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<br />Redwood City <br />Finance Department <br /> <br />Memo <br /> <br />To: <br /> <br />Honorable Mayor Howard and Members of the City Council <br /> <br />From: Brian Ponty, Director of Finance and Financial Planning <br /> <br />Date: <br /> <br />January 19, 1999 <br />Finance Department 1999/00 Objectives <br /> <br />Re: <br /> <br />1998/99 Objective extendina into 1999/00 <br /> <br />þ> The Finance Director is serving as project manager for the fonnation of the Redwood Shores <br />Transportation Improvement District (STID). To date Don WalTen of Stonybrook and Associates <br />has completed an initial round of marketing efforts involving all of the major property owners. The <br />City Manager has also negotiated an agreement with one of the major property owners to allow <br />the City to include in the STID two traffic signal projects that were not included in this property <br />owner's development agreement. This agreement is contingent upon the City approving an <br />acceptable traffic mitigation fee ordinance that will require financial contributions from property <br />owners that develop their properties after the district is fonned. Mr. William Euphrat, the City's <br />financial advisor, is working with bond counsel and the City's traffic engineering consultant to <br />develop this ordinance. <br /> <br />The only other major effort that needs to be completed prior to initiation of the District election <br />proceedings is the completion of a project management plan with the City of Belmont for each <br />city's respective role in the Ralston Avenue improvements. Staff from Redwood City's <br />Community Development Services Department are developing a joint project management plan <br />with representatives from the City of Belmont. As soon as conceptual agreement is reached on <br />this plan a copy will be presented to the District property owners. Should this plan be acceptable <br />to the property owners Redwood City staff will initiate the proceedings that will result in the <br />property owner election to create the District and levy the required taxes which culTently are <br />estimated to be 14.5 cents per square foot of improvements per year. <br /> <br />The culTent calendar anticipates issuing bonds in September 1999. <br /> <br />1998/99 and 1999/00 Obiective <br /> <br />þ> The Finance Department will be canying forward to 1999/00 its objective to implement new <br />financial software. The process for identifying the replacement system and installation vendor <br />has taken longer than anticipated. Staff hopes to be able to present to Council a recommended <br />solution along with a project estimate this spring. <br /> <br />. Page 1 <br />