Laserfiche WebLink
7.3.B. - Page 17 <br /> Linear Frontage costs: $9.50 per linear foot /year <br /> Building Square Footage costs: Benefit Zone 1 $0.1094 per square foot /year <br /> Benefit Zone 2 $0.074703 per square foot /year <br /> Lot Size costs: $0.038170 per square foot /year <br /> Residential Condo costs: $0.20 per square foot of parcel unit square foot. <br /> Residential condo owners will NOT be assessed for <br /> linear frontage or lot size, but rather only the <br /> actual building square footage of their residential <br /> condo. (Regardless of benefit zone within the <br /> district) <br /> Assessment District Revenue Generation from each property variable: <br /> Linear Frontage : $ 421,580.00 <br /> Building Square Footage: $ 208,276.00 <br /> Lot Square Footage: $ 157,891.00 <br /> _ Total: $ 787,747.00 <br /> Cap: <br /> The Downtown Redwood City CBID budget and assessments may be subject to increases which <br /> may be determined by the Owners' Association /District Management Corporation and will vary <br /> between 0% and 5% annually. The CBID District Management Corporation may request the <br /> increase in assessments annually, not to exceed 5% from the previous year's assessment <br /> amounts. <br /> Changes in land use, development of empty parcels, conversion of tax exempt to profitable land <br /> uses, demolition of existing buildings, and creation of new parcels through new building or <br /> residential condo development may alter the budget from year to year based upon the changes <br /> in the building square footage of an individual parcels. Since linear frontage and lot size <br /> normally are not altered in the development of a site, the only changes realized in the CBID will <br /> be through the building square footage. In addition, changes in the budget may occur due to <br /> the conversion of single parcels to multiple parcels due to the construction of residential or <br /> commercial condominiums. <br /> Bonds: <br /> The District will not issue any bonds related to any program. <br /> District Formation: <br /> The District formation and modification requires a submission of petitions from property <br /> owners representing more than 30% of the total assessments. Once the City verifies the <br /> 9 <br />