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<br />r
<br />value of all Remaining Taxable Parcels would be reduced by approximately $128,770,954. See
<br />"Assessment Appeals."
<br />General improvement District 1-04. General Improvement District 1-64 ("Improvement District
<br />1 -64 ") is a 4,686 -acre improvement district formed in 1964, for the purpose of facilitating the
<br />development of the Redwood Shores area. All of the Remaining Taxable Parcels in the District are
<br />included in Improvement District 1 -64. The landowners in Improvement District 1 -64 authorized the
<br />issuance of facilities and reclamation Bonds between 1966 and 1979 to fund infiastnuture in
<br />Redwood Shores. The Bonds were approved before Proposition 13 became effective, and the debt
<br />service on the Bonds is funded through property taxes levied on parcels in the Improvement District 1-
<br />64 based on the appraised value of such property. The outstanding balance of the Improvement
<br />District 1 -64 improvement Bonds on June 30, 2002 was $8,655,000. Remaining Taxable Parcels are
<br />responsible for approximately 23% of the total Fiscal Year 2002 -03 Improvement District 1 -64 levy.
<br />See "Direct and Overlapping Governmental Obligations" below.
<br />The table below compares the aggregate assessed value for the Taxable Parcels in the District,
<br />with estimates of (i) the annual ad valorem property taxes levied against Remaining Taxable Parcels
<br />(based upon Fiscal Year 2002 -03 assessed value), the Maximum Fiscal Year 2002 -03 Special Taxes
<br />expected to be levied, and (iii) the estimate of the annual assessment of the overlapping Improvement
<br />District 1 -64 on Remaining Taxable Parcels in the District
<br />Table 1
<br />COMMUNITY FACILITIES DISTRICT NO. 99-1
<br />Remaining Taxable Parcels - Ad Valorem Property Taxes, Maximum Annual Special Taxes and
<br />Existing Assessments As a Percentage of Assessed Value
<br />(For Fiscal Year 2002 -03)
<br />Assessmer_: Appeals. Property assessed valuation appeals are listed in the following table.
<br />pppi
<br />Assessed Value
<br />Taxes Against
<br />Owner
<br />Total Tax and
<br />of Remaining
<br />year
<br />APN
<br />Yew
<br />owner
<br />Value
<br />AAmsed Value
<br />Special OWR Burden
<br />2002
<br />095- 221 -120
<br />2002
<br />EQUrrY OFFICE PROPERTIES
<br />$46,000,000
<br />$61,000,000
<br />($15,000,000
<br />2002
<br />095 - 222 -330
<br />2002
<br />REDWOOD SLJ1T'FS LLC
<br />7,500,000
<br />11,322,500
<br />(3.822,500
<br />2002
<br />095- 232 -020
<br />2002
<br />EppU1TY OFFICE PROPERTIES
<br />16,000,000
<br />22,000,000
<br />(6,000,000
<br />2002
<br />095 - 233 -180
<br />2002
<br />MIOTEL CORPORATION LESSEE
<br />21,800,000
<br />59,385,868
<br />(37,585,868
<br />2002
<br />095- 242 -260
<br />2002
<br />REDWOOD SHORES PAVILION
<br />7,000,000
<br />12,100,000
<br />(5,100,000
<br />OFFICE CE
<br />2002
<br />095 - 481 -040
<br />2002
<br />FLATIRONS FUNDING LTD
<br />28,000,000
<br />56,166,318
<br />(28,166,318)
<br />2002
<br />095- 481 -050
<br />2002
<br />PRTNSHP
<br />FLATIRONS FUNDING LTD
<br />21,700,000
<br />41,150,268
<br />(19,450,268)
<br />2002
<br />095- 481 -070
<br />2002
<br />PRTNSHP
<br />SELCO SERVICE CORPORATION
<br />30,000,000
<br />58,646,000
<br />(28,646,000)
<br />($328,770,954)
<br />General improvement District 1-04. General Improvement District 1-64 ("Improvement District
<br />1 -64 ") is a 4,686 -acre improvement district formed in 1964, for the purpose of facilitating the
<br />development of the Redwood Shores area. All of the Remaining Taxable Parcels in the District are
<br />included in Improvement District 1 -64. The landowners in Improvement District 1 -64 authorized the
<br />issuance of facilities and reclamation Bonds between 1966 and 1979 to fund infiastnuture in
<br />Redwood Shores. The Bonds were approved before Proposition 13 became effective, and the debt
<br />service on the Bonds is funded through property taxes levied on parcels in the Improvement District 1-
<br />64 based on the appraised value of such property. The outstanding balance of the Improvement
<br />District 1 -64 improvement Bonds on June 30, 2002 was $8,655,000. Remaining Taxable Parcels are
<br />responsible for approximately 23% of the total Fiscal Year 2002 -03 Improvement District 1 -64 levy.
<br />See "Direct and Overlapping Governmental Obligations" below.
<br />The table below compares the aggregate assessed value for the Taxable Parcels in the District,
<br />with estimates of (i) the annual ad valorem property taxes levied against Remaining Taxable Parcels
<br />(based upon Fiscal Year 2002 -03 assessed value), the Maximum Fiscal Year 2002 -03 Special Taxes
<br />expected to be levied, and (iii) the estimate of the annual assessment of the overlapping Improvement
<br />District 1 -64 on Remaining Taxable Parcels in the District
<br />Table 1
<br />COMMUNITY FACILITIES DISTRICT NO. 99-1
<br />Remaining Taxable Parcels - Ad Valorem Property Taxes, Maximum Annual Special Taxes and
<br />Existing Assessments As a Percentage of Assessed Value
<br />(For Fiscal Year 2002 -03)
<br />'•' Lesser of fiscal year 2002-03 assessed value or appellant statement of value.
<br />ai Less portion of charge prior to debt service.
<br />"' Includes debt service and administrative expense levy for General Improvement District 1-64
<br />obll�atkm bonds and other minor fees and assessments of tax ciimms.
<br />Note: "I are shown above at the maximum allowable rates. values and special
<br />assessments are based on actual Fiscal Yoe 2002 -03 figures.
<br />Source: W am Euphrat Municipal Finance, Inc
<br />-22-
<br />Ad Valorem
<br />Assessed Value
<br />Taxes Against
<br />Parcels
<br />Total Tax and
<br />of Remaining
<br />Remaining
<br />Maximum
<br />Special Assessment
<br />Taxable Parcels
<br />Taxable Parcels
<br />Annual S dal
<br />Special OWR Burden
<br />in District"'
<br />in 1
<br />Taxes
<br />As�rngm I (as %of A.V.)
<br />$765.845.299
<br />$8,976,613
<br />$1,018,033
<br />$466,231 1.37%
<br />'•' Lesser of fiscal year 2002-03 assessed value or appellant statement of value.
<br />ai Less portion of charge prior to debt service.
<br />"' Includes debt service and administrative expense levy for General Improvement District 1-64
<br />obll�atkm bonds and other minor fees and assessments of tax ciimms.
<br />Note: "I are shown above at the maximum allowable rates. values and special
<br />assessments are based on actual Fiscal Yoe 2002 -03 figures.
<br />Source: W am Euphrat Municipal Finance, Inc
<br />-22-
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