AgdaPkt 2012-01-09 - Laserfiche WebLink

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Re� 6.1. B. - 193 Jency of the City of Redwood City Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 9. REDEVELOPMENT AGREEMENTS, Continued D. Various Govei^r1�le�itRl Agericies T11e Agency anlended tlleir project area u1 1989 u1 order to expand the project area and to increase fl1e maximunl amount of tax increment that can be distributed to t11e Agency. As a result, the Agency entered into pass tllrougll agreements with various governnleiltal agencies whereby the Agency agreed to pass through to fllese governnlental agencies 50% of fl1e increase u1 tax increnlent less the anlowlt required to Ue set aside for Low and Moderate Inconle Housuzg fronl the anlendment area that �nTould be otherwise allocated and paid to these governmental agencies. For the year ended Jw1e 30, 2011, the Agency passed through $1,528,870 to these various governmental agencies. E. Irvine Apartnierat Community In August 1999 the Agency entered ulto a Disposition and Development Agreement with Irvine Apartment Communities (IAC) for a residential development of 206 units located on Maple Street in Redwood City. The developer was ulitially to fuild all costs associated with the project, and the Agency ab eed to use its power of enlulent donlaul to acquire t11e two small parcels located on Maple Street (t11e "Hudson Property"). Ii1 early 2000, IAC requested and the Agency Board approved an amendnlent to t11e original deal. The Agency agreed to reinlburse IAC for up to $196,000 of costs associated with offsite inlprovements related to the project. Based on this agreenlent, the developer funded the acquisition budget and the Agency went allead wit11 the acquisition. As of September 19, 2000, the Agency received an Order of Inlnlediate Possession fronl the Court, fl1e coninlercial and residential tenants were relocated. 10. FUNDS WITH EXPENDITURES EXCEEDING APPROPRIATIONS Expenditures exceeded appropriations in $Ze 2003 Tax Allocation Bonds Fund due to unbudgeted adnunistrative fees associated with bond administration. Sufficient reverntes were available to fund these expenditures. 11. RECENT CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES Duriilg fiscal year 2010/ll, t11e Agency and the City of Redwood City eiltered into an agreeinent in w11ic11 the City acquired certain Agency-owned real property assets for $10 per parcel. The Agency sold to the City three parcels held by the Agency as land 11e1d for redevelopnlent valued at $3,331,208, and four parcels owned by the Agency valued at $3,126,664. 3�