AgdaPkt 2002-05-20 - Laserfiche WebLink

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the bond authorization for issuance upon City Council approval of Emergency Levee Repairs. The 1982 Development Agreement involves the following key elements: On a quarterly basis, the City/District and Redwood Shores shall meet to review the project status, financial report, proposed construction cost estimate and reimbursement. The City/District and Redwood Shores shall each be entitled to three (3) representatives at quarterly meetings. The City Manager shall designate such representatives on behalf of the City and District, and the president of Redwood Shores shall designate its respective representatives. No other persons or entities shall be entitled to representation at such meetings, unless otherwise agreed by mutual consent of the parties hereto. Public improvements, including facilities for water, sewer, streets, parks, and other categories, would be financed from collection of a facilities fee on all new construction as it is build within GID 1-64. A facility fee would be collected uniformly throughout GID 1-64 for all commercial and residential developments. The developer is required to "front" the financing of certain improvements if facilities fee and other revenues are insufficient to finance the improvements on a pay-as-you- go basis. The developer will receive reimbursements from facility fee revenues, if available. Upon termination of this Development Agreement, the City's right to collect facilities charges and to maintain the Fund will cease, except as necessary to complete construction projects for which fund monies have been committed prior to termination, and/or reimburse Redwood Shores. As of the date of termination of the Agreement, any monies remaining in the fund shall be disposed of in the following manner and priority: to complete facilities projects for which Fund monies have been committed; to reimburse Redwood Shores; and finally, toward retirement of the debt service of GID 1-64 bond obligations. Part C - GID 1-64 Development A,qreement Extension (1997-2002). On June 23, 1997, City Council approved the five-year extension (1997-2002) of the GID 1-64 Development Agreement with Redwood Shores Properties, which is the successor of Redwood Shores, Inc. Subsequently, in 1998, Redwood Shores Properties, designated Ryland Homes as their representative on the GID 1-64 Committee.