AgdaPkt 2003-07-28 - Laserfiche WebLink

Browse Search

?-A OFFICIAL STATEMENT S REDWOOD SHORES COMIvIIJN W FACKZ= DMWCf NO. W1 (SHORES TRANSPORTATION V*WWVEMEgr PROJECT) OF THE CTTY OF REDWOOD = SPECIAL TAX BONDS, SERIES 21103B This Official Statement, including the cover page and appendices hereto, is provided to fumish information regarding the Redwood Shores Community Facilities District No. 99 -1 (Shores Transportation Improvement Project) of the City of Redwood City Special Tax Bonds, Series 2003E (the "2003 Bonds "). This introduction is not a summary of this Official Statement It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the and re Official Statement, including the cover page and appendices hereto, and the documents summarized or described herein. Defined terms used and not defined herein shall have the meanings ascribed to them in the Fiscal Agent Agreement; or, as to descriptions of the Special Tax in the Rate and Method. A full review should be made of the entire Official Statement. The offering of the 2003 Bonds to potential investors is made only by means of the entire Official Statement. The City. The City of Redwood City (the "City") is located on the west shore of the San Francisco Bay midway between San Francisco (25 miles to the north) and San Jose (17 miles to the south) in San Mateo County (the "County"). The City was incorporated as a charter city in 1929. It maintains a council- manager form of government with the Mayor and Council Members elected at -large for four -year overlapping terns. The City Council serves as the legislative body of the District See "APPENDIX A - City of Redwood City General Information." The District. The Redwood Shores Community Facilities District No. 99 -1 (Shores Transportation Improvement Project) of the City of Redwood City (the "District ") was formed and established by the City in 1999 pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the "Act "), following a public hearing and a landowner election at which the qualified electors of the District, by more than a two -thirds vote, authorized the District to incur 2003 Bonded indebtedness in the aggregate not -to- exceed amount of $13,535,000 and approved the levy of special taxes (the "Special Taxes ") to pay debt service on such 2003 Bonded indebtedness. All of the property in the District is improved. Only parcels in the District with developed commercial square footage thereon or on which the City has approved the construction of commercial square footage (the "Taxable Parcels ") are subject to the levy of special taxes of the District. Based on City and County records and including the Oracle Parcels (defined in the following paragraph) which are no longer subject to the annual Special Tax levy, a total of 6,158.921 commercial square feet in the District meets this criteria. The District includes 75 parcels totaling 300.55 acres, owned or controlled by long -term leases with an option to purchase by 26 separate entities. Only parcels used for commercial purposes are included in the District; any parcels used or to be used for single or multi- -1 -