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7. PUBLIC HEARINGS A. Creation of a special financing district for public infrastructure improvements incidental to the One Marina Project and allow for the sale of bonds pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. (506) Mr. Ponty, Finance Director, made some introductory remarks explaining the proceedings for the evening. He introduced the property owner in the audience. He offered to address any questions but there were none. Mr. Ponty mentioned the impact of a Mello-Roos tax and Council's limited obligation. Jeff Stava, the property owner's Bond Counsel, was present to answer any questions. Mayor/Chair opened the public hearing and stated this is the time and place for the public hearing for the proposed formation of the City of Redwood City Community Facilities District No. 2010-1 (One Marina), to consider: • the extent of the District, • the furnishing of specified types of public facilities and services within the District, • the proposed rate and method of apportionment of the special tax; • and the proposed incurrence of bonded indebtedness in an amount not to exceed $17,000,000 in connection with the District." Mayor/Chair asked the City Clerk if notice of this hearing was given in accordance with the Mello-Roos Community Facilities Act of 1982? City Clerk Vonderlinden responded: "Yes, Notice was published on September 4, 2010, in conformity with the requirements of the Act." Chair Pierce then declared that the public hearing officially opened. She addressed City Clerk Vonderlinden and inquired if a majority protest existed: • against the establishment of the District, • against the furnishing of a specified type or types of public facilities or services to serve the District, or • against levying a specified special tax within the District?" Chair Pierce added it has been requested by staff that the component of the facilities described as "Affordable Housing contributions as required by the City be deleted from the list of Facilities eligible to be funded by the District. She addressed the Council: "Does any member of the Council wish to comment on this request?" (a) If YES, consider comments; (b) If NO, than "Such component shall be excluded from the list of Facilities eligible to be funded by the District." Since were no comments from the Council, and City Clerk Vonderlinden announced that "no written protests have been received from the landowner(s) within the District, therefore a majority protest does not exist." Chair Pierce said: "It is now time to take testimony from the public." (c) "Is there anyone wishing to speak in favor of the District formation?" JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD September 13, 2010 MEETING MINUTES PAGE 5 MINUTE BOOK NO. 63 Page No. 181