AgdaPkt 2002-01-14 - Laserfiche WebLink

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REDEVELOPMENT AGENCY OF TI-~ CITY OF REDWOOD CITY Notes to Component Unit Financial Statements I NOTE S- REDEVELOPMENT AGREEMENTS (Continued) I E. Various Governmental Agencies The Agency amended their project area m 1989 m order to expand the project area and to increase the maximum amount of tax increment that can be distributed to the Agency. As a result, the Agency entered into pass through agreements with various governmental agencies whereby the Agency agreed to pass through to these governmental agencies 50% of the increase in tax increment less the amount required to be set aside for Low and Moderate Income Housing fi.om the amendment area that would be otherwise allocated and paid to these governmental agencies. For the year ended June 30, 2001 the Agency passed through $536,166 to these various governmental agencies. F. Irvine Apartment Community In August 1999 the Agency entered into a Disposition and Development Agreement with Irvine Apm h~lent Communities (IAC) for a residential development of 206 units located on Maple Street in Redwood City. The developer was initially to fund all costs associated with the project, and the Agency agreed to use its power of eminent domain to acquire the two small parcels located on Maple street (the "Hudson Property"). In early 2000, lAC requested and the Agency Board approved an amendment to the original deal. The Agency agreed to reimburse lAC for up to $196,000 of costs associated with offsite improvements related to the project. Based on this agreement, the developer funded the acquisition budget and the Agency went ahead w/th the acquisition. As of September 19, 2000, the Agency received an Order of Immediate Possession fi.om the Court, the commercial and residential tenants were relocated. G. Shea Homes In September 1999 the Agency entered into a Disposition and Development Agreement with Shea Homes for a 300 unit residential development adjacent to IAC's project (the overall project has been identified as the "Franklin Street Project"). The original deal with Shea was similar to that with lAC, However, in early 2000, Shea indicated that they could not proceed without radically restructuring the original Disposition and Development Agreement. In May 2000, the Agency Board granted Shea an extension to November 21, 2000 to renegotiate t~m~s. 16