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<br />7.A <br /> <br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />From the Cit Mana er <br /> <br />September 13,2010 <br /> <br />SUBJECT <br />Creation of a special financing district for public infrastructure improvements incidental <br />to the One Marina Project and allow for the sale of bonds pursuant to the Mello-Roos <br />Community Facilities Act of 1982, as amended. <br /> <br />RECOMMENDA liON <br />1. Approve by resolution, Formation of City of Redwood City Community Facilities <br />District No. 2010-1 (One Marina), Authorization for the Levy of a Special Tax within <br />the District, Setting of Preliminarily Appropriations Limit for the District, and <br />Submitting of Levy of the Special Tax and the Establishment of the Appropriations <br />Limit to the Qualified Electors of the District. <br />2. Approve by resolution, Necessity to Incur Bonded Indebtedness within the City of <br />Redwood City Community Facilities District No. 2010-1 (One Marina) and Submitting <br />Proposition to the Qualified Electors of the District. <br />3. Approve by resolution, Calling of a Special Election within City of Redwood City <br />Community Facilities District No. 2010-1 (One Marina). <br />4. Approve by resolution, the City Council of the City of Redwood City Declaration of <br />Election Results of Special Election and Recording of Notice of Special Tax Lien. <br />5. Introduce, by first reading of ordinance, the City Council of the City of Redwood City <br />Levying Special Taxes within City of Redwood City Community Facilities District No. <br />2010-1 (One Marina). <br /> <br />BACKGROUND <br />This is the second of several meetings at which actions will be requested by the City <br />Council in connection with the financing of public infrastructure for the Community <br />Facilities District 2010-1 One Marina Project (District). On August 9, 2010 the Council <br />approved a deposit agreement with the One Marina developer and adopted a resolution <br />stating its intention to create a community facilities district and issue bonds to finance <br />authorized public infrastructure and fees eligible for such financing (Facilities) and <br />calling for a public hearing on this matter. <br /> <br />Authorized Facilities generally include development impact fees set forth in the <br />Development Agreement, equivalent dwelling unit fees associated with construction of <br />the Blomquist Bridge Extension, Highway 101 pedestrian undercrossing, public <br />infrastructure costs associated with improvements to Bair Island Road, East Bayshore <br />Road Pavement, new potable water lines under Highway 101, regional water storage <br />facilities, sanitary and storm sewer pump facilities, facilities to be located within public <br />utility or street easements dedicated to the City, costs associated with the South <br />Bayside System Authority, and District formation and bond issuance expenses. A <br />