AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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Redevelopment Agency of the City of Redwood City Notes to Basic Financial Statements, Continued For the year ended June 30, 2008 8. GENERAL INFORMATION, Continued The foregoing dates limiting debt establishment are inapplicable as they relate to debt that is payable out of the Low and Moderate Income Housing fund. The Original Area contains 332 acres of land. The First Amendment Area added 4.24 acres of land and the Second Amendment Area added 596 acres. The project area includes the traditional downtown of Redwood City, along with the Seaport and Marina sub-areas. 9. REDEVELOPMENT AGREEMENTS The Agency has entered into agreements with developers and other government entities for the purpose of ensuring the redevelopment of properties in its area. The Agency's agreements with developers - termed Disposition and Development Agreements or Owner Participation Agreements - generally require the Agency to assist in financing land acquisition or operating costs of a specific project, but are based on the developer's performance on that project as measured by increases in property taxes and sales taxes generated by the project or to provide affordable housing to the community. The increases in these taxes are the only source of Agency assistance for the project. The Agency has agreements termed pass-through with government entities, These agreements require the Agency to pass throu.gh to these entities a portion of the property tax increases it collects, representing the increases these entities would have expected to collect if the Agency had not been fonned. All these agreements are described below: A. Sequoia Station Under the terms of a 1990 Disposition and Development Agreement, the Agency assisted the developer of the Sequoia Station Retail Center in acquiring the land on which this 160,000 square foot retail center was constructed at a cost to the developer of approximately $31,000,000. The City and the Agency are assisting in the financing of the project by remitting to the developer a portion of the sales and the net incremental property taxes it receives from the Sequoia Station Retail Center up to a maximum of $300,000 per year for fifteen years, commencing January 1995. The balance as of June 30, 2008 is $300,000. This obligation will be fully repaid by June 30,2009. B. Wyndham Place Under the tenns of a Disposition and Development Agreement dated January 10, 1995 between the Agency and the Developer, Butler Stellar Corporation, the Agency assisted the Developer in the remediation of environmental hazards and the acquisition of land. The Developer agreed to construct Wyndham Place, a 15 unit housing complex for low and moderate income citizens. The Agency contributed $1,968,111 to the project and land valued at $301,356, which previously was held as land held for redevelopment. ~il