Section 62457 - [Effective 1/1/2025] Contents of downtown revitalization financing plan; tax revenues(a) A downtown revitalization financing plan shall contain a provision that taxes, if any, levied upon opted-in taxable property in the area included within the downtown financing district each year by or for the benefit of the State of California, or San Francisco, shall be divided, subject to the provisions of Section 53993, as follows:(1) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for San Francisco upon the total sum of the assessed value of all of the opted-in taxable property in the district, as established pursuant to subdivision (b) of Section 62459, shall be allocated to, and when collected shall be paid to, San Francisco as taxes on all other property are paid.(2) That portion of the levied taxes each year specified in the adopted downtown revitalization financing plan for San Francisco in excess of the amount specified in paragraph (1) shall be allocated to, and when collected shall be paid into a special fund of, the district for all lawful purposes of the district. Unless and until the total assessed valuation of the opted-in taxable property in a district exceeds the total assessed value of the opted-in taxable property in the district as shown by the last equalized assessment rolls referred to in paragraph (1), all of the taxes levied and collected upon the opted-in taxable property in the district shall be paid to San Francisco. When the district ceases to exist pursuant to the adopted downtown revitalization financing plan, all moneys thereafter received from taxes upon the opted-in taxable property in the district shall be allocated to, and, when collected, shall be apportioned to, San Francisco.(b) Notwithstanding subdivision (a), where any district boundaries overlap with the boundaries of any former redevelopment project area, any debt or obligation of the district shall be subordinate to any and all enforceable obligations of the former redevelopment agency, as approved by the oversight board and the Department of Finance. For the purposes of this chapter, the division of taxes allocated to the district pursuant to subdivision (a) shall not include any taxes required to be deposited by the county auditor-controller into the Redevelopment Property Tax Trust Fund created pursuant to subdivision (b) of Section 34170.5 of the Health and Safety Code.(c) The Board of Supervisors may choose to dedicate any portion of its net available revenue, as defined in subdivision (k) of Section 62450, to the district through the downtown revitalization financing plan.(d)(1) That portion of any ad valorem property tax revenue annually allocated to San Francisco pursuant to Section 97.70 of the Revenue and Taxation Code that is specified in the adopted downtown revitalization financing plan for San Francisco, and that corresponds to the increase in the assessed valuation of taxable property shall be allocated to, and, when collected, shall be apportioned to, a special fund of the district for all lawful purposes of the district.(2) When the district ceases to exist pursuant to the adopted downtown revitalization financing plan, the revenues described in this subdivision shall be allocated to, and, when collected, shall be apportioned to, San Francisco.(e) The downtown revitalization financing plan shall not divide revenues that are allocated to other taxing entities that are not part of San Francisco.(f) The portion of the incremental tax revenues described in subdivisions (a) and (c) generated by a commercial-to-residential conversion project that can be allocated to the district shall be limited to the incremental tax revenues generated by residential use in the project, with residential use measured based on square footage.Added by Stats 2024 ch 274 (AB 2488),s 1, eff. 1/1/2025.