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7.A. - Page 21 of 25 <br />Adoption of the attached resolution (Attachment C) 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 Maintenance District's maintenance reserve to the new CFD. <br />Levy of Special Taxes <br />At its November 23, 2020 Council meeting, the Council waived the first reading and introduced the <br />Ordinance levying special taxes (Special Tax Ordinance) within the City of Redwood City CFD No. 2020-21 <br />(Seaport Centre/Seaport Plaza). <br />Staff is recommending adoption of the Special Tax Ordinance (Attachment D) at tonight's meeting. <br />Next Step <br />The Council must hold a public hearing prior to dissolution of the District. A public hearing will be <br />scheduled for January 11, 2021. Following the public hearing, the City Council may adopt a resolution <br />ordering the dissolution of the District. <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 />Proposition 218 protest procedures, the District special assessments required to pay for each 5 -year <br />budget plan have been approved after a public hearing and consideration of protests pursuant to <br />Proposition 218 procedures. The City will continue to confer with Seaport Centre/Seaport Plaza property <br />owners on the development of maintenance budgets. However, because the CFD provides for the levy of <br />special taxes rather than special assessments, no future public hearings will be necessary if maintenance <br />budget increases require an increase in CFD special taxes. Increases in special taxes are not subject to <br />majority protest approval. <br />Page 4 of 6 <br />AL . <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />197 <br />