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5.J. - Page 1 of 7 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: March 23, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Waive second reading and adopt an ordinance adding Chapter 32, Article XIII to the Redwood City <br />Municipal Code to establish a special tax financing law <br />RECOMMENDATION <br />Waive second reading and adopt an ordinance adding Chapter 32, Article XIII to the Redwood City <br />Municipal Code to establish a special tax financing law. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />The City is presently negotiating with the owners of commercial office property in the City's Seaport <br />Centre Maintenance District (the "District") to acquire the Bay levee that prevents salt water intrusion <br />into the District. The levee was recently decertified by the Federal Emergency Management Agency <br />("FEMA"). Decertification means that this levee no longer meets National Flood Insurance Program <br />minimum standards for reducing the risks associated with a major flood event (a flood with a one percent <br />chance of occurring in any given year). As a result, the area in the District has been designated as a high- <br />risk area, also known as a Special Flood Hazard Area. Flood insurance is required for structures with <br />mortgages from federally regulated or insured lenders when a levee becomes decertified or is uncertified. <br />Structures without flood insurance in Special Flood Hazard Areas are ineligible for any type of federal <br />assistance in the event of flooding. Flood insurance for structures in Special Flood Hazard Areas is several <br />times more expensive than for structures not in such areas. <br />Page 1 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />106 <br />