolution No. 80504, amendments to the percentage allocations for the Measure E spending priorities for Fiscal Years (“FY”) 2020-2021, 2021-2022, and 2022-2023; and
WHEREAS, on March 21, 2023, the City Council approved the Mayor’s March Budget Message for FY 2023-2024, which included direction to the City Manager to explore the use of uncommitted Measure E resources for reallocation to homeless prevention, support, and management to fund various programmatic initiatives in the March Budget Message to reduce unsheltered homelessness, including the doubling of the FY 2023- 2024 homelessness prevention category on a one-time basis; and NVF:CPA:KML
6/8/2023
T-40350.001\2027354_2 2
Council Agenda: 6-13-2023
Item No.: 3.5(a)(3)
DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or [email protected] for final document.
WHEREAS, sixty days’ public notice was issued and City Council held two public hearings, on May 16, 2023 and June 12, 2023, on the proposed changes to the percentage allocations for the spending priorities of Measure E Real Property Transfer Tax revenues, pursuant to the requirements under Section 22 of Council Policy 1-18; and
WHEREAS, City staff anticipates approximately $50 million in Measure E revenue for FY 2023-2024 and proposes that the City Council approve one-time modifications to the percentage allocations for the Measure E revenue and the resulting Spending Plan for FY 2023-2024;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SAN JOSE THAT:
(a) Under Section 22 of Council Policy 1-18, the City Council establishes the spending priorities and their percentage allocations for the revenue generated from the Measure E Real Property Transfer Tax, and may amend such priorities and their allocations through the public process set forth therein.
(b) For Fiscal Year 2023-2024’s anticipated revenue of $50 million, the following one-time percentage allocations for the Measure E spending priorities under the proposed Spending Plan for Fiscal Year 2023-2024 are hereby approved:
(1) __% for administration, with the remaining revenue allocated as follows:
(2) __% for the creation of new affordable housing for extremely low-income households;
(3) __% for the creation of new affordable housing for low-income households;
NVF:CPA:KML
6/8/2023
T-40350.001\2027354_2 3
Council Agenda: 6-13-2023
Item No.: 3.5(a)(3)
DRAFT--Contact the Office of the City Clerk at (408) 535-1260 or [email protected] for final document.
(4) __% for the creation of new affordable housing for moderate-income households;
(5) __% for homeless prevention, gender-based violence programs, legal services and rental assistance; and
(6) __% for homeless support programs including shelter construction and operations.
ADOPTED this _____ day of ___________, 2023, by the following vote:
AYES:
NOES:
ABSENT:
DISQUALIFIED:
MATT MAHAN
Mayor
ATTEST:
TONI J. TABER, CMC
City Clerk