Minutes 1966 Jan to June - Laserfiche WebLink

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debts, spending and taxes, and how existing City affected; (3) Effect of schools on the project; (4) Future Leslie financial participation in project. Mr. Reiter outlined following answers made to these questions: 1. District Assessor Use of County Assessor's assessed valuations will not produce equity for benefits to undeveloped land and would actually transfer too much burden to single family home owners and others having purchased developed land. County Assessor does not have Staff to assess every parcel of land in County each year and must rely on samples of sales data and apply his judgment on balance. In addition his judgment is applied towards equalizing benefits received for "services" of City and county government, i.e., .land as yet undeveloped does not require police and f ire protection, library services, main- tenance of public utilities, etc., he, therefore, assesses those lands at correspondingly lower values, which is a logical consequence relative to benefits received. As a further consequence and because of magnitude of his task, in that he must consider over 290,000 acres, or probably over million parcels each year, he is not in a position to recognize the values attributable to unde- veloped lands within the District for such. things as regional water supply lines, bridges that span new avenues for development, and the .like. The District Assessor will be able to make up to date assessments recognizing the benefits attributable to undeveloped lands in a current and up-to-date basis. In addition the use of a District Assessor will provide further protection for the residents of Redwood Shores since the City Council will sit as the Board of Eaualization. 2. District Debt Limitation, Spending and Taxes. By law District must finance itself and cannot call on existing City for financial participation. It is a General Improvement District; will actually return more to City than it draws from existing City; is isolated financially by law; higher assessed valuation per capita than in existing City; will provide its own neva facilities for water, sewer, and streets, etc.; District will deliver money to City and County that will not be spent for maintenance of their own facilities and other economies of scale. J. Limitation of District Debts. Guidelines and recommendations presented as follows: 1/3 of fair market value to be considered as bonding capacity, not limited by law but considered in best judgment by financial advisors. In addition to this limitation, a limit as to funding and payment capacity to be considered on district's capacity and ability to repay; substantial level debt service; even flow of taxes to preclude ballon- ing of debt service; current values and immediate supportable values be used in District's figuring. 4. Mr. Reiter stated School Report was to be submitted by Dr. James on February 18th and could only state at this time his conclusions appeared to be consistent with that of DMJM.