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12/03/2012 Capitalized terms used in the following paragraphs but not defined herein have the meanings given them in the Rate and Method. The Rate and Method provides the means by which the City Council may annually levy the Special Taxes on the Taxable Parcels within the District up to the applicable Maximum Special Tax. The Rate and Method provides that the Annual Special Tax may not be levied after June 30, 2036. Classification of Parcels. On each June 1 of the Fiscal Years that the Special Taxes are to be levied, each San Mateo County Assessor's Parcel (a "Parcel") within the District's boundaries is classified as a (i) "Residential Parcel," which means any Parcel zoned for single or multi -family residential use or (ii) "Commercial Parcel," which means any Parcel which is designated for commercial use pursuant to the land use approved for such Parcel by the Redwood Shores Specific Plan or other land use planning document approved by the City (in the event the City has no official land use designation for a. Parcel, the land use code on the secured tax rolls of the County may be used to classify such Parcel). Residential Parcels are further classified as "Tax -Exempt Parcels." Tax -Exempt Parcels are not subject to the levy of Special Taxes. Each Commercial Parcel in the District is further classified in one of the following categories: Developed Commercial Parcel — any Commercial Parcel for which a building permit has been issued by the City. Under the Rate and Method, a Developed Commercial Parcel is a "Taxable Parcel" and all of the Taxable Parcels currently are Developed Commercial Parcels. Approved Commercial Parcel — any Commercial Parcel that has been approved for commercial development by the City pursuant to a vested Development Agreement or a recorded final map approved by the City and is not a Developed Parcel. Under the Rate and Method, an Approved Commercial Parcel is a Taxable Parcel. Public Parcel — any Parcel that is, or intended to be publicly owned and which is normally exempt from ad valorem taxes under California law, including public streets, schools, district administrative offices, police and fire facilities, parks and public drainage ways, rights-of-way, landscaping, greenbelts and open space. Under the Rate and Method, a Public Parcel is a Tax -Exempt Parcel. Inactive Parcel — a Parcel which is not classified as a Developed Commercial Parcel, Approved Commercial Parcel, Residential Parcel or Public Parcel. Commercial Parcels without Developed Commercial Square Feet or Approved Commercial Square Feet (as both terms are defined in the Rate and Method) are classified as Inactive Parcels. Under the Rate and Method, an Inactive Parcel is a Tax -Exempt Parcel. Prepaid Parcel — a Parcel that has prepaid in full pursuant to the Rate and Method. the Special Taxes to be levied against such Parcel in satisfaction of its pro rata share of Annual Costs. Under the Rate and Method, a Prepaid Parcel is a Tax -Exempt Parcel. Once a Parcel is classified as a Taxable Parcel it may not be removed from such classification unless (i) Special Taxes allocable to such Parcel have been prepaid pursuant to the Rate and Method, in which case such Parcel shall be reclassified as a Prepaid Parcel, or (ii) the City Manager determines that such removal shall not cause the Special Tax rate per commercial square foot on remaining Taxable Parcels to exceed their respective Maximum Annual Special Tax Rates. Once the number of Approved Commercial Square Feet and -14- 22 RESO. # 15237 MUFF # 505