AgdaPkt 2015-07-27 Joint SA and PFA

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7.3.B. - Page 42 Section 5 District Rules and Regulations and Governance Disestablishment: Local ordinance provides for the disestablishment of the CBID pursuant to an annual review process. Each year that the Downtown Redwood City CBID is in existence, there will be a 30- day period during which the property owners will have the opportunity to request disestablishment of the district. This 30 -day period begins each year on the anniversary date that the district was first established by the City Council. Within that 30 -day period, if a written petition is submitted by the owners of real property who pay 30% or more of the assessments levied, the CBID may be considered for disestablishment. The City Council will hold a public hearing on disestablishing the CBID prior to actually doing so. Upon the termination of the previous District, any remaining revenues shall be transferred to the renewed District, if one is established, pursuant to Streets and Highways Code Section 36660(b). Unexpended surplus funds will be returned to property owners based upon each parcels percentage contribution to the previous fiscal year's assessments if the District is not renewed. Management Corporation: The final management structure will include the Downtown Redwood City CBID assessed property owners who will organize themselves into a new non - profit corporation who's Board will serve in the capacity of the contracted management corporation. There are no specific rules and regulations prescribed for the proposed Downtown Redwood City District Management Corporation except that it will adhere to the open meeting provisions of the Ralph M. Brown Act and will seek to be as open and transparent to the CBID assessees and the public at large as is reasonably possible. Pursuant to the City of Redwood City CBID Ordinance and Section 36600 of the California Streets and Highway Code, a District Management Corporation or Owners' Association, will review District budgets and policies annually within the limitations of the Management District Plan. The Management Corporation will file Annual Reports with the City of Redwood City and will oversee the day -to -day implementation of services as defined in the Management District Plan. Section 36614.5 states: "The "Owners' association" means a private nonprofit entity that is under contract with a city to administer or implement activities and improvements specified in the management district plan. An owners' association may be an existing nonprofit entity or a newly formed nonprofit entity. An owners' association is a private entity and may not be considered a public entity for any purpose, nor may its board members or staff be considered to be public officials for any purpose." 34