AgdaPkt 2015-01-12 Joint SA Amended

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7.4.A. - Page 3 public works contracts over $10,000 must be handled by the City because the City cannot contract away its public works obligations under the Charter. • A statement of activities /programs funded by District revenues, and the cost of each activity or program shall be mailed to every property owner within the District by December 31st of each year. • Meetings of the RCIA shall comply with the open meeting requirements of the Ralph M. Brown Act and the Public Records Act. • RCIA shall submit an Annual Work Plan and Budget on or before May 1st for each upcoming fiscal year. (Fiscal year will run from July 1 — June 30) • RCIA shall submit an Annual Report and Budget on or before January 1 each year. The RCIA shall prepare financial statements that document the disposition, commitment and line item expenditures of all revenues received during the previous fiscal year. City of Redwood City Responsibilities: • The City shall coordinate the collection of the annual Assessment through an agreement with the County of San Mateo and ensure the billing of those public or tax - exempt entities not billed through the County of San Mateo property tax billing procedures, and monitor the payment process to obtain timely payment of Assessments by public entities and other tax - exempt District property owners. • Contingent upon receipt of assessment funds from the County of San Mateo, the City shall disburse to the RCIA the Assessments received from the County on or about the following dates and in accordance with the following percentages. - December 18: First 50% of annual assessment received from the County, or the full amount transferred by the County to the City in the December installment, whichever is greater. Plus 50% of the annual Assessments received and collected by the City for tax - exempt and publicly owned parcels within the District. - April 30: Second 50 %. - June 20: Any additional Assessment amounts transferred to the City that were collected during the fiscal year. • The City is not liable for any costs of the RCIA outside of the City's actual assessment due for property owned within the District. The City is not liable for the failure of any other property owners to pay the required assessment. ALTERNATIVES The City could solicit interest from another non - profit public benefit corporation other than the RCIA to administer CBID services, but this would take additional time and would not take advantage of the utilization of key members from the Property Owner Steering Committee who were influential throughout the formation of the CBID and who are current board members of the RCIA. The current board members of the RCIA represent institutional knowledge that is not easy to duplicate or replace.