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7.A. - Page 20 of 25 <br />The Property Owners propose to make the improvements to the Seaport Centre Levee that are necessary <br />for FEMA to accredit the Seaport Centre Levee ("Seaport Centre Levee Improvements") and concurrently <br />construct a levee and related flood protection facilities along the perimeter of Seaport Plaza facing <br />Redwood Creek ("Seaport Plaza Levee Improvements"; together with the Seaport Centre Levee <br />Improvements, "Levee Improvements"), and upon completion of those Levee Improvements transfer <br />ownership of the Levee Improvements to the City. The Property Owners would front the costs of the Levee <br />Improvements construction. No bonds would be issued. The City would pay the Property Owners for the <br />Levee Improvements over time using the proceeds of CFD special taxes paid by the Property Owners. The <br />Property Owners would pass the special taxes on to their tenants per the terms of their leases. <br />ANALYSIS <br />Establishment of Community Facilities District <br />At its October 26, 2020 Council meeting, the owners of Seaport Centre and Seaport Plaza petitioned the <br />City to establish a community facilities district. At that meeting the Council adopted a resolution of <br />intention to establish the City of Redwood City Community Facilities District No. 2020-1 (Seaport <br />Centre/Seaport Plaza) and a resolution of intention to incur bonded indebtedness and other debt, and set <br />November 23, 2020 for a public hearing on this matter. <br />At its November 23, 2020 Council meeting, the Council adopted a resolution establishing the City of <br />Redwood City Community Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza) (the "CFD"). <br />Pursuant to a mailed -ballot property owner election, the owners of Seaport Plaza and Seaport Centre <br />approved formation of the CFD and the levy of special taxes to finance costs of (i) the City's acquisition of <br />improvements to the existing Seaport Centre levee and a new levee to protect Seaport Plaza from salt <br />water intrusion and (ii) the City's operation and maintenance of the levees and the wet utilities benefitting <br />Seaport Centre. The CFD special taxes levied for maintenance of the Seaport Centre wet utilities will <br />replace the Seaport Centre Maintenance District (the "District") special assessments, and the District is <br />no longer needed. <br />The staff reports for the October 26, 2020 and November 23, 2020 City Council meetings, which provide <br />more detailed background information, are included as Attachments A and B, respectively. <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 January 11, 2021 meeting, the City Council may hold a 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 />Page 3 of 6 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />196 <br />