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i _. � _ . _ ,. 06/09/2014 Budget Adjustments Annual budget surpluses, if any, will be rolled into the following year's budget. Assessments will be set annually, within the constraints of the CPI or land use changes. Revenues from the delinquent accounts may be expended in the year they are received. If the District is not renewed, any remaining funds will be returned to property owners in the proportion by what each property owner paid. If the District renews and money is left over from the previous term,the balance of remaining funds will be rolled over into the renewed district. However,the rolled over funds may only be used within the boundaries of the old district. Funds collected from the previous CBID term cannot be expended for activities, services, or improvements in the expanded area but may be used to finish Steering activities. Assessment of Possessory Interests The Downtown Redwood City CBID Plan provides for the levy of assessments for the purpose of providing improvements and promoting activities that benefit property owners and business owners within the District. These assessments are not taxes for the general benefit of the city, but are assessments for the improvements and activities that confer special benefits upon owners of interest in real property for which the improvement and activities are provided. The assessments are levied on the basis of the estimated benefit to the real property within the property and business improvement district. Owners of possessory interest in real property within the district are owner of real property and benefit from the proposed improvements and activities. Because assessments are levied based on estimated benefit, owners of possessory interest are required to pay their fair share of assessments. Possessory interest tax is collected by San Mateo County as per California Revenue and Taxation(R&T) Code Section 61, 107-107.9, 480.6 and Property Tax Rules 20, 21-22 and 27-28, only in those instances where an underlying property owner is not paying real property taxes. Likewise, as it relates to owners of possessory interests, the assessment for the proposed district shall be levied on these owners only where no underlying assessment is levied. Therefore,fair share shall be determined on the same basis as the assessment calculation for all other owners. All Possessory interest owners shall be assessed based on the total for all assessment variables that would be including front frontage, lot square footage and building square footage- an assessment that would be equal to the assessment that would have been levied on the underlying property owner. This assessment represents the benefit from the proposed activities and improvements. The assessment shall be collected at the same time and in the same manner as does the possessory interest tax paid to the County of San Mateo. These assessments shall provide for the same lien priority and penalties for delinquent payment as is provided for the possessory interesttax. The "property owner" of the possessory interest shall be any person shown as the owner of land on the last equalized possessory interest assessment roll or otherwise known to be the owner of land by the city council.The City Council has no obligation to obtain other information RESO.#15347 MUFF#506