Res99 13645 - Laserfiche WebLink

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Exhibit "C" METHOD OF ASSESSMENT SPREAD SEAPORT CENTRE MAINTENANCE DISTRICT The assessments are apportioned according to the special benefits received by the parcels of land within the District. The special benefit derived by each parcel is determined in relationship to the entirety of the annual maintenance and operation expenses of the improvements to be maintained by the District. No assessment has been apportioned on any parcel that exceeds the reasonable cost of the proportional special benefits conferred on that parcel. Only special benefits are assessed and any general benefits have been separated from the special benefits for purposes of this report. For such purposes, the general benefits derived from the subject improvements are estimated to be $0. While the public-at- large may visit the District, it is expected to do so only in connection with the various businesses on the parcels within the District. Absent the improvements, real estate development would not be possible within the District. Consequently, all of the improvements are required by the parcels within the District and all of the benefits associated with the improvements accrue solely to the parcels in the District. The method of assessment to the various parcels within the Seaport Centre Maintenance District shall be calculated as follows: c = ( {C y.~ x (l+r)} xaJA) where: c individual parcel assessment. C total District Operation and Maintenance budget for the fiscal year. a individual parcel area. A summation of all Maintenance District parcel areas. r Not more than 3%. y fiscal year for which the District budget is being prepared. C y-1 X (l+r) shall be interpreted to mean that the annual Seaport Centre Maintenance District budget shall increase by not more than 3% per annum compounded annually from the base year 1999-2000, 13645