AgdaPkt 2012-01-09 - Laserfiche WebLink

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Re� 6.1. B. - 191 Jency of the City of Redwood City Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 8. GENERAL INFORMATION, Continued First Second Original Amendment Amendment Area Area Area Debt Establishment 1/1/2004 6/20/2005 1/18/2010 Plan Effectiveness 8/ 19/ 2022 6/ 20/ 2025 1/ 18/ 2028 Tax Increment Receipt 8/ 19/ 2032 6/ 20/ 2035 1/ 18/ 2038 Commencement of Eminent Domain Proceedings 1/18/2008 1/18/2008 1/18/2008 Bond Debt Limit ------------------------$119 million combined--------------------- Tax Increment Limit ------------------------$398 million combined--------------------- The cumulative tax increment linlit shown above is expressed in the Pedevelopnlent Plan as being calculated on t11e basis of total gross tax increnlent less any tax sharing payinents to the taxiilg entities and any 1lousing set-aside on the tax sharing paynlents. The tax increment linlit is applicable fronl the effective date of the Second Anlendment. The Agency has received $115 nullion u1 tax increnlent through 2010-11. As shown above, the anlount of bonded indebtedness fllat can be outstanding at any one tinle cannot exceed $119 nlillion. At June 30, 2011, t11e Agency 11ad $32,772,448 outstandulg in tax increnlent bonds. T11e foregoing dates linliting debt establisllnlent are inapplicable as they relate to debt t11at is payable out of the Low and Moderate Income Housing fund. The Original Area contains 332 acres of land. The First Anlendnlent Area added 4.24 acres of land and the Second Aineildnlent Area added 596 acres. T11e project area includes the traditional downtown of Redwood City, along with t11e Seaport and Marina sub-areas. 9. REDEVELOPMENT AGREEMENTS Tl1e Agency has entered into agreenlents with developers and other governnlent entities for tlle purpose of ensuring t11e redevelopment of properties u1 its area. The Agency's agreements with developers - termed Disposition and Developnlent Agreements or Owner Participation Agreenlents - generally require the Agency to assist u1 finailcing land acquisition or operatulg costs of a specific project, but are based on t11e developer's perfornlance on t11at project as nleasured by ulcreases in property taxes and sales taxes generated by t11e project or to provide affordable housing to the coninlunity. The increases in these taxes are the only source of Agency assistance for t11e project. Tl1e Agency 11as agreements termed pass-through with governnlent entities. Tllese agreements require the Agency to pass througll to these entities a portion of the property tax ulcreases it collects, representing $Ze increases these entities would have expected to collect if the Agency had not been fornled. All these agreenlents are described below: s5