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IREPORT To the Honorable Mayor and City Council <br /> <br /> From the City Manager <br /> <br /> May 20, 2002 <br /> <br /> Subject <br /> GID 1-64 Development Agreement Extension <br /> <br /> Recommendation <br />Approve an ordinance authorizing the fourth amendment to the Development <br />Agreement with Redwood Shores Properties, for an extension period of three (3) years, <br />up to and including June 23, 2005. <br /> <br /> Background <br />Part A - Infrastructure Financing by G.O. Bonds (1964-1982). In 1959, the City of <br />Redwood City annexed lands known as Redwood Peninsula and Bair Island. In 1964, <br />a portion of this area was constituted as the General Improvement District No. 1-64 <br />("District"). From 1964 to 1968, shortly after the formation of GID 1-64, a District <br />landowner election authorized General Obligation Bonds totaling $127 million for <br />facilities purposes, and $93.7 million for reclamation purposes. <br /> <br />Facilities projects include construction of local streets, storm drainage system, parks, <br />water and sewer systems. Reclamation projects include construction of levee works, <br />and filling and grading necessary to drain and reclaim land within the District. <br /> <br />From 1964 to 1968, with the Series A to D Bonds; and with Series E Bonds issued in <br />1979, the District issued a total $18.5 million of facilities bonds and $9.5 million of <br />reclamation bonds. <br /> <br />The annual bond service currently amounts to approximately $2.0 million. This amount <br />is funded from taxes on property within the District. All bonds are scheduled to be <br />retired prior to or at Year 2008/2009. The current year-end balance is approximately <br />$8.6 million. <br /> <br />Part B - Infrastructure Financing by Facility Fees (1982 to 1997). In 1976, the City <br />Council approved a motion to limit the issuance of additional bonds so the debt service <br />shall not exceed 1.25 percent of full cash value. In 1982, based on a financing plan <br />developed during 1980 and 1981, the City of Redwood City and Redwood Shores, Inc., <br />then the District's sole developer, executed a Development Agreement, which adopted <br />a Facilities Fee Strategy to finance the construction of future infrastructure in GID 1-64. <br />In 1983, the city deauthorized the remaining bonding capacity, except for $8.0 million of <br /> <br /> <br />