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Redwood City CFD 99 -1 <br />Action Items <br />Due to surplus funds in the Special Tax Fund, a transfer of $134,318.29 to the <br />Reserve Fund will bring the balance to the Reserve Requirement. The remaining <br />surplus of $182,566.81 should be Credited to the Levy. In order to reduce large <br />fluctuations in the special tax rates from year to year 50% of the projected surplus <br />($91,283) should be applied as a credit to the levy for Fiscal Year 2005/06. The City <br />will evaluate the surplus again at this time next year with the expectation to credit <br />the remaining surplus of $91,284. <br />2. SPECIAL TAX RATES & CREDIT CALCULATION <br />Special Tax Rates <br />The Special Taxes, which will be applied at an average of 90.7% of the Maximum <br />Special Tax Rate, will be levied to the 56 taxable parcels as follows: <br />As of fiscal year 2003/2004 the district is fully developed. <br />Page 2 <br />APPLIED <br />SPECIAL <br />MAXIMUM <br />COMMERCIAL <br />SQUARE <br />TAX <br />SPECIAL <br />SQUARE <br />TOTAL <br />FOOTAGE <br />RATE /Sq <br />TAX <br />PARCELS <br />FOOTAGE <br />DOLLARS <br />TYPE <br />Ft <br />RATE/S Ft <br />LEVIED <br />LEVIED <br />LEVIED <br />DEVELOPED <br />$0.21046 <br />$0.23200 <br />56 <br />4,337,241 <br />$912,802.72 <br />TOTAL <br />56 <br />4,337,241 <br />$912,802.72 <br />As of fiscal year 2003/2004 the district is fully developed. <br />Page 2 <br />