AgdaPkt 2007-01-08 - Laserfiche WebLink

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Redevelopment Agency of the City of Redwood City Notes to Basic Financial Statements, Continued For the year ended June 30,2006 8. GENERAL INFORMATION The Redevelopment Plan for the Project Area was originally adopted by the City Council on August 19, 1982 pursuant to Ordinance No. 1862 (Original Area). On June 20, 1985, the City Council approved an amendment to the Redevelopment Plan that added territory (First Amendment Area) pursuant to Ordinance No. 1911. A second amendment was adopted by the City Council pursuant to Ordinance No. 2007 on January 18, 1990. As part of the second amendment, a significant amount of territory was added (Second Amendment Area) and a new tax increment and bonded indebtedness limit was established for the Project Area. In December 1994, the Redevelopment Plan was again amended pursuant to Ordinance No. 2085 to bring various financial time limits into conformance with those required by State law pursuant to AB 1290. In July 2001, the Redevelopment Plan was again amended to extend the date to commence eminent domain proceedings. The current financial time limits for the Project Area are shown below: First Second Original Amendment Amendment Area Area Area 1/1/2004 6/20/2005 1/18/2010 8/19/2022 6/20/2025 1/18/2028 8/19/2032 6/20/2035 1/18/2038 Debt Establishment Plan Effectiveness Tax Increment Receipt Bond Debt Limit ----------------$119 million combined----------------- Tax Increment Limit ------------------$398 million combined--------------- The cumulative tax increment limit shown above is expressed in the Redevelopment Plan as being calculated on the basis of total gross tax increment less any tax sharing payments to the taxing entities and any housing set-aside on the tax sharing payments. The tax increment limit is applicable from the effective date of the Second Amendment. The Agency has received $69.9 million in tax increment through 2005-06. As shown above, the amount of bonded indebtedness that can be outstanding at anyone time cannot exceed $119 million. At June 30, 2006, the Agency had $41,832,448 outstanding in tax increment bonds. The Original Area contains 332 acres of land. The First Amendment Area added 4.24 acres of land and the Second Amendment Area added 596 acres. The project area includes the traditional downtown of Redwood City, along with the Seaport and Marina sub-areas. 9. REDEVELOPMENT AGREEMENTS The Agency has entered into agreements with developers and other government entities for the purpose of ensuring the redevelopment of properties in its area. The Agency's agreements with developers - termed Disposition and Development Agreements or Owner Participation Agreements - generally require the Agency to assist in financing land acquisition or operating costs of a specific project, but are based on the developer's performance on that project as measured by increases in property taxes and sales taxes generated by the project or to provide affordable housing to the community. The increase in these taxes are the only source of Agency assistance for the project. 32