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REDEVELOPMENT AGENCY OF TFrE~ CITY OF REDWOOD CITY
<br /> Notes to Component Unit Financial Statements
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<br /> NOTE 8 - REDEVELOPMENT AGREEMENTS (Continued) ]
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<br />B. Wyndham Place
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<br /> Under thc terms of a Disposition and Development Agreement dated January 10, 1995 between the
<br /> Agency and the developer, Butler Stellar Corporation, the Agency assisted the Developer in the
<br /> remediation of environmental hazards and the acquisition of land. Thc Developer agreed to conslruct
<br /> Wyndham Place a 15 unit housing complex for low and moderate income citizens. Thc Agency
<br /> contributed $1,838,111 to the project and land valued at $301,356, which previously was held as land held
<br /> for redevelopment.
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<br /> During FY00/01, there were no resale or change in property owners at Wyndham Place. In September
<br /> 2000, deferred payments became fully amortized and buyers started to make principal payments on their
<br /> loans. $29,668 was received as of June 30, 2001 in loan repayments to the Agency.
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<br />C. City Centre Plaza
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<br /> Under the terms of Disposition and Development Agreements dated February.5, 1996 between the Agency
<br /> and the developers, Mezcs Court Associate (residential development), and J.H.R. Trust (commercial
<br /> development), the Agency sold the developers several parcels of land and cleaned the site of toxic
<br /> materials, in exchange for promissory notes totaling $1,700,000, the appraised value of the land. The
<br /> Developers constructed City Centre P!~7~ which contains 81 affordable housing units, a child care facility,
<br /> residential and commercial parking and 17,900 square feet of retail space. The promissory note fi:om
<br /> Mezes Court Associate in the amount of $1,445,000 is to be repaid through 2028, from surplus revenues
<br /> generated by the housing project; the note accrues interest at 3%. The promissory note from J.H.R. Trust
<br /> in the amount of $255,000 is also due in 2028, it accrues interest at 3% as well.
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<br />D. County of San Mateo
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<br /> Under the t~m~s of the Original and First Amendment Area Agreements, after the Agency receives a
<br /> cumulative $2 million of the County's share of tax increment in Original and First Amendment Areas, the
<br /> Agency agreed to allow the County to receive 100% of the County's share of the tax increment in the
<br /> Original and First Amendment Areas. Commencing December 14, 1990 through June 30, 2001 the
<br /> County has received $8,000,844 including $862,888 for the year ended June 30, 2001 net of administrative
<br /> costs, from the Original and First Amendment Areas. Und~ the Second Plan Amendment, after the
<br /> Agency receives a cumulative $25 million of the County's share of tax increment on the Second
<br /> Amendment Area, the Agency has agreed to pass through to the County 100% of the County's share of the
<br /> remaining tax increment. As of June 30, 2001, the Agency has received approximately $2,851,577 of the
<br /> County's share of tax increment from the Second Amendment Area.
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<br /> In addition to the pass through agreement, the Agency also agreed to contribute to the cost of a County
<br /> parking facility in an amount of $1,250,000. As of the year ended June 30, 2001, the entire amount was
<br /> repaid by the Agency.
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