Laserfiche WebLink
<br />Redevelopment Agency of the City of Redwood City <br />Notes to Basic Financial Statements, Continued <br />For the year ended June 30, 2008 <br /> <br />5. LOW AND MODERATE INCOME HOUSING SET ASIDE <br /> <br />The Agency is required to set aside a portion of the property tax increments it receives to increase and <br />improve the City's supply of low and moderate income housing. The amount set aside must equal twenty <br />percent of each year's property tax increments. The Agency was in compliance with the twenty percent set- <br />aside requirement for fiscal year 2007-2008. <br /> <br />6. INTERFUND TRANSACTIONS <br /> <br />A. Transfer Between Funds <br /> <br />With the Agency Board approval, resources may be transferred from one ~geI1cy fund to another. The <br />purpose of the majority of transfers is to reimburse a fund which has made~ an expenditure on behalf of <br />another fund. <br /> <br /> Transfers In <br /> 1997 Tax 2003 Tax <br /> Allocation. AU.ocation <br /> Rt'funding Bonds Fund <br /> Bonds Fund Fund Total <br />'5 <br />0 Redevelopment Ageocy $ 1,152,994 $ 656,161 $ 1,800,155 <br />~ <br />~ <br />.... Lowand:Moderate Jncoxre HOusing 288,248 288,248 <br />'Il <br />; <br />~ Total $ 1,441,242 $ 656,161 $ 2,097,4a3 <br /> <br />Transfers made from the Redevelopment Agency Fund and the Low and Moderate Income Housing <br />Fund to the 1997 Tax Allocation Refunding Bond Fund and the 2003 Tax Allocation Bond Fund were to <br />fund debt service payments. <br /> <br />B. Advances from the City <br /> <br />During fiscal year 2004-2005, the City's Capital Outlay Fund advanced $3,000,000 to the Redevelopment <br />Agency Fund to finance various downtown improvements. Interest is at 4.12 % with final payment due <br />June 2019, Interest only payments are required through June 2009 at which time the principal payments <br />will begin. <br /> <br />?,n <br />