AgdaPkt 2017-02-13 Closed and Joint

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agency and the city, county or city and county that created the redevelopment agency shall be deemed to be enforceable obligations provided that the Oversight Board makes a finding that the loan or agreement was for legitimate redevelopment purposes. Upon receiving the finding of completion, the Successor Agency is now allowed to utilize proceeds derived from bonds issued prior to Jan. 1, 2011 in a manner consistent with the original bond covenants per HSC Section 34191.4 (c). The Successor Agency of the City of Redwood City holds $108,920 in unused bond proceeds from the 2003 RDA Tax Allocation Bonds, Series 2003 (the Bonds) and the Successor Agency is now able to determine how to dispose of these monies. ANALYSIS Redevelopment Agency Tax Allocation Bonds, Series 2003 On September 8, 2003, the Redwood City City Council and Redevelopment Agency Board conceptually approved a plan to finance various downtown improvements which relied upon bonds being issued by the Agency and a $3 million loan from the City to the Agency. The various downtown improvements included the Courthouse Facade Restoration, the Jefferson Underground Parking Garage, the Block 2 Parking Lot, and Block 2 Land Assembly (“Projects”). These Projects were squarely within the purview of the Redevelopment Agency whose purpose was to eliminate urban blight in the City of Redwood City. The Redevelopment Agency's primary responsibilities included elimination of slums and blight, revitalization of older neighborhoods, facilitation of additional housing, encouragement of economic development and creation of new employment opportunities. In particular, when the Redevelopment Agency project area was expanded to include downtown Redwood City, the Redevelopment Agency was tasked with, among other things, (1) replanning, redesigning and developing vacant, underutilized and underdeveloped areas which were stagnant or improperly utilized, and (2) providing adequate off-street parking to serve current and future uses within the downtown. The Projects contemplated by the City/RDA loan assisted in eliminating several blighted conditions identified above. The Projects, Jefferson Underground Parking Garage and Block 2 Parking Lot in particular, would assist in providing adequate off-street parking to serve current and future uses in the downtown. The Projects were proposed to support development of the many parcels in the area that were too small to accommodate development that including the parking necessary to support such use. Furthermore, the Projects, including the historic Courthouse façade improvements and downtown streetscape improvements, were a true investment in the heart of downtown, fostering a sense of place and enhancing community pride. Finally, the Projects enabled private investment in the downtown. These Projects, in collaboration with other redevelopment efforts, revived the downtown as the hub for community activities, and assisted in making the downtown the entertainment center for Redwood City residents. The projects were included in the Redevelopment Agency budget adopted by the Agency Board on August 11, 2003. Pursuant to this Council and Agency Board authorization, the Bonds were sold in October 2003. 6.1.E. - Page 2