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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2017
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<br />NOTE 14 – DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY (CONTINUED)
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<br />The following is a summary of the long‐term obligations of the Successor Agency.
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<br />Tax Increment Bonds:
<br />2003 Tax Allocation Bonds – In October 2003, the former Redevelopment Agency issued $33,997,448 in
<br />bonds to finance various downtown improvements. These bonds consist of current coupon bonds and
<br />capital appreciation bonds. The current coupon bonds pay interest‐only through January 15, 2010.
<br />Principal on the current coupon bonds is paid in annual installments of $1,225,000 to $3,045,000 from
<br />July 15, 2010 to July 15, 2014. Payments reflecting interest and principal on the capital appreciation
<br />bonds are due in annual installments of $3,505,000 to $3,510,000 from July 15, 2016 through July 15,
<br />2032. Total principal and interest remaining on the bonds is $63,029,814. Payments are made from
<br />property tax increment generated by the former redevelopment agency fund.
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<br />Change in Debt:
<br />
<br />Within
<br />Interest Rate Additions Retirements One Year
<br />%$$$$$
<br />Tax Increment Bonds
<br />2003 Tax Allocation Bonds 3.50-5.80 19,944,779 - 1,889,861 18,054,918 1,773,916
<br />Accreted interest payable 19,507,026 2,018,233 1,615,138 19,910,121 1,731,084
<br />Unamortized Premium 523,116 - 30,772 492,344 -
<br />Total Bonds 39,974,921 2,018,233 3,535,771 38,457,383 3,505,000
<br />Beginning
<br />Balance
<br />Ending
<br />Balance
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<br />Annual Repayment Requirements for Long‐Term Debt:
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<br />Year End
<br />30‐Jun Principle Interest
<br />$$
<br />2018 1,773,916 1,731,084
<br />2019 1,663,894 1,841,106
<br />2020 1,557,657 1,947,343
<br />2021 1,450,684 2,054,316
<br />2022 1,352,544 2,152,456
<br />2023‐2027 5,512,687 12,017,312
<br />2028‐2032 4,064,618 13,465,383
<br />2033‐2036 678,918 2,826,082
<br />18,054,918 38,035,082
<br />Tax Increment Bonds
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<br />Amounts due to the City of Redwood City
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<br />During FY 2004‐05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to
<br />finance various downtown improvements. During FY 2008‐09 the Redevelopment Agency repaid $115,622
<br />of the advance, during FY 2009‐10 the Redevelopment Agency repaid $238,439, and during FY 2010‐11 the
<br />Redevelopment Agency repaid $248,364. During FY 2011‐12 the Redevelopment Agency was dissolved
<br />and the advance payable was transferred to the successor agency private purpose trust fund. Prior to the
<br />dissolution the Redevelopment Agency repaid $128,032. During FY 2016‐17 the Successor Agency repaid
<br />$828,339 to the capital outlay fund.
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<br />6.1.E. - Page 106
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