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ATTACH~T3 Page 10 THE GENERAL IMPROVEMENT DISTRICT 1-64 (Excerpted and edited from Staff Report dated August 28, 2006 re "General Improvement District 1-64 Development Agreement Extension" Part A -Infrastructure Financina by G.O. Bonds (1964-1982) In 1959, the City of Redwood City annexed lands known as Redwood Peninsula and Bair Island. In 1964, a portion of this area was constituted as the General Improvement District No. 1-64 ("District" or "GID"). From 1964 to 1968, shortly after the formation of GID 1-64, a District landowner election authorized General Obligation Bonds totaling $127 million for facilities purposes, and $93.7 million for reclamation purposes. Facilities projects included construction of local streets, storm drainage system, parks, water and sewer systems. Reclamation projects included construction of levee works, and filling and grading necessary to drain and reclaim land within the District. From 1964 to 1968, with the Series A to D Bonds; and with Series E Bonds issued in 1979, the District issued a total $18.5 million of facilities bonds and $9.5 million of reclamation bonds. The annual bond service is funded from taxes on property within the District. All bonds are scheduled to be retired prior to or at Year 200812009. Part B -Infrastructure Financino bY Facility Fees (1982 to 1997) In 1978, the City Council approved a motion to limit the issuance of additional bonds so the debt service shall not exceed 1.25 percent of full cash value. In 1982, based on a financing plan developed during 1980 and 1981, the City of Redwood City and Redwood Shores, Inc., then the District's sole developer, executed a Development Agreement, which adopted a Facilities Fee Strategy to finance the construction of future infrastructure in GID 1-64. In 1983, the city deauthorized the remaining bonding capacity, except for $8.0 million of the bond authorization for issuance upon City Council approval of Emergency Levee Repairs. The 1982 Development Agreement involves the following key elements: . On a quarterly basis, the CitylDistrict and Redwood Shores shall meet to review the project status, financial report, proposed construction cost estimate and reimbursement. . The City/District and Redwood Shores shall each be entitled to three (3) representatives at quarterly meetings. The City Manager shall designate such representatives on behalf of the City and District, and the president of Redwood Shores shall designate its respective representatives. No other persons or entities shall be entitled to representation at such meetings, unless otherwise agreed by mutual consent of the parties hereto. . Public improvements, including facilities for water, sewer, streets, parks, and other categories, would be financed from collection of a facilities fee on all new construction as it is build within GID 1-64. . A facility fee would be collected uniformly throughout GID 1-64 for all commercial and residential developments. . The developer is required to "front" the financing of certain improvements if facilities fee and other revenues are insufficient to finance the improvements on a pay-as-you-go basis. The developer will receive reimbursements from facility fee revenues, if available. JULY 21,2008 1