California Government Code

§ 52200.2

GOV § 52200.2 Effective Jan 1, 2017Div. 1 · Title 5 · Part 4 · Ch. 1

Statute text

As used in this part, “economic opportunity” means any of the following:

(a)Development agreements, loan agreements, sale agreements, lease agreements, or other agreements that create, retain, or expand new jobs, in which the legislative body finds that the agreement will create or retain at least one full-time equivalent, permanent job for every thirty-five thousand dollars ($35,000) of city, county, or city and county investment in the project after full capacity and implementation.

(b)Development agreements, loan agreements, sale agreements, lease agreements, or other agreements that increase property tax revenues to all property tax collecting entities, in which the legislative body finds that the agreement will result in an increase of at least 15 percent of total property tax resulting from the project at full implementation when compared to the year prior to the property being acquired by the government entity.

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Legislative history

Amended by Stats. 2016, Ch. 503, Sec. 1. (AB 806) Effective January 1, 2017.