AgdaPkt 2009-12-14 - Laserfiche WebLink

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6.1 B - Attachment No. 2 Redevelopment Agency of the City of Redwood City Notes to Basic Financial Statements,Continued For the year ended June 30,2009 7. LONG-TERM DEBT,Continued C. Loans, Continued The annual debt service requirements are shown below: For the Fiscal Year Ended June 30, Principal 2010 $ 42,321 2011 42,321 2012 42,321 2013 42,321 $ 169,284 8. GENERAL INFORMATION The Redevelopment Plan for the Project Area was originally adopted by the City Council on August 19, 1982 pursuant to Ordinance No. 1862 (Original Area). On June 20, 1985, the City Council approved an amendment to the Redevelopment Plan that added territory (First Amendment Area) pursuant to Ordinance No. 1911. A second amendment was adopted by the City Council pursuant to Ordinance No. 2007 on January 18, 1990. As part of the second amendment, a significant amount of territory was added (Second Amendment Area) and a new tax increment and bonded indebtedness limit was established for the Project Area. In December 1994, the Redevelopment Plan was again amended pursuant to Ordinance No. 2085 to bring various financial time limits into conformance with those required by State law pursuant to AB 1290. In July 2001, the Redevelopment P1an was again amended to extend the date to commence eminent domain proceedings. The current financial time limits for the Project Area are shown below: First Second Original Amendment Amendment Area Area Area Debt Establishment 1/1/2004 6/20/2005 1/18/2010 Plan Effectiveness 8/19/2022 6/20/2025 1/18/2028 Tax Increment Receipt 8/19/2032 6/20/2035 1/18/2038 Bond Debt Limit -------------------------$119 million combined---------------------- Tax Increment Limit -------------------------$398 million combined---------------------- The cumulative tax increment limit shown above is expressed in the Redevelopment Plan as being calculated on the basis of total gross tax increment less any tax sharing payments to the taxing entities and any housing set aside on the tax sharing payments. The tax increment limit is applicable from the effective date of the Second Amendment. The Agency has received $94.6 million in tax increment through 2008-09. As shown above, the amount of bonded indebtedness that can be outstanding at any one time cannot exceed$119 million. At June 30,2009,the Agency had$38,192,448 outstanding in tax increment bonds. 33