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6.1 B
<br /> Redevelopment Agency of the City of Redwood City AT �i��iE1�4
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30, 2010
<br /> 9. REDEVELOPMENT AGREEMENTS, Continued
<br /> B. City Center Plaza �
<br /> Under the terms of Disposition and Development Agreements dated February 5, 1996 between the
<br /> Agency and the developers, Mezes Court Associate (residential development), and J.H.R. Trust
<br /> (commercial development), the Agency sold to the Developers several parcels of land and cleaned the I
<br /> site of toxic materials, in exchange for promissory notes totaling $1,700,000, the appraised value of the
<br /> land. The Developers constructed City Center Plaza which contains 81 affordable housing units, a child
<br /> care facility, resideniial and commercial parking and 17,900 square feet of retail space. The promissory
<br /> � note from Mezes Court Associate in the amount of $1,445,000 is to be repaid from surplus revenues
<br /> generated by the housing project through 2028. The note accrues interest at 3%. The promissory note
<br /> from J.H.R. Trust in the amount of $255,000 is also due in 2028, with interest accruing at 3% as well, and
<br /> with payments scheduled to begin January 1, 2008. The outstanding balance at June 30, 2010 was
<br /> $1,675,833.
<br /> C. County of San Mateo
<br /> Under the terms of the Original and First Amendment Area Agreements, after the Agency receives a
<br /> cumulative $2 million of the County's share of tax increment in Original and First Amendment Areas,
<br /> the Agency agreed to allow the County to receive 100% of the County's share of the tax increment in the
<br /> Original and First Amendment Areas. Commencing December 14, 1990 through June 30, 2010 the
<br /> County has received $17,423,094 including $1,429,260 for the year ended June 30, 2010 from the Original
<br /> and First Amendment Areas.
<br /> Under the Second Plan Amendment, the Agency is to receive a cumulative $25 million of the County's
<br /> share of tax increment on the Second Amendment Area. Under an agreement with the Legal Aid
<br /> Society the Agency agreed to deposit the first $11.9 million in the Low and Moderate Income Housing
<br /> Fund. As of June 30, 2010, $8.5 million of the required $11.9 million has been deposited into the Low
<br /> and Moderate Income Housing Fund. In fiscal year 2003-04 the amount deposited in the Low and
<br /> Moderate Income Housing Fund pursuant to the Legal Aid Society agreement was suspended pending
<br /> legal review of this agreement. These deposits were resumed in FY 2008-09. As of June 30, 2010, $8.5
<br /> million of the tax increment waived by the County in the Second Plan Amendment Areas had been
<br /> deposited into the Low and Moderate Income Housing Fund. Once the Agency has received $25 million
<br /> of the County's share of the tax increment, the Agency has agreed to pass through to the County 100%
<br /> of the County's share of the remaining tax increment. As of June 30, 2010, the Agency has received
<br /> approximately $15,317,916 of the County's share of tax increment from the Second Amendment Area.
<br /> In addition to the pass through agreement, the Agency also agreed to contribute to the cost of a County
<br /> parking facility in an amount of $1,250,000. This amount has been paid in full.
<br /> D. Various Governmental Agencies
<br /> The Agency amended their project area in 1989 in order to expand the project area and to increase the
<br /> maximum amount of tax increment that can be distributed to the Agency. As a result, the Agency
<br /> entered into pass through agreements with various governmental agencies whereby the Agency agreed
<br /> to pass through to these governmental agencies 50% of the increase in tax increment less the amount
<br /> required to be set aside for Low and Moderate Income Housing from the amendment area that would
<br /> be otherwise allocated and paid to these governmental agencies. For the year ended June 30, 2010, the
<br /> Agency passed through $1,618,338 to these various governmental agencies.
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