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7.A. - Page 9 of 25 <br />PROCESS FOR FORMING THE CFD AND DISSOLVING THE MAINTENANCE DISTRICT <br />Local Goals and Policies. Staff is recommending that the City Council establish the CFD under the City's <br />Special Tax Financing Law (Chapter 32, Article XIII of the Redwood City Municipal Code) ("CFD Law"), which <br />incorporates the Mello -Roos Community Facilities Act of 1982 ("Mello -Roos Act") with some changes. <br />Under the Mello -Roos Act, the City cannot initiate formation of a CFD without adopting a statement of <br />certain goals and policies related to CFDs. The City approved goals and policies in 2016, but staff is <br />recommending that the City Council approve amended goals and policies in order to comply with the <br />Mello -Roos Act. <br />Formation of the CFD. The formation of the CFD will be accomplished at three Council meetings: <br />1. At its October 26, 2020 City Council meeting the Council may adopt a resolution of the City <br />Council's intention to establish the CFD and a resolution of the City Council indicating its intent to <br />incur bonded and other indebtedness. The resolution of intention also authorizes the City <br />Manager (or designee) to execute the Public Agency Statement and Consent and to execute a <br />ballot in the CFD election. <br />2. At its November 23, 2020 City Council meeting the Council will hold a public hearing on <br />establishing the CFD and issuing indebtedness for the CFD, and then subsequently tally the results <br />of a landowner election and may then take related actions, including introduction of an ordinance <br />ordering the levy of special taxes within the CFD. <br />3. At its December 21, 2020 City Council meeting the Council will be asked to adopt an ordinance <br />ordering the levy of special taxes within the CFD. <br />Dissolving the Maintenance District. <br />The City Council established the Maintenance District pursuant to Ordinance No. 1895 and the applicable <br />provisions of the 1911 Improvement Act. Under the 1911 Improvement Act, the Council may dissolve the <br />Maintenance District at two Council meetings: <br />1. At its December 21, 2020 meeting, the City Council may adopt a resolution of intention to dissolve <br />the Maintenance District and set a time for a noticed public hearing <br />2. At its first meeting in January, expected to be January 11, 2021, the City Council will hold the <br />public hearing and pass upon any protests and objections and, at the conclusion of the public <br />hearing, the Council may adopt a resolution ordering the dissolution of the Maintenance District. <br />ANALYSIS <br />The purchase price of the Levee Improvements will be based on the cost of improving the Seaport Centre <br />Levee and constructing the Seaport Plaza Levee Improvements, all of which costs shall be subject to <br />approval by the City. The terms of the acquisition are specified in Levee Financing and Improvement <br />Agreement, the substantially final form of which is attached to this report. The amount that may be <br />financed by the CFD is subject to a maximum of $25 million. Construction costs in excess of this maximum <br />will not be reimbursed. <br />Page 4 of 7 <br />..A . <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />185 <br />