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Redevelopment Agency of the City of Redwood City 6.1. B. - Page 192
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30, 2011
<br /> 9. REDEVELOPMENT AGREEMENTS, Continued
<br /> A. Wyridltarn Place
<br /> Under t11e ternls of a Disposition and Developnlent Agreenlent dated January 10, 1995 between fl1e
<br /> Agency and the Developer, Butler Stellar Corporation, the Agency assisted fl1e Developer in the
<br /> remediation of environmental hazards and t11e acquisition of land. The Developer agreed to construct
<br /> Wyndllam Place, a 15 unit housing complex for low and moderate income citizens. The Agency
<br /> contributed $1,968,111 to t11e project aild land valued at $301,356, whicll previously was held as land
<br /> 11e1d for redevelopment.
<br /> B. City Ceriter Plaza
<br /> Under t11e terms of Disposition and Development Agreements dated February 5, 1996 between the
<br /> Agency and t11e developers, Mezes Court Associate (residential developnlent), a11d J.H.R Trust
<br /> (conunercial development), fl1e Agency sold to the Developers several parcels of land and cleaned the
<br /> site of toxic nlaterials, in exchallge for pronussory notes totaling $1,700,000, the appraised value of the
<br /> land. The Developers constructed City Center Plaza which contains 81 affordable housing units, a child
<br /> care facility, residential and commercial parking and 17,900 square feet of retail space. Tl1e promissory
<br /> note fronl Mezes Court Associate in the anlount of $1,445,000 is to be repaid fronl surplus revenues
<br /> generated by the 1lousing project $irough 2028. The note accrues ulterest at 3%. The pronussory note
<br /> from J.H.R. Trust in t11e amount of $255,000 is also due in 2028, wifll interest accruing at 3% as well, and
<br /> with paynlents scheduled to begin January 1, 2008. The outstanding balance at June 30, 2011 was
<br /> $1,665,649.
<br /> C. County of San Mateo
<br /> Under the terms of t11e Original and First Amendinent Area Agreenlents, after the Agency receives a
<br /> cunlulative $2 million of t11e County's share of tax increment in Original and First Anlendment Areas,
<br /> the Agency agreed to allow the County to receive 100% of the County's share of the tax increnlent in the
<br /> Original and First Anlendment Areas. Conunencing Decenlber 14, 1990 $irough Jtu1e 30, 2011 the
<br /> Cowlty has received $18,835,290 including $1,412,196 for t11e year ended June 30, 2011 from the Original
<br /> and First Anlendnlent Areas.
<br /> Under fl1e Second Plan Amendment, fl1e Agency is to receive a cunlulative $25 million of the Count�s
<br /> share of tax increineilt on the Second Anlendment Area. Under an agreement with the Legal Aid
<br /> Society the Agency agreed to deposit the first $11.9 million u1 the Low and Moderate Inconle Housing
<br /> Fund. As of June 30, 2011, $10.3 million of the required $11.9 million has been deposited into the Low
<br /> and Moderate Inconle Housing Fund. In fiscal year 2003-04 the anlount deposited in fl1e Low and
<br /> Moderate Inconle Housing Fund pursuant to the Legal Aid Society agreenlent was suspended pending
<br /> legal review of this agreement. These deposits were resumed in FY 2008-09. As of June 30, 2011, $10.3
<br /> nullion of the tax increment waived by t11e County uz the Second Plan Amendnlent Areas had beeil
<br /> deposited into t11e Low and Moderate Inconle Housulg Fui1d. Once t11e Agency 11as received $25 nullion
<br /> of the County's share of the tax increment, the Agency has agreed to pass through to the County 100%
<br /> of the County's share of the renlainulg tax increment. As of June 30, 2011, the Agency has received
<br /> approxinlately $17,057,260 of t11e County's sllare of tax increment froin fl1e Second Anlendnlent Area.
<br /> In addition to t11e pass through agreenlent, the Agency also agreed to contribute to the cost of a County
<br /> parking facility in an amount of $1,250,000. This amount has been paid in full.
<br /> 3c;
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