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Redevelopment Agency of the City of Redwood City 6.1. B. - Page 190 <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2011 <br /> 7. LONG-TERM DEBT, Continued <br /> B. TaxAllocatio�i Bonds, Series 2003A, Coritiriued <br /> Tl1e Tax Allocation Bonds, Series 2003A 11ad issuance costs of $1,386,035, wllich were recorded as <br /> deferred charges on the Statenlent of Net Assets. This anlount is being anlortized over the life of the <br /> bonds at $47,794 annually. As of June 30, 2011 the amount renlaining was $1,051,476. <br /> C. Loarts <br /> Redwood City School District Loan entered ulto by the Redevelopment Ageilcy u1 1998 to finance a <br /> portion of t11e laild and buildulgs located at 2107 Broadway fllat were acquired for the purpose of <br /> eventually being resold to a developer, original anlount of $634,815 at 0% interest due u1 15 arulual <br /> ulstallnlents of $42,321 through 2013. <br /> T11e annual debt service requirenlents are shown below: <br /> Far the Fiscal Year <br /> Ended June 30, Principal <br /> 2012 42,321 <br /> 2013 42,321 <br /> $ 84,642 <br /> 8. GENERAL INFORMATION <br /> The Redevelopnlent Plan for the Project Area was originally adopted by the City Council on August 19, <br /> 1982 pursuant to Ordinance No. 1862 (Original Area). On June 20, 1985, the City Council approved an <br /> amendment to the Redevelopment Plan that added territory (First Amendnlent Area) pursuant to <br /> Ordinance No. 1911. A second amendnleilt was adopted by the City Couilcil pursuant to Ordinance No. <br /> 2007 on Jailuary 18, 1990. As part of t11e second amendment, a sib Zificant amount of territory was added <br /> (Second Ameildinent Area) aild a new tax increnlent a11d bonded indebtedness linut was establislled for the <br /> Project Area. In December 1994, the Redevelopnlent Plan was again ainended pursuant to Ordinance No. <br /> 2085 to brulg various financial tiine liinits into conformance with tllose required by State law pursuant to <br /> AB 1290. In July 2001, the Redevelopnlent Plan was again anlended to extend the date to conlnlence <br /> eminent domain proceedings. The current financial time limits for t11e Project Area are shown below: <br /> �� <br />