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7.3.B. - Page 18 <br /> petitions totaling a minimum of 30% of the weighted property owners, or $ 236,324.00 in <br /> assessment contribution to the new CBID, the City Council may adopt a Resolution of Intention <br /> and mail out ballots to all affected property owners. The City will then hold a public hearing <br /> and tabulate the mail ballots. The Downtown Redwood City Community Benefit Improvement <br /> District will be formed if the weighted majority of all returned mail ballots support the CBID <br /> formation and if the City Council adopts a resolution of formation to levy the assessments on <br /> the benefiting parcels. We anticipate that this process will be completed by the end of July <br /> 2014. <br /> Duration: <br /> The Downtown Redwood City Community Benefit Improvement District shall have a fifteen <br /> year term which shall commence on January 1 2015 and expire on December 31 2029. The <br /> CBID may commence operations prior to January 1 2015 if assessments have been transferred <br /> to the City based upon the FY 2014 -15 property tax and manual billing of exempt parcel <br /> collections. <br /> Governance: <br /> Pursuant to Section 36614.5 and 36651 of the California Streets and Highway Code, a District <br /> Management Corporation or Owners' Association, will review District budgets and policies <br /> annually within the limitations of the Management District Plan. The Management Corporation <br /> will file Annual Reports with the City of Redwood City (City) and will oversee the day -to -day <br /> implementation of services as defined in the Management District Plan. <br /> The CBID Owners Association or District Management Corporation shall, under contract with <br /> the City of Redwood City, oversee and implement the improvements and activities outlined in <br /> this management district plan. <br /> 10 <br />