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i _ � .�_ � ___ _ � �___�.. <br /> 06/09/2014 <br /> Once the City verifies the petitions totaling a minimum of 30% of the weighted property <br /> owners, or $ 238,735.00 in assessment contribution to the new CBID, the City Council may <br /> adopt a Resolution of Intention and mail out ballots to all affected property owners. The City <br /> will then hold a public hearing and tabulate the mail ballots. The Downtown Redwood City <br /> Community Benefit Improvement District will be formed if the weighted majority of all returned <br /> mail ballots support the CBID formation and if the City Council adopts a resolution of formation <br /> to levy the assessments on the benefiting parcels. We anticipate that this process will be <br /> completed by the end of July 2014. <br /> Duration: <br /> The Downtown Redwood City Community Benefit Improvement District shall have a fifteen <br /> year term which shall commence on January 15i, 2015 and expire on December 315t, 2029. The <br /> CBID may commence operations prior to January 15t, 2015 if assessments have been transferred <br /> to the City based upon the FY 2014-15 property tax and manual billing of exempt parcel <br /> collections. <br /> Governance: <br /> Pursuant to Section 36614.5 and 36651 of the California Streets and Highway Code, a District <br /> Management Corporation or Owners' Association, will review District budgets and policies <br /> annually within the limitations of the Management District Plan. The Management Corporation <br /> will file Annual Reports with the City of Redwood City (City) and will oversee the day-to-day <br /> implementation of services as defined in the Management District Plan. <br /> The CBID Owners Association or District Management Corporation shall, under contract with <br /> the City of Redwood City, oversee and implement the improvements and activities outlined in <br /> this management district plan. <br /> RESO.#15347 <br /> MUFF#506 <br />