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<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 />7. LONG-TERM DEBT, Continued <br /> <br />C. Loans, Continued <br /> <br />The annual debt service requirements are shown below: <br /> <br />For the Fiscal Year <br />Ended June 30, <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br /> <br />Principal <br />$ 42,321 <br />42,321 <br />42,321 <br />42,321 <br />42,321 <br />$ 211,605 <br /> <br />8. GENERAL INFORMATION <br /> <br />The Redevelopment Plan for the Project Area was originally adopted by the City Council on August 19, <br />1982 pursuant to Ordinance No. 1862 (Original Area). On June 20, 1985, the City Council approved an <br />amendment to the Redevelopment Plan that added territory (First Amendment Area) pursuant to <br />Ordinance No. 1911. A second amendment was adopted by the City Council pursuant to Ordinance No. <br />2007 on January 18, 1990. As part of the second amendment, a significant amount of territory was added <br />(Second Amendment Area) and a new tax increment and bonded indebtedness limit was established for the <br />Project Area. In December 1994, the Redevelopment Plan was again amended pursuant to Ordinance No. <br />2085 to bring various financial time limits into conformance with those required by State law pursuant to <br />AB 1290. In July 2001, the Redevelopment Plan was again amended to extend the date to commence <br />eminent domain proceedings. The current financial time limits for the Project Area are shown below: <br /> <br /> First Second <br />Original Amendment Amendment <br />Area Area Area <br />1/1/2004 6/20/2005 1/18/2010 <br />8/19/2022 6/20/2025 1/18/2028 <br />8/]9/2032 6/20/2035 1/18/2038 <br /> <br />Debt Establishment <br /> <br />Plan Effectiveness <br /> <br />Tax Increment Receipt <br /> <br />Bond Debt Limit <br /> <br />-------------------$119 million combined-------------------- <br /> <br />Tax Increment Limit <br /> <br />-------------------$398 million combined------------- <br /> <br />'The cumulative tax increment limit shown above is expressed in the Redevelopment Plan as being <br />calculated on the basis of total gross tax increment less any tax sharing payments to the taxing entities and <br />any h9using set-aside on the tax sharing. paynlents. The tax increment limit is applicable from the effective <br />date of the Second Amendment. The Agency_has received $84.2 million in tax increment through 2007-08. <br />As shown above, the amount of bonded indebtedness that can be outstanding at anyone time cannot <br />exceed $119 million. At June 30, 2008, the Agency had $39r462,448 outstanding in tax increment bonds.. <br /> <br />33 <br />