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Mr. Ponty, Finance Director, introduced the item and explained that changes are being recommended to the District. He clarified that this is the sole responsibility of the District. He provided a summary of the prior actions. One Council Member wanted confirmation that this is a neutral revenue exchange and staff confirmed this. Recommendation: 1. Approve by resolution, the City's consideration of amending certain provisions relating to the One Marina CFD, A RESOLUTION No. 15102 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DECLARING ITS CONSIDERATION OF AMENDING CERTAIN PROVISIONS RELATING TO COMMUNITY FACILITIES DISTRICT NO 2010 -1 (ONE MARINA) M/S Foust/Seybert to adopt the resolution. Motion carried unanimously by electronic vote. The Mayor announced that this will be the time and place for the public hearing for the proposed amendments to the proceedings relating to the City of Redwood City Community Facilities District No. 2010 -1 (One Marina), to consider: • amending the Special Tax Formula, • amending the description of the facilities eligible for funding by the District, • reducing the authorized special tax bonds and appropriations limit for the District to an amount not to exceed $7,500,000, and • authorizing the removal of certain property exempt from taxation from the District upon the filing of a final map." 2. Approve by resolution, the call for a special election within the CFD regarding the proposed amendments, and RESOLUTION No. 15103 CALLING SPECIAL ELECTION WITHIN CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2010 -1 (ONE MARINA) REGARDING CERTAIN PROPOSED AMENDMENTS M/S Seybert/Pierce to call the special election. Motion carried unanimously by voice vote. Mayor Ira opened the Public Hearing. There was no public comment. M/S Foust/Seybert to close the public hearing. Motion carried unanimously by voice vote. Mayor Ira then stated that since there are less than 12 persons registered to vote within the territory of the proposed District, the vote shall be by the landowners of the proposed District Formation. Each landowner has therefore submitted an executed Consent and Waiver, waiving the noticing and election requirements in connection with the Act. He asked have 100% of the Consent and Waivers been received by the City Clerk, so that we may hold the Community Facility District Special Election today? Ms. Vonderlinden concurred. JOINT CITY COUNCIL /REDEVELOPMENT AGENCY BOARD March 21, 2011 MEETING MINUTES PAGE 6 MINUTE BOOK NO. 63 Page No. 292