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which the assessment is to be levied, the formula also provides for a continuing <br />assessment subsequent to fiscal year 1999-2000, without further approval by <br />owners of the property to be assessed; provided, that the assessment in <br />subsequent fiscal years shall be subject to an annual compound increase of not <br />more than three (3) percent in any such fiscal year, calculated as follows: - <br />c = {(C y-1 x (l+r)) - PRWC } x {(1/2 a/A) + (1/4 f/F) + (1/4 d/D)} <br />where: <br /> <br />c Individual parcel assessment. <br />C Total District Operation and Maintenance budget for the fiscal year. <br />a Individual parcel area. <br />A Summation of all Maintenance District parcel areas. <br />f Individual parcel frontage on the Southern Pacific Transportation <br /> Company right-of-way. <br />F Summation of all Maintenance District parcel frontages on the Southern <br /> Pacific Transportation right-of-way. <br />d Individual parcel distance from the most westerly side of the landscaping <br /> improvements along Seaport Boulevard to the centeroid of the parcel <br /> under consideration, divided into the area of the parcel times 100. <br />D Summation of all Maintenance District parcel distances measured from <br /> the most westerly side of the landscaping improvements along Seaport <br /> Boulevard to the centeroid of each individual parcel times 100. <br />PRWC Yearly Port of Redwood City contribution to the Maintenance District. <br />r Not more than 3%. <br />y Fiscal year for which the District budget is being prepared. <br /> <br />C ~-~ x (l+r) shall be interpreted to mean that the annual Seaport Boulevard <br />Landscape Maintenance District budget shall increase by not more than <br />3% per annum compounded annually from the base year 1999-2000. <br /> <br />Re$o-670 4 <br />F:/sh/shRC/Council 13646 <br />05/17/99, 06/03/99 <br />FXS:rg <br />Reso-213.d0c <br /> <br /> <br />