AgdaPkt 2000-06-05 - Laserfiche WebLink

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~c-~ REPORT To the Honorable Mayor and City Council From the City Manager June 5, 2000 Subject Approval of an initial special tax report (Attachment 1) classifying parcels in the Redwood Shores Community Facilities District No. 99-1 (the "District") in order to establish their maximum annual tax rates per square foot of commercial office space. Recommendation Adopt a resolution approving the initial special tax report of the Redwood Shores Community Facilities District No. 99-1. Background On April 26, 1999 the Council held a noticed public hearing relative to the proposed formation of the District, the levy of a special tax, and the issuance of bonds by the District for the purpose of financing various traffic improvements in and adjacent to the Redwood Shores area of the City. Finding there to be no majority protest upon closure of the public hearing, the Council then adopted resolutions which established the District, authorized the levy of a special tax within the District, and called for an election on the proposition of levying a special tax, authorizing the issuance of up to $13,535,000 of bonds, and establishing an appropriations limit (the "Proposition"). A vote was subsequently held on July 30, 1999, with a 92% majority approving the Proposition. The proceedings under which the District was established require the City to identify each parcel's share of total bonds authorized and to estimate each parcel's maximum annual tax rate. This report fulfills this requirement. The special tax formula establishes maximum annual special taxes based on when parcels are first classified as "developed" pursuant to a special tax report. It was expected that the initial special tax report would be approved in connection with the award of construction bids and the sale of bonds sometime in FY 1999-00 with the maximum annual special tax rate for participating properties established at $.232 per square foot. However, design and other issues have delayed the project construction bidding until FY 2000-01. Approval of this initial special tax report is required in FY 1999-00 to establish the maximum annual special tax rates for participating properties at the rate disclosed by staff to property owners. Fiscal Impact The maximum annual special tax rate for the properties initially classified as "developed" by this initial special tax report is expected to be sufficient- to finance the Redwood Shores Traffic Improvement Project. The City will not incur any additional expenses as a result of this action. 1 .0 .,....... ----------,... ....-.-.,...,--.........-----.. ---r--'------"'-'--'