|
City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />
<br />100
<br />Note 8 – Long-Term Liabilities (Continued)
<br />
<br />D. Fiduciary Fund Private Purpose Trust Funds - Successor Agency (Continued)
<br />
<br />The Successor Agency’s annual debt service requirements on the 2003 Tax Allocation Refunding Bonds are as
<br />follows:
<br />
<br />Year Endin g Net Accreted
<br />June 30, Principal Interest Total
<br />2026 1,025,984$ 1,321,414$ 2,347,398$
<br />2027 967,415 1,516,567 2,483,982
<br />2028 911,966 1,716,903 2,628,869
<br />2029 859,566 1,923,003 2,782,569
<br />2030 810,006 2,135,611 2,945,617
<br />2031-2033 2,161,998 7,759,518 9,921,516
<br />Total 6,736,935$ 16,373,016$ 23,109,951$
<br />
<br />Pledge of Revenues
<br />
<br />The Agency has pledged all future tax increment revenues, for the repayment of the Tax Allocation Bonds and
<br />Reimbursement Agreement. The pledge of all future tax increment revenues end upon repayment of the remaining
<br />debt service of $23,109,951 on the Bonds, which is scheduled to occur in 2033. With the dissolution of the
<br />Redevelopment Agency discussed above, Tax Increment is no longer distributed, and instead the Successor Agency
<br />receives payments from the County’s Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund
<br />debt service on the Bonds, with no distinction between housing and non-housing revenues. In addition, under the
<br />provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only receives the funds
<br />necessary to fulfill its approved obligations. Total property taxes available for distribution to the Successor Agency
<br />and other taxing entities for fiscal year 2025 received by the Successor Agency for fiscal year 2025 debt service
<br />was $3,507,029, which the Agency used to pay the $2,249,435 of fiscal year debt service.
<br />
<br />
<br />Note 9 – Special Assessment Debt with No City Commitment
<br />
<br />In December 2012, the Shores Transportation District issued $10,275,000 Redwood Shores Community Facilities
<br />District No. 99-1 Special Tax Refunding Bonds, Series 2012B to refund $3,640,000 of the outstanding Series 2001A
<br />Bonds and $6,675,000 of the outstanding Series 2003A Bonds. The refunding reduced annual debt service payments
<br />by approximately 16% or $140,000, and resulted in an economic gain of $1.7 million, which equates to 16.62% of the
<br />refunding bonds. As of June 30, 2025, the outstanding principal amount was $5,205,000.
<br />
<br />In June 2016, Community Facilities District No. 2010-1 issued $4,350,000 Community Facilities District No. 2010-1
<br />(One Marina) 2016 Special Tax Refunding Bonds to refund the outstanding 2011 Bonds. The City is not required to
<br />advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure
<br />assessment sale. As of June 30, 2025, the outstanding principal amount was $3,245,000.
<br />
<br />These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any
<br />political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City’s
<br />only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve
<br />fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting
<br />foreclosure proceedings.
<br />
<br />7.C. - Page 132 of 269
<br />151
|