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<br /> REPORT
<br /> To the Honorable Chair and Board of Equalization
<br /> From the City Manager
<br /> July 12, 2004
<br /> Subject
<br /> Submittal of Equalized General Improvement District 1-64 Assessment Roll
<br /> Recommendation
<br /> Accept the equalized assessment roll for the General Improvement District 1-64 for the
<br /> 2004-05 fiscal year.
<br /> Background
<br /> Annually a special tax is levied on the property owners in General Improvement District 1-
<br /> 64 (Redwood Shores) for debt service on facilities and reclamation bonds. The amount
<br /> needed for debt service is distributed among the property owners based on the assessed
<br /> value of land and improvements based on appraised market value. The market value of
<br /> property in the district has increased 2.68% in the last year, related to a general increase in
<br /> property values. The City Council, sitting as the Board of Equalization, accepts the
<br /> assessment roll and, in a separate action, sets the tax rate required to provide funds for
<br /> bond service. Because of the increased value of property, the tax rate will decrease.
<br /> The Redwood City General Improvement District No. 1-64 was formed by the City Council
<br /> on May 4, 1964. On June 16, 1964, by a public vote of the landowners in the district,
<br /> bonds totaling $106,227,000 for facilities purposes and $70,168,000 for reclamation
<br /> purposes were authorized. On December 10, 1968, landowners authorized additional
<br /> bonds totaling $20,814,000 for facilities purposes and $23,508,000 for reclamation
<br /> purposes. Five series of bonds of each type (facilities and reclamation) were issued in May
<br /> 1966, June 1967, February 1968, July 1969, and March 1979. Total bond issues
<br /> amounted to $18,515,000 for facilities and $9,510,000 for reclamation. On February 28,
<br /> 1983 the City Council de-authorized the balance of unissued bonds for facilities purposes
<br /> in the amount of $108,526,000. On the same date, the City Council de-authorized
<br /> $76,166,000 of unissued bonds for reclamation purposes, leaving a balance of $8,000,000
<br /> authorized and unissued.
<br /> Under the terms of the district formation and bond issues, the debt service on the bonds
<br /> (principal and interest) must be paid solely from a special tax rate levied on the properties
<br /> within the district. The reclamation bonds are to be paid from taxes levied on the value of
<br /> the land and the facilities bonds are to be paid from taxes levied on the total value (land
<br /> and improvements) of the properties.
<br /> Each year the Director of Finance, acting as District Assessor, determines the property
<br /> values for this purpose. The City Council sitting as a Board of Equalization accepts (or
<br /> alters) the roll as submitted. Each property owner, by a letter mailed on June 11, was
<br /> advised of the new assessed values as determined by the District Assessor. In the same
<br /> letter, the property owners were also advised of the public hearing scheduled for July 12.
<br /> When the hearing has been held and the City Council sitting as the Board of Equalization
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