AgdaPkt 2000-06-26 - Laserfiche WebLink

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\oÞ\-\CS Improvement and Assessment Districts General Improvement District No. 1-64 Facilities Series Bonds annual debt service is approximately $1.3 million per year through July 1, 2008. The original amount of $18,515,000 was issued in 1966 to finance infrastructure improvements in the Redwood Shores area. As of June 30. 2000, $7,995,000 in principal will be outstanding. Sources of repayment funds - Ad valorem tax on properties within GID 1-64 (Redwood Shores). General Improvement District No. 1-64 Land Reclamation Series Bonds annual debt service is approximately $600,000 through July 1, 2008. The original amount of $9,510,000 was issued in 1966 to finance land reclarnation in the Redwood Shores area. As of June 30, 2000, $3,375,000 in principal will be outstanding. Sources of repayment funds -Ad valorem tax on properties within GID 1-64 (Redwood Shores). 1999 Seaport Consolidated Bonds issued in July 1999 to refund the existing bonds that were originally issued to finance the infrastructure improvements in the Seaport Centre project development and to finance the reconstruction of a portion of Seaport Boulevard. The approximate annual debt service is $1.3 million. The final payment will be made on September 2, 1999. As of June 30, 2000, $9,430,000 in principal will be outstanding. Sources of repayment funds - Special assessments on properties with the SeaportCentre area. Redevelopment ~ency 1997 Tax Allocation Refunding Bonds issued in July 1997 by the Redwood City Redevelopment Agency to refinance a loan received by the Agency from the Redwood City Public Financing Authority in 1991. The average annual debt service is approximately $1.5 million. As of June 30, 2000, $13,800,000 of principal will be outstanding. Sources of repayment.funds - Redevelopment Agency tax increment revenues Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a portion of the land and buildings located at 2107 Broadway that were acquired for the purpose of eventually being resold to a developer for the Cinema project; original amount of $634,815 at 0% interest due in 15 annual installments of$42,321 through 2013. As of June 30, 2000, $550,173 will be outstanding. Sources of repayment funds - Redevelopment Agency tax increment revenues The total annual debt service for the foregoing debt is over $1.5 million, which represents about 30% of the Redevelopment Agency's annual revenues. Although this may seem to be a high percentage, particularly when compared to the general fund, it should be remembered that redevelopment agencies must, by law, maintain a high enough level of outstanding debt in order to receive their annual tax increment payments. Enterprise Fund Debt Parking Fund Loan agreement with the Civic Center Construction Fund in the original principal amount of $1,300,000 to fmance the construction of the parking fund's downtown parking structure. Payments are for interest only (approximately $75,000 per year) until funds are available to pay principal. All principal to be repaid by July 1,2013. Sources offunds - Parldngfund revenues . Page 2 "~'T