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<br />TABLE 7
<br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY
<br />Redevelopment Project Area No. 2
<br />Historic Project Area Assessed Values and Tax Rever -mm
<br />1999 -00 2000 -01 2001 -02 2002 -03 2003 -04
<br />Locally Assessed Seaued $766,654,954 $809,109,714 $926,871,190 $1,005,515,218 $1,043,171,240
<br />Value
<br />Unsecured Value 132,499,882 183,682,873 237,905,821 204,377,833 196,974,2662
<br />State - Assessed Value 1.304.224 1.275.634 1.308.789 1.308.789 2.722.688
<br />Total Taxable Value 900,459,060 994,068,221 1,166,085,800 1,211,201,840 1,242,868,190
<br />Petcentagechange 1% 10% 17% 4% 3%
<br />Less Base Year Value (1) (331.662.856) (331.662.856) (331.662.856) (331.662.856) (331.662,856)
<br />Total Incremental Value $568,796,204 $662,405,365 $834,422,944 $879,538,984 911,205,334
<br />Levy per County 5,328.630 6,263,838 8,009.581 8,439,422 n/a
<br />Tax Increment less 5,296,355 6,188,613 7,901,901 8,442,005 n/a
<br />Supplememals
<br />Supplementals 325.475 154.127 1.076.664 82.157 n/a
<br />Total Taxlnciement $5,621,830 $6,342,740 $8,978,565 $8,524,162 n/a
<br />Receipts
<br />Source: San Mateo County Auditor- Controller OIDce; Prepared by Fraser & Associates.
<br />Approximately $73 million of the value increase from 2000 -01 to 2001 -02 was related to
<br />new development activity. This included the partial completion of the 206 unit Irvine
<br />Apartment complex, which added $45 million in value; the completion of a large office
<br />development by RWC Technology, which added $21.5 million; and other small office
<br />developments. Changes of ownership also added over $47 million in new value over the period.
<br />The major change was the acquisition by Woodside Technology of an office campus that added
<br />$38 million in new value. The balance of the value increases can be attributed to other small
<br />changes of ownership and the allowable 2 percent inflation adjustment
<br />For fiscal year 2003 -04, the completion of the Irvine Apartment complex added an
<br />additional $27 million in new value on the fiscal year 2003 -04 tax roll. Changes of ownership
<br />increased value by approximately $11 million. Growth in secured value was offset by
<br />Proposition 8 reductions that were granted to the Woodside Technology Center (a $20.4 million
<br />reduction); RWC Technology (a $2.6 million reduction); and Vista Marin (a $1.3 million
<br />reduction).
<br />Actual receipts of tax increment have averaged 99 percent of the levy for the Project
<br />Area. The main reason that tax increment has been less than the calculated levy in certain fiscal
<br />years is due to refunds from assessment appeals. Refunds have ranged from a high of $176,974
<br />in fiscal year 2001 -02 to $30,949 in 2002 -03. Because an payment of tax increment to the
<br />Agency is made pursuant to an arrangement similar to the County's Teeter Plan, the Agency
<br />receives 100% of both the secured and unsecured levy. See "Teeter Plan" above.
<br />New Development
<br />The projections shown on Table 8 below include increases in taxable values for recent
<br />transfers of ownership that are not yet reflected on the tax roll and new development activity
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