AgdaPkt 2014-07-28 Closed, Special and Joint SA

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THE DOWNTOWN REDWOOD CITY CBID — ENGINEER'S REPORT 8.A. - Page 69 For residential condominium uses, the application of unit building pad area (interior unit parcel building square area measurement) is a proven method of fairly and equitably spreading special benefit costs to these unique property ownerships and land uses. Land area and street frontage are not appropriate assessment factors to use for residential condominiums due to their design configurations which often involve multi -floor layouts and varied unit orientation. This assessment factor, assessed to the parcel building square footage area, directly relates to the degree of special benefit each residential condominium parcel will receive from targeted CBID funded activities for this land use. This factor, residential condominium building pad area, would generate approximately 0.001% of the total CBID revenue. This assessment methodology for residential condominium parcels is consistent with the building square footage costs of other CBID and community benefit districts in the state. Their parcel assessments are allocated in the same proportion percentage as the overall budget, however residential condominium units have a more unique relationship with the Downtown in that they are present 365 days per year, as compared to 5 to 6 days per week, they are present on holidays, they use the public rights of way for recreational and exercising, they enjoy the public spaces to a greater extent as their leisure areas, they have animals within Downtown and Downtown is their "home" as compared to a business or property that they frequent for commercial purposes. The "Basic Benefit Units" will be expressed as a combined function of gross building square footage (Benefit Unit "A ") land square footage (Benefit Unit `B "), street frontage (Benefit Unit "C ") and residential condominium building pad area (Benefit Unit "D "). Based on the shape of the proposed Downtown Redwood City CBID, as well as the nature of the District program elements, it is determined that all identified properties will gain a direct and proportionate degree of special benefit based on the respective amount of building size, parcel size and street frontage within two benefit zones. Residential condominiums will gain a direct and proportionate degree of special benefit based on the individual building pad area of each unit, regardless of zone location. There are two Benefit Zones within the proposed Downtown Redwood City CBID. Benefit Zones 1 and 2 assessments are based on three formula components: building square footage; land square footage and street frontage. Residential condominiums assessments are based on the individual building pad area of each unit, regardless of zone location. Based on the proportion of services in the two Benefit Assessment Zones, the Basic Benefit Units will be divided as follows: 1) Benefit Units for the building area, "Unit A ", 2) Benefit Units for the land area, "Unit B "; 3) Benefit Units for the street frontage, "Unit C "; and, 4) Benefit Units for residential condominium building pad area, "Unit D "; Future Development Other than future maximum rates and the assessment methodology delineated in this Report, per State Law (Government Code Section 53750), future assessments may increase for any given parcel if such an increase is attributable to events other than an increased rate or revised methodology, such as a change in the density, intensity, or nature of the use of land. Any change in assessment formula methodology or rates other than as stipulated in this Report would require a new 22