AgdaPkt 2003-08-25 - Laserfiche WebLink

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amount not to exceed $8,490,000.00 and approving certain financing documents in substantially final form and taking certain actions in connection therewith. Financial Services Director Ponty explained that the total amount to ba expended on the project is approximately $19.2 million. He stated that $6.6 million will come from bonds, $7.6 million is coming from two Federal grants by way of the State government, the City of Belmont will contribute $1.1 million and property owner prepayments of $3.9 million are included. Mr. Ponty recognized and acknowledged the work of C /CAG Executive Director Rich Napier which included several trips to Sacramento representing the City before the California Transportation Commission to secure the two grants. Public Comment: Rudy Luca asked why Redwood City needs to be involved in the project or the bonds. Mayor Claire stated that the Redwood Shores neighborhood uses the interchange as much, if not more, than the City of Belmont. Council Member Jordan stated that there are Redwood City businesses in that area that are using the interchange as well as the residents. David Valkanaar stated that he drives and bicycles the area daily and requested that the designers keep in mind the needs of the bicyclists in the area. Don Warren stated that the financing of the bonds is almost exclusively funded by the commercial property owners in Redwood Shores who voted to tax themselves in order to obtain the improvements. There is no encumbrance on the residents of Redwood Shores. Another major benefit to Redwood City is that the traffic that now flows out of the Island Park section of Belmont that impacts the intersection of Marine Parkway and Oracle Parkway will be dramatically improved. He complimented the City staff for having kept the project on track during these difficult times. Recommendation: M/S Jordan /Ruskin acting as the legislative body of the Redwood Shores Community Facilities District No. 99 -1, adopt a resolution approving the sale of special tax bonds of the district in an amount sufficient to fund Phase II construction for the Shores Transportation Improvement Project and associated financing costs. RESOLUTION 14543 OF THE COUNCIL OF THE CITY OF REDWOOD CITY, ACTING AS THE LEGISLATIVE BODY OF REDWOOD SHORES COMMUNITY FACILITIES DISTRICT NO. 99 -1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF THE CITY OF REDWOOD CITY, STATING ITS INTENTION TO ISSUE BONDS AND AUTHORIZING THE ISSUANCE OF ITS SPECIAL TAX BONDS, SERIES 2003B, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8,490,000 AND APPROVING REGULAR CITY COUNCIL MEETING JULY 28, 2003 MINUTES PAGE 6