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ATTY/RESO.3094/CC RESO SEAPORT CENTRE <br />REV: 05-29-15 VR <br />Page 3 of 4 <br />paid by annual benefit assessments apportioned among the several lots or parcels of <br />property within the District. <br />(b) The Formula for calculation of the maximum annual assessment against <br />each Assessed Parcel shall be: <br />c = ( C x a/A ) <br />where: <br />c individual parcel assessment. <br />C total District Operation and Maintenance budget for the fiscal year. <br />a individual parcel area. <br />A summation of all Maintenance District parcel areas. <br />The maximum total annual assessment against the Assessed Parcels in any <br />year shall be $187,000. <br />(c) If the Annual Assessment is extended as proposed by this Resolution, the <br />City Manager will cause to be annually prepared a budget for the costs and expenses of <br />maintaining and operating the Improvements during the ensuing fiscal year. The <br />Reports, which are hereby approved as filed pursuant to Section 18.106 of the <br />Ordinance, set forth that budget for Fiscal Year 2015-16. <br /> (d) The following are set as the date and time for a hearing on the Reports <br />and on the extension of the Annual Assessment (the “Public Hearing”): <br /> <br /> Date: July 27, 2015 <br /> Time: 7:00 p.m. or as soon thereafter as the matter may be heard <br /> Place: City Hall <br /> 1017 Middlefield Road <br /> Redwood City, California <br />7.2.G. - Page 6