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7.A. - Page 3 of 25 <br />ANALYSIS <br />Dissolving the District <br />The City Council established the District pursuant to Ordinance No. 1895 and the applicable provisions of <br />the 1911 Improvement Act. Under the 1911 Improvement Act, the Council may dissolve the District at <br />two Council meetings: <br />1. At its December 21, 2020 meeting, the City Council adopted a resolution of intention to dissolve <br />the District and set a noticed public hearing for tonight's City Council meeting. <br />2. At its January 11, 2021 meeting, the City Council may hold the public hearing and pass upon any <br />protests and objections and, at the conclusion of the public hearing, the Council may adopt a <br />resolution ordering the dissolution of the Maintenance District. <br />Adoption of the attached resolution (Attachment D) would dissolve the District as of June 30, 2021, or <br />another later date determined by the City Council in order to collect any delinquent assessment <br />installments, and transfer the District's maintenance reserve to the new CFD. <br />Next Step <br />The levy of special taxes for levee maintenance and the maintenance of Seaport Centre wet utilities will <br />commence with FY 2021-2022. Under Section 50075.1 of the Government Code, the City is required to <br />create a special account or fund into which the proceeds of the special taxes are deposited. Prior to <br />collection of special taxes, staff will present an ordinance to the City Council establishing a fiduciary fund <br />for the deposit of special tax receipts. <br />FISCAL IMPACT <br />The CFD is expected to provide sufficient funds to fund operation and maintenance of the Seaport <br />Centre/Seaport Plaza levees and the Seaport Centre wet utilities. <br />All costs associated with administration of the CFD will be paid by the property owners through the CFD <br />special tax. There are not expected to be any unreimbursed General Fund costs associated with CFD <br />administration. <br />A facilities special tax will be levied in the CFD over 15 years to finance the City's purchase of (i) <br />improvements to the Seaport Centre Levee that are necessary for FEMA to accredit the Seaport Centre <br />Levee and (ii) a levee and related flood protection facilities along the perimeter of Seaport Plaza facing <br />Redwood Creek. A perpetual services special tax will be levied to finance the ongoing operation and <br />maintenance of the Seaport Centre and Seaport Plaza levees and the storm drain, sewer and water <br />facilities serving Seaport Centre currently maintained and operated by the City with funds from the <br />Seaport Centre Maintenance District. <br />It has been the City's practice since 2000 to confer with Seaport Centre property owners and adopt 5 -year <br />maintenance budgets for the Seaport Centre wet utilities. Because special assessments are subject to <br />Page 3 of 5 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />179 <br />