Laserfiche WebLink
. � z�n;;,y.,A ,� o r ;r�. _ .�e -riwr ° - �arv ' > .n�a P� ;+;�; •° � y,v � ( ' � � <br /> � i�� ` �� .,� s `' ( <br /> �. .� �, � <br /> RE �„ � � � ; � �� , � n �� y � } � � r ����� �� � �. <br /> �_ . , �- ��� �n � :����. � �� � � �� � �� <br /> w� .�e�� <br /> � <br /> ��`�,{� �,r, ... r � +µ...�� ��`.#�� �^ �A�` � �s.;� .. raC„ `� � ' �.� �'_ n. :a� ,x ��_s..g . <br /> � j _ sz-�'tt ; x �� '� ? <br /> �Y � - �� ualiza '" k <br /> � � x <br /> : �: +�.; :g'_ .�� � � � _."r �'�� � � , � <br /> � �;� .�. Q�. ,��, � � . Mana�er� <br /> ���� s �..�,. ..� _ <br /> December 9, 2002 <br /> Subject <br /> Appeals Against the General Improvement District 1-64 Assessments for Fiscai Year 2002- <br /> 2003 <br /> Recommendation <br /> Staff recommends accepting the revised appraised values for the single property for which <br /> an appeal was filed and for which the City and the property owner have agreed to a <br /> reduced value. <br /> Background <br /> District History: In 1959, the City annexed lands known as the Redwood Peninsula <br /> (Redwood Shores) and Bair Island. In 1964, this area was constituted as General <br /> Improvement District No. 1-64 (GID 1-64). District landowner elections authorized a series <br /> of general obligation bonds for facilities and reclamation purposes. These bonds are <br /> general obligations of the district only and not the entire city. Facilities projects include <br /> construction of local streets and highways, wastewater treatment works, sewer mains, <br /> transmission lines, pumping facilities, collection systems, water transmission lines, storage <br /> facilities and park facilities. Reclamation projects include construction of levee works, and <br /> filling and grading necessary to drain and reclaim land within the district. Between 1966 <br /> and 1979, the district issued a total of about 26.2 million dollars of facilities bonds and <br /> about 9.5 million dollars of reclamation bonds. <br /> The Council is required by the ter�s of • e bond documents to apportion debt service <br /> (principal and interest) of the bonds ;ssuea ror GID 1-64 improvements on the basis of the <br /> current assessed values of land and improvements. Annual bond service is currently about <br /> . finro million dollars. Facilities bonds are funded by property taxes levied on assessed value <br /> of all real property; reclamation bonds are funded from property taxes levied on the <br /> assessed value of land. To determine the assessed value, an independent appraiser is <br /> engaged to provide current assessed values. These values will differ from the assessed <br /> values utilized by the County of San Mateo Assessor for general proeprty taxes. The <br /> County must assess based on historical value as required by Proaosition 13; the <br /> improvement district bases assessments on market value. The City has established a <br /> Board of Equalization to formally accept the assessed values furnished by the appraiser <br /> through the District Assessor (Finance Director) and to hear appeals presented by any <br /> property owners who disagree with the appraised values proposed by the District <br /> Assessor. <br /> _ _ _ .._ _ _._ _. . _ <br />