AgdaPkt 2002-07-15 - Laserfiche WebLink

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July 15, 2002 Subject Submittal of Equalized General Improvement District 1-64 Assessment Roll Recommendation Accept the equalized assessment roll for the General Improvement District 1-64 for the 2002-03 fiscal year, Background Annually a special tax is levied on the property owners in General Improvement District 1- 64 (Redwood Shores) for debt service on facilities and reclamation bonds. The amount needed for debt service is distributed among the property owners based on the assessed value of land and improvements based on appraised market value. The market value of property in the district has decreased 8.86% in the last year, related to a general decline in property values. The City Council, sitting as the Board of Equalization, accepts the assessment role and, in a separate action, sets the tax rate required to provide funds for bond service. Because of the decreased value of property, the tax rate will increase. The Redwood City General Improvement District No. 1-64 was formed by the City Council on May 4, 1964. On June 16, 1964, by a public vote of the landowners in the district, bonds totaling $106,227,000 for facilities purposes and $70,168,000 for reclamation purposes were authorized. Five series of bonds of each type (facilities and reclamation) were issued in May 1966, June 1967, February 1968, July 1969, and March 1979. Total bond issues amounted to $18,515,000 for facilities and $9,510,000 for reclamation. The balance of unissued bonds ($87,712,000 for facilities and $60,658,000 for reclamation) was de-authorized by City Council resolution. Under the terms of the district formation and bond issues, the debt service on the bonds (principal and interest) must be paid solely from a special tax rate levied on the properties within the district. The reclamation bonds are to be paid from taxes levied on the value of the land and the facilities bonds are to be paid from taxes levied on the total value (land and improvements) of the properties. Each year the Director of Finance, acting as Distdct Assessor, determines the property values for this purpose. The City Council sitting as a Board of Equalization accepts (or alters) the roll as submitted. Each-property owner, by a letter mailed on June 17, was advised of the new assessed values as determined by the Distdct Assessor. In the same letter, the property owners were also advised of the public hearing scheduled for July 15. When the hearing has been held and the City Council sifting as the Board of Equalization has accepted the roll, the property owners have the dght to appeal by September 16, 2002. Appeals, if any, will be publicly heard by the Board of Equalization (City Council) on