The City of Foster City, the Estero Municipal Improvement District, and the Foster City Community Development Agency have paid off all outstanding bonds and are now debt free.

On Wednesday, September 2, 2009, the City of Foster City made its final debt payment in the amount of $430,147.50 for Vintage Park Special Assessment Bonds series 1989-1. These Special Assessment Bonds were issued for some of the public improvements in the north area of Foster City. While the General Obligation Bonds issued by the Estero Municipal Improvement District provided the capital to develop infrastructure for the entire City, Special Assessment Bonds provided the capital to develop infrastructure for a specific development in Foster City.

The Community Development Agency made its final debt payment in the amount of $3,638,320 for 2001 Tax Allocation Refunding Bonds on the previous day: Tuesday, September 1, 2009. The Estero Municipal Improvement District paid off its General Obligation bonds in August 2007.

City Manager Jim Hardy has been with the City for over 28 years. Reflecting on the achievement of this goal he commented, “In the early years of the Estero Municipal Improvement District and then the City of Foster City, there were some who wondered if this day would ever arrive. Well, it has and we should celebrate!”

Mayor John Kiramis echoed Hardy’s sentiments, “Excellent Council leadership and outstanding management of resources by staff has made this day possible when many didn’t believe it could be done. I am very proud to be able to celebrate this accomplishment.”