AgdaPkt 2007-12-17 - 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 30,2007 9. REDEVELOPMENT AGREEMENTS,Continued Under the Second Plan Amendment,the Agency is to receive a cumulative$25 million of the County's share of tax increment on the Second Amendment Area. Under an agreement with the Legal Aid Society the Agency agreed to deposit the f irst$11.9 million in the Low and Moderate Income Housing Fund. In f iscal year 2003-04 the amount deposited in the Low and Moderate Income Housing Fund pursuant to the Legal Aid Society agreement was suspended pending legal review of this agreement. Once the Agency has received $25 million of the County's share of the tax increment, the Agency has agreed to pass through to the County 100% of the County's share of the remaining tax increment. As of June 30, 2007, the Agency has received approximately $9,879,979 of the County's share of tax increment from the Second Amendment Area. In addition to the pass through agreement, the Agency also agreed to contribute to the cost of a County parking facility in an amount of$1,250,000. This amount has been paid in full. E. Various Governmental Agencies The Agency amended their project area in 1989 in order to expand the project area and to increase the maximum amount of tax increment that can be distributed to the Agency. As a result, the Agency entered into pass through agreements with various governmental agencies whereby the Agency agreed to pass through to these governmental agencies 50% of the increase in tax increment less the amount required to be set aside for Low and Moderate Income Housing from the amendment area that would be otherwise allocated and paid to these governmental agencies. For the year ended June 30, 2007 the Agency passed through $1,333,807 to these various governmental agencies. F. Irvine Apartment Community In August 1999 the Agency entered into a Disposition and Development Agreement with Irvine Apartment Communities (IAC) f or a residential development of 206 units located on Maple Street in Redwood City. The developer was initially to fund all costs associated with the project, and the Agency agreed to use its power of eminent domain to acquire the two small parcels located on Maple Street (the "Hudson Property"). In early 2000, IAC requested and the Agency Board approved an amendment to the original deal. The Agency agreed to reimburse IAC for up to $196,000 of costs associated with offsite improvements related to the project. Based on this agreement, the developer funded the acquisition budget and the Agency went ahead with the acquisition. As of September 19, 2000, the Agency received an Order of Immediate Possession from the Court, the commercial and residential tenants were relocated. 35