AgdaPkt 2000-04-24 - Laserfiche WebLink

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. _ - a 1 �-�� such Fiscal Year, the payment of which was provided for in the collection of the prior Fiscal Years Annual Tax Revenues. Step 2 The resutt determined in Step 1 above shall be divided by the Net Taxable Square Feet for such Fiscal Year to arrive at the unpaid outstanding and authorized CFD bond principal per Commercial Square Foot for such Fiscal Year. Step 3 For each Taxable Parcel, the unpaid outstanding and authorized CFD bond principal per Commercial Square Foot for such Fiscal Year as determined in Step 2 above shall be multiplied by the total number of Commercial Square Feet allocable to such Taxable Parcel to arrive at the Principal Prepayment Amount allocable to each such Taxable Parcel. In each Fiscal Year, the owner of a Building Parcef may prepay the future Special Tax obligations of such Parcel by paying in cash the sum of i) the amount of any delinquent and unpaid installments of Special Taxes levied against such Parcel, together with any penalties, interest and costs due thereon, ii) the Special Taxes levied against such Parcel in such Fiscal Year, iii) the Principal Prepayment Amount allocable to such Taxable Parcel in such Fiscal Year, rounded up to the nearest integral multiple of $5,000, iv) a prepayment premium in an amount equal to the prepayment premium required under the indenture to be paid on outstanding CFD bonds to be called on the next permissible call date times the ratio that such Parcel's number of Commercial Square Feet bears to the Net Taxable Square Feet in such Fiscal Year times the unpaid CFD bond principal outstanding at the beginning of such Fiscal Year, v) a reasonable fee, fixed by the City Manager, for the cost of administering the prepayment and the advance redemption of bonds, less vi) a credit for such Taxable Parcel's pro rata share of the reserve fund balance (if any) established under the indenture for any CFD bonds, and less vii) any credit due the owner of such Parcel as provided for in Section 10 hereof. � Section 8. Undivided Levy The Special Tax levied on each Taxable Parcel allocated Commercial Square Feet shall include an undivided levy on any other Parcel or Parcels to which applicable Parking Units have been assigned by the City pursuant to the following table or a Final Development Plan, as applicable, subject to any future subdivision or merger and the reallocation of Commercial Square Feet and Parking Units pursuant to Section 3 hereof. For the purposes of collecting such Special Taxes, the City shall levy the entire tax on the Parcel to which Commercial Square Feet are assigned and on the Parcel or Parcels to which related Parking Units have been assigned. Special Taxes due on Taxable Parcels with Commercial Square Feet thereon shall be placed on the secured tax roll. The associated undivided Special Tax levy on the Parcel or Parcels to which applicable Parking Units have been assigned shall be billed directly to the owner thereof as provided for in Section 6 hereof. If Special Taxes subject to an undivided levy which have been placed on the secured tax roll are paid in a timely manner, the associated undivided Special Tax levy billed directly to the owner of a Taxable Parcel shall, with no further action required by the � owner or the CFD, he deemed paid. � In the event Special Taxes become delinquent on a Taxable Parcel subject to an undivided levy, such Special Taxes shall be deemed delinquent on both the Parcel against which AdopUon Draft 4I24/00 C-9 , . _.... ._.. _ .