|
Redevelopment Agency of the City of Redwood City
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30,2007
<br /> 9. REDEVELOPMENT AGREEMENTS,Continued
<br /> The Agency has agreements termed pass-through with government entities. These agreements require the
<br /> Agency to pass through to these entities a portion of the property tax increases it collects, representing the
<br /> increases these entities would have expected to collect if the Agency had not been formed.
<br /> All these agreements are described below:
<br /> A. Sequoia Station
<br /> Under the terms of a 1990 Disposition and Development Agreement, the Agency assisted the developer of the
<br /> Sequoia Station Retail Center in acquiring the land on which this 160,000 square f oot retail center was
<br /> constructed at a cost to the developer of approximately $31,000,000. The City and the Agency are assisting in
<br /> the financing of the project by remitting to the developer a portion of the sales and the net incremental
<br /> property taxes it receives from the Sequoia Station Retail Center up to a maximum of $300,000 per year for
<br /> fifteen years, commencing January 1995. The balance as of June 30, 2007 is $600,000. This obligation will be
<br /> fully repaid by June 30, 2009.
<br /> B. Wyndham Place
<br /> Under the terms of a Disposition and Development Agreement dated January 10, 1995 between the Agency
<br /> and the Developer, Butler Stellar Corporation, the Agency assisted the Developer in the remediation of
<br /> environmental hazards and the acquisition of land. The Developer agreed to construct Wyndham Place, a 15
<br /> unit housing complex for low and moderate income citizens. The Agency contributed $1,968,111 to the project
<br /> and land valued at$301,356,which previously was held as land held for redevelopment.
<br /> C. City Center Plaza
<br /> Under the terms of Disposition and Development Agreements dated February 5, 1996 between the Agency and
<br /> the developers, Mezes Court Associate (residential development), and J.H.R. Trust (commercial development),
<br /> the Agency sold to the Developers several parcels of land and cleaned the site of toxic materials, in exchange
<br /> for promissory notes totaling $1,700,000, the appraised value of the land. The Developers constructed City
<br /> Center Plaza which contains 81 affordable housing units, a child care facility, residential and commercial
<br /> parking and 17,900 square feet of retail space. The promissory note from Mezes Court Associate in the amount
<br /> of $1,445,000 is to be repaid through 2028, from surplus revenues generated by the housing project, the note
<br /> accrues interest at 3%. The promissory note from J.H.R. Trust in the amount of $255,000 is also due in 2028,
<br /> with interest accruing at 3% as well,and with payments scheduled to begin January 1,2011.
<br /> D. County of San Mateo
<br /> Under the terms of the Original and First Amendment Area Agreements, after the Agency receives a
<br /> cumulative $2 million of the County's share of tax increment in Original and First Amendment Areas, the
<br /> Agency agreed to allow the County to receive 100% of the County's share of the tax increment in the Original
<br /> and First Amendment Areas. Commencing December 14, 1990 through June 30, 2007 the County has received
<br /> $13,469,145 including$867,480 for the year ended June 30,2007 from the Original and First Amendment Areas.
<br /> 34
<br />
|