AgdaPkt 2000-04-24 - Laserfiche WebLink

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, . _ �� . constructed or to be constructed thereon; provided, however, the Net Taxable Square Feet after such reallocation may not be less than 1,550,000 square feet, less the amount of Commercial Square Feet allocated to any Prepaid Parcels. In connection with any such reallocation, Parking . Units shall also be reallocated as is appropriate. If a Building Parcel is subdivided, the City Manager shalf assign Commercial Square Feet and Parking Units to the successor Parcels (including zero assignments) pursuant to the applicable Final Development Plan for such Parcel, provided that the total number of Commercial Square Feet on such successor Parcels may not be less than the Commercial Square Feet assigned to the predecessor Parcel. The Special Tax shall be levied only on Taxable Parcels. The amount of the Special Tax for each Taxable Parcel shall be determined in accordance with the provisions of Section 6 hereof. Each Taxable Parcel's Special Tax for the next Fiscal Year shall be levied against such Parcel's assessor's parcel number as it was shown on the County Assessor's records of Parcels in the CFD as of the prior January 1 lien date, or such other lien da#e established by the County Assessor. Section 4. Termination of the Special Tax When all of the �FD's Administrative Expenses and Debt Service obligations are satisfied and no bonds authorized for issuance by the CFD remain either unissued or outstanding, the City Council shall determine that the Special Tax shall cease to be levied. The City Council shall then direct the City Clerk to record a Notice of Release of Special Tax as provided by law. Nofinrithstanding the foregoing, in no event shall the Special Tax be levied after the Fiscal Year ending June 30, 2022. � Section 5. Maximum Annual Special Tax Rate For each Taxable Parcel, the Maximum Annual Special Tax Rate shall be $1.63. Prepaid Parcels and Tax-Exempt Parcels shall not be subject to the levy of Special Taxes. Section 6. Apportionment, Levy and Selection of Special Tax Rates A Special Tax rate per Commercial Square Foot shail be established annually by the City Council. The Special Tax rate shall then be multiplied by the Commercial Square Feet allocable to each Taxable Parcel to determine the Special Tax applicable to each such Taxable Parcel. Prior to July 1 of each Fiscal Year for which Annual Costs are payable, the Special Tax rate allocable to each Taxable Parcel in the CFD shall be established as follows: . If No Credits Are Due the Owners of Parcels Pursuant to Secfion 10 Hereof.� Step 1 The total Annual Costs for such Fiscal Year shall be projected. Adoption Draft 4/24/00 C-5 � � , .. . . . , . . . .__. ... . . . .. . .._..._. ... _.. .. .. . .