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06/08/2015 <br /> items necessary for the proper maintenance and operation thereof, shall continue to be <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 = ( Cxa/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 /> 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 /> ATTY/RES0.3094/CC RESO SEAPORT CENTRE RESO.#15416 <br /> REV:05-29-15 VR MUFF#507 <br /> Page 3 of 4 <br />