AgdaPkt 2003-07-14 - Laserfiche WebLink

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9A- i REPORT To the HonorableWayor�and City Council From the City Manager July 14, 2003 - Subject Submittal of Equalized General Improvement District 1 -64 Assessment Roll Recommendation Accept the equalized assessment roll for the General Improvement District 1 -64 for the 2003 -04 fiscal year. Background Annually a special tax is levied on the property owners in General Improvement District 1- 64 (Redwood Shores) for debt service on facilities and reclamation bonds. The amount needed for debt service is distributed among the property owners based on the assessed value of land and improvements based on appraised market value. The market value of property in the district has increased 3.41 % in the last year, related to a general increase in property values. The City Council, sitting as the Board of Equalization, accepts the assessment roll and, in a separate action, sets the tax rate required to provide funds for bond service. Because of the increased value of property, the tax rate will decrease. The Redwood City General Improvement District No. 1 -64 was formed by the City Council on May 4, 1964. On June 16, 1964, by a public vote of the landowners in the district, bonds totaling $106,227,000 for facilities purposes and $70,168,000 for reclamation purposes were authorized. On December 10, 1968, landowners authorized additional bonds totaling $20,814,000 for facilities purposes and $23,508,000 for reclamation purposes. Five series of bonds of each type (facilities and reclamation) were issued in May 1966, June 1967, February 1968, July 1969, and March 1979. Total bond issues amounted to $18,515,000 for facilities and $9,510,000 for reclamation. On February 28, 1983 the City Council de- authorized the balance of unissued bonds for facilities purposes in the amount of $108,526,000. On the same date, the City Council de- authorized $76,166,000 of unissued bonds for reclamation purposes, leaving a balance of $8,000,000 authorized and unissued. Under the terms of the district formation and bond issues, the debt service on the bonds (principal and interest) must be paid solely from a special tax rate levied on the properties within the district. The reclamation bonds are to be paid from taxes levied on the value of the land and the facilities bonds are to be paid from taxes levied on the total value (land and improvements) of the properties. Each year the Director of Finance, acting as District Assessor, determines the property values for this purpose. The City Council sitting as a Board of Equalization accepts (or alters) the roll as submitted. Each property owner, by a letter mailed on June 13, was advised of the new assessed values as determined by the District Assessor. In the same