AgdaPkt 2003-07-28 - Laserfiche WebLink

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I AV AK REDWOOD SHORES COMMUNITY FACIIITIFS DISTRICT NO. 99-1 I.oation and Description Redwood Shores is a master - planned community located in the northeastern portion of the City. It comprises approximately 1,500 acres, and is surrounded by Highway 101 on the west, San Francisco Bay on the east, Belmont Slough on the north, and Steinberger Slough on the south. The site was originally part of a marshland system that bordered the Bay along what is now San Mateo County. The District comprises the commercial portion of Redwood Shores, and consists of 75 fully subdivided parcels totaling approximately 300.55 acres. The 75 parcels are owned or controlled by 26 commercial entities. Sixty-four of the parcels were initially classified as Taxable Parcels subject to the lien of Special Taxes. Oracle Corporation, the owner or controlling entity of eight Taxable Parcels, prepaid its Special Taxes prior to the issuance of the 2001 Bonds. Special Taxes are apportioned among the Remaining Taxable Parcels in proportion to commercial square feet A total of 6,158,921 commercial square feet has been constructed in the District and is used as the basis for levying Special Taxes on Taxable Parcels. Oracle prepaid Special Taxes applicable to 1,819,310 commercial square feet. The commercial square feet on the Taxable Parcels that were prepaid by Oracle is no longer subject to the lien of the Special Taxes and is not available to secure the Bonds. The remaining 4,339,611 commercial square feet is fully improved and subject to the lien of the Special Taxes. Ten of the 75 parcels, which are used as open space, parking areas, or other uses that exclude them from being subject to Special Taxes under the Rate and Method, are not Taxable Parcels. The first major commercial development in Redwood Shores, a corporate complex called the Shores Center, was completed in 1979, and attracted companies like DHL, Oral -B Labs, Fluor Mining & Metals, Hotel Sofitel, and many high -tech companies. In 1989 Oracle Corporation moved its finance and administration departments to Redwood Shores, and subsequently purchased a number of office buildings it was then occupying as well as a number of building sites, and established its corporate headquarters there. Oracle presently occupies approximately 1.8 million square feet in nine office buildings within the District, or approximately 30 percent of the approximately 6.15 million commercial square feet in the District. By 1995 the last commercial property still retained by the Redwood Shores master developer was sold for commercial development Electronic Arts now occupies approximately 575,000 square feet as its corporate headquarters on that site. Major property owners in the District include Oracle Corporation, Peery Public Investment Corporation, Flatirons Funding LTD Partnership (lessor of property to Electronic Arts Inc.), Equity Office Properties, Miotel Corporation (lessor of property to Sofitel), and Metropolitan Life Insurance Corporation (see "Major Land Owners" and "Current Development and Significant Land Uses" herein.) The District was formed to provide a method of funding projects that were identified in the Shores Transportation Improvement District Final Report - Phase I and Final Report - Phase 11, which were prepared to identify solutions for the traffic congestion problems that were occurring in the area See "THE PROJECT" herein. Valuation and Value-to-Debt Burden Assessed Value of Land in the District. The City has obtained the assessed value on the County's secured tax roll for land and improvements of all of the Remaining Taxable Parcels in the District (56 parcels in total), as established by the County Assessor for Fiscal Year 2002 -03. Such assessed value of these parcels, as shown on the FY 2002 -03 secured tax roll, total approximately $894,616,233. The owners of eight of these parcels have filed assessment appeals that have not yet been resolved. If the appellants' values are granted in their entirety, the fiscal year 2002 -03 assessed -21-