RDA Reso 2004-005 - Laserfiche WebLink

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to increases in the assessed valuation of certain property (except public property and property exempt from taxation) in the Project Area over that shown on the assessment roll for the adjusted base year. Such taxes are eligible for allocation to the Agency pursuant to the Redevelopment Law in connection with development or rehabilitation of property within the Project Area. Tax Revenues are more fully described under the caption "SECURITY FOR THE BONDS -- Tax Revenues". Risk Factors. Any future decrease in the taxable valuation in the Project Area or in the applicable tax rates could reduce the Tax Revenues allocated to the Agency and correspondingly could have an adverse impact on the ability of the Agency to pay debt service on the Bonds. See "RISK FACTORS" herein. The Project Area. On July 19, 1999, the City Council of the City (the "City Council") adopted the Redevelopment Plan for the West San Leandro/MacArthur Boulevard Redevelopment Project (as amended, the "Redevelopment Plan") by Ordinance No. 99-025, as amended by Ordinance No. 2000-014 adopted on June 26, 2000. The Project Area is largely comprised of industrial parcels. The assessed value of the Project Area for fiscal year 2003-04 is approximately $786.8 million and the base year valuation is $640,048,050. The project area is comprised of two geographic areas. The western portion, internally known as the "West San Leandro Area", is located in the City's industrial core which is entirely west of Interstate 880 and comprises approximately 1,014 acres. The other, smaller, portion is largely commercial and is known internally as the "MacAruthur Boulevard Area". This portion abuts a portion of Interstate 580 in the northern section of the City and comprises approximately 16 acres. The City. The City of San Leandro is a charter city operating under the mayor /council /manager form of government. The City was incorporated in 1872 under the laws of the State of California. It is located in central Alameda County, approximately 20 miles southeast of San Francisco. The City has a population of approximately 81,400 as of January 1, 2003. For certain information regarding the City, see "APPENDIX D -City of San Leandro General Information." The Bonds are not an obligation of the City. The Agency. The Agency was created by the City Council on October 17, 1960 under the provisions of the Redevelopment Law, at which time the City Council declared itself to be the governing board of the Agency. The Project Area is one of three redevelopment project areas of the Agency. Miscellaneous. There follows in this Official Statement, which includes the cover page and Appendices hereto, a brief description of the Bonds, the Agency, Tax Revenues, the Project Area, security for the Bonds, risk factors and limitations on Tax Revenues and certain other information relevant to the issuance of the Bonds. All references herein to the Indenture are qualified in their entirety by reference to the definitive form thereof, all references to the Bonds are further qualified by references to the information with respect thereto contained in the Indenture. A summary of certain provisions of the Indenture is included in APPENDIX C. A recent financial statement of the Agency is included in APPENDIX A. The information set forth herein and in the Appendices hereto has been furnished by the Agency and includes information which has been obtained from other sources which are believed to be reliable but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Underwriter. All capitalized terms used herein and not normally capitalized have the meanings assigned thereto in the Indenture, unless otherwise stated herein. The information and expressions of opinion herein speak only as of the date of this Official Statement and are subject to change without notice. Neither delivery of this Official Statement nor any sale made hereunder nor any future use of this Official Statement shall, -2-