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8.A. - Page 4 <br /> profit management corporation for administration of the district as recommended by the <br /> Board of Directors. <br /> ALTERNATIVES <br /> Regardless of the outcome of the assessment ballot proceeding, the City Council may <br /> choose not to adopt the Ordinance of Formation and not to form the CBID. If the <br /> weighed ballots in opposition to the assessment outweigh the ballots in support, then <br /> the City Council cannot adopt the Ordinance of Formation and form the CBID. <br /> FISCAL IMPACT <br /> If the Community Benefit Improvement District in Downtown Redwood City is approved, <br /> the annual General Fund obligation of the City will be $62,251, which may be increased <br /> by up to 5% annually. <br /> ENVIRONMENTAL REVIEW <br /> Not applicable. <br /> SEAN BROOKS <br /> ECONOMIC DEVELOPMENT MANAGER <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENTS <br /> 1. ORDINANCE OF FORMATION <br /> 2. EXHIBIT 1 - CBID- MANAGEMENT _DISTRICT PLAN <br /> 3. EXHIBIT 2 —CBID ENGINEERS_ REPORT <br /> 4. EXHIBIT 3 0 CBID BALLOT PACKET - JUNE 12, 2014 <br /> 5. COMPENSATION AGREEMENT WITH SAN MATEO COUNTY <br />