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REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY
<br /> Notes to Component Unit Financial Statements
<br />
<br />INOTS LONG mm
<br />
<br /> For the fiscal year
<br /> ended June 30: Pnncipal Interest Total
<br /> 2002 $930,000 $595,880 $1,525,880
<br /> 2003 970,000 555,020 1,525,020
<br /> 2004 1,010,000 511,450 1,521,450
<br /> 2005 1,060,000 464,863 1,524,863
<br /> 2006 1,105,000 415,056 1,520,056
<br /> 2007 and thereafter 7,835,000 1,240,434 9,075,434
<br /> $12,910,000 $3,782,703 $16,692,703
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<br />B. Loans
<br />
<br /> Redwood City School District Loan entered into by thc Redevelopment Agency in 1998 to finance a
<br /> portion of the land and buildings located at 2107 Broadway that were acquired for the purpose of
<br /> eventually being resold to a developer; original amount of $634,815 at 0% interest due in 15 annual
<br /> installments of $42,321 through 2013.
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<br />I NOTE 8 - REDEVELOPMENT AGREEMENTS I
<br />
<br /> The Agency has entered into agreements w/th developers and other government entities for the purpose of
<br /> ensuring the redevelopment of properties in its area. Thc Agency's agreements with developers - temied
<br /> Disposition and Development Agreements or Owner Participation Agreements - generally require the
<br /> Agency to assist in financing land acquisition or operating costs of a specific project, but are based on the
<br /> developer's performance on that project as measured by increases in property taxes and sales taxes
<br /> generated by the project or to provide affordable housing to the community. The increases in these taxes
<br /> are the only source of Agency assistance for thc project.
<br />
<br /> The Agency has agreements termed pass-through, with government entities. These agreements require thc
<br /> Agency to pass through to these entities a portion of the property tax increases it collects, representing the
<br /> increases these entities would have expected to collect if the Agency had not bccn formed.
<br />
<br /> All these agreements are described below:
<br />A. Sequoia Station
<br />
<br /> Under thc terms of a 1990 Disposition and Development Agreement, the Agency assisted thc developer of
<br /> thc Sequoia Station Retail Center m acquiring the land on which this 160,000 square foot retail center was
<br /> constructed at a cost to the developer of approximatcly $31,000,000. The City and the Agency arc
<br /> assisting in the financing of the project by remitting to the developer a portion of the sales and the net
<br /> incremental property taxes it receives from the Sequoia Station Retail Center up to a maximum of
<br /> $300,000 per year for fifteen years, commencing January 1995. Thc balance as of June 30, 2001 is
<br /> $2,400,000.
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