AgdaPkt 2003-09-08 - Laserfiche WebLink

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constituting Article 4 of Chapter 5 of Division 7 of Title 1 (commencing with Section 6584) of the California Government Code. The Bonds purchased by the Authority will be concurrently resold to Stone & Youngberg LLC, as Underwriter. The Bonds are special obligations of the Agency, secured by a pledge of and first lien on tax increment revenues ( "Tax Revenuesl derived from 1 the Project Area The Bonds are secured on a parity basis with the claim on Tax Revenues of the 1997 Bonds. The 1997 Bonds are currently outstanding in the aggregate principal amount of $10,000,000. The Agency and the Project Area The City, acting pursuant to the Redevelopment Law, activated the Agency by Ordinance No. 1491 on May 24, 1971. The Agency's primary responsibilities include elimination of the slums and blight, revitalization of older neighborhoods, facilitation of additional housing, encouragement of economic development and creation of new employment opportunities. Pursuant to the Redevelopment Law and Ordinance No. 1862, adopted on July 19, 1982, the City adopted a plan entitled "Redevelopment Plan for Redevelopment Project No. 2" (the "Original Redevelopment Plan") covering certain portions of the City's downtown area (the "Original Project Area "). On May 20, 1985, the City Council adopted Ordinance No. 1911 amending the Original Redevelopment Plan (the "Redevelopment Plan Amendment's for the purpose of adding certain portions of the City's marina area to the Original Project Area (the, "First Amendment Area "). On December 18, 1989, the City Council adopted Ordinance No. 2007 further amending the Original Redevelopment Plan (the "Second Redevelopment Plan Amendment's for the purpose of adding certain property along Seaport Boulevard to the Original Project Area and the First Amendment Area (the "Second Amendment Area "). The Original Redevelopment Plan, the First Redevelopment Plan Amendment and the Second Redevelopment Plan Amendment are herein referred to collectively as the "Redevelopment Plan." The Original Project Area, the First Amendment Area and the Second Amendment Area are herein referred to collectively as the "Project Area." The Project Area is the Agency's sole project area. The three noncontiguous sub -areas within the Project Area comprise approximately 932.24 acres of land. The total assessed value in the Project Area for the 2003 -04 fiscal year is $1,242,868,190. Tax Allocation Financing The Redevelopment Law provides a means for financing redevelopment projects based upon an allocation of taxes collected within a project area. The taxable valuation of a project area last equalized prior to adoption of the redevelopment plan, or base roll, is established and, except for any period during which the taxable valuation drops below the base year level, the taxing agencies thereafter receive the taxes produced by the levy of the then current tax rate upon the base roll. Taxes collected upon any increase in taxable valuation over the base roll are allocated to a redevelopment agency and may be pledged by a redevelopment agency to the repayment of any indebtedness incurred in financing or refinancing a redevelopment project. Redevelopment agencies themselves have no authority to levy property taxes and must look specifically to the allocation of taxes produced as above indicated. The San Mateo County Auditor - Controller reports that the 2003 -04 assessment roll for the Project Area shows an increase in assessed valuations of approximately $853.5 million over the base year. Net tax increment revenues, after payments of County administration fees, housing set -aside amounts and certain other amounts, but not including subordinated tax -2-