Laserfiche WebLink
<br /> 8A <br /> Page 1 <br />REPORT <br />August 28, 2006 <br />Subject <br />General Improvement District 1--64 Development Agreement Extension <br />Recommendation <br />By ordinance, authorize the ninth amendment to the Development Agreement with <br />Keech Properties, LLC, (formerly with Redwood Shores, Inc.), for an extension period <br />of three (3) years, up to and including September 30, 2009. <br />Background <br />Part A - Infrastructure Financina by G.O. Bonds (1964-1982), In 1959, the City of <br />Redwood City annexed lands known as Redwood Peninsula and Bair Island. In 1964, <br />a portion of this area was constituted as the General Improvement District No. 1-64 <br />("Districf' or "GID"). From 1964 to 1968, shortly after the formation of GID 1-64. a <br />District landowner election authorized General Obligation Bonds totaling $127 million <br />for facilities purposes, and $93.7 million for reclamation purposes. <br />Facilities projects included construction of local streets, storm drainage system, parks, <br />water and sewer systems. Reclamation projects included construction of levee works, <br />and filling and grading necessary to drain and reclaim land within the District. <br />From 1964 to 1968, with the Series A to D Bonds; and with Series E Bonds issued in <br />1979, the District issued a total $18.5 million of facilities bonds and $9.5 million of <br />reclamation bonds. The annual bond service is funded from taxes on property within <br />the District. All bonds are scheduled to be retired prior to or at Year 2008/2009. <br />Part B - Infrastructure Financing by Facility Fees (1982 to 1997). In 1978, the City <br />Council approved a motion to limit the issuance of additional bonds so the debt service <br />shall not exceed 1.25 percent of full cash value. In 1982, based on a financing plan <br />developed during 1980 and 1981. the City of Redwood City and Redwood Shores, Inc., <br />then the District's sole developer. executed a Development Agreement, which adopted <br />a Facilities Fee Strategy to finance the construction of future infrastructure in GID 1-64. <br />In 1983, the city deauthorized the remaining bonding capacity, except for $8.0 million of <br />the bond authorization for issuance upon City Council approval of Emergency Levee <br />Repairs. <br />Page 1 of 3 <br />- <br />