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03/22/2011 Exhibit C ATTACHMENT 1 Property that may be levied after the fifth Fiscal Year in which Special Taxes are levied in CFD No. 2010 -1. D. BUYDOWN OF OUTSTANDING BONDS All of the requirements of this Section D, which describes the need for a Buydown of Outstanding Bonds ("Buydown") that may result from a change in development as determined pursuant to this Section 0, shall only apply after the issuance of the first series of CFD No 2010- 1 Bonds. Prior to the issuance of the first series of CFD No. 2010 -1 Bonds, the terms of the Buydown shall not apply. The following additional definitions apply to this Section D: "Certificate` of Satisfaction of Buydown" means a certificate from the CFD Administrator stating that the property described in such certificate has met the Buydown Requirement for such property as calculated under this Section D. "Development Plan" means the plan submitted by R.C. Peninsula Park, LLC identifying the residential dwelling units and/or non - residential development anticipated within CFD No 2010- 1 approved by Redwood City Planning Commission on July 20, 2010, as modified, amended and/or supplemented from time to time in accordance with its terms. "Letter of Compliance" means a letter from the CFD Administrator allowing the issuance of building permits based on the prior submittal of a request for letter of compliance by a property owner. "Buydown Requirement" means the total amount needed to be collected to calculate and prepay Outstanding Bonds necessary to be prepaid in order to authorize the issuance of building permits listed in a request for a Letter of Compliance, as calculated under this Section D. "Update Property" means an Assessor's Parcel of Undeveloped Property for which; a building permit has been issued. For purposes of all calculations in this Section D, Update Property shall be taxed as if it were already Developed Property during the current Fiscal Year. 1. Request for Letter of Compliance After the issuance of the first series of CFD No. 2010 -1 Bonds, a property owner shall, as a precondition to the issuance of a building permit for construction of any residential and/or non- residential development for a specific Assessor's Parcel or lot, submit a Letter of Compliance for the construction on such Assessor's Parcel or lot. If a Letter of Compliance has not yet been issued, the property owner must first request a Letter of Compliance from the CFD Administrator, The request from the property owner shall contain a list of all building permits for which the property owner is requesting a Letter of Compliance. The property owner shall also submit the Assessor's Parcels or tract and lot numbers on which the construction is to take place, and the type of use, Residential Floor Area and Location (for each residential dwelling unit) or the Acreage (for each non - residential parcel) associated with each prospective building permit. Community Facilities District No, 2010 -1 February 16, 2011 City of Redwood CIO; (One Marina) Page 8 Reso # 15102 MUFF # 506