Res00 13889 - Laserfiche WebLink

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"Taxable Classification Date" means the date on which a Parcel is first classified as a Taxable Parcel. 'Taxable Parcel' means any Building Parcel approved for Commercial Square Feet or Parking Units which is not a Prepaid Parcel. 'Tax- Exempt Parcel' means any Parcel that is a Prepaid Parcel, Public Parcel, Accessory Parcel, Common Parcel or Residential Parcel. However, Taxable Parcels that are acquired by a public entity shall remain subject to the applicable Special Tax pursuant to Section 53317.4 of the Act. Section 2. Basis of Special Tax Levy A Special Tax under the Act applicable to each Taxable Parcel shall be levied and collected according to the Special Tax liability determined by the City Council through the application of the procedures described below. Section 3. Determination and Classification of Parcels Subject to Special Tax Prior to the first issuance of bonds, and thereafter prior to July 1 of each Fiscal Year, the City Manager shall cause to be prepared a Special Tax Report setting forth: 1) the classification as of the Classification Date applicable for such Fiscal Year of each Parcel within the boundaries of the CFD, 2) a projected sources and uses of funds for the CFD in such Fiscal Year showing that projected Annual Tax Revenues are sufficient to pay projected Annual Costs, 3) the number of Net Taxable Square Feet subject to taxation in such Fiscal Year, 4) the Special Tax rate necessary to satisfy such Annual Costs applicable to such Net Taxable Square Feet, 5) the amount of Special Taxes to be levied on each Taxable Parcel in the next ensuing Fiscal Year, 6) the annual Principal Prepayment Amount allocable to each Taxable Parcel, and 7) a Tax Collection Schedule. Parcels shall be classified as of their status applicable in the next Fiscal Year on each Classification Date. The secured property tax roll, land use codes and plot map books maintained by the County Assessor of the County, in combination with official records maintained by the City regarding the Development Agreement, Final Development Plans, recorded final maps, building permits issued, and other changes in parcel development status, will be the basis for classifying the Parcels in the CFD. If the land use code on the secured property tax roll is incorrect for any Parcel, the City may assign the appropriate code based on its review of the status of the Parcel. Building Parcels shall be classified as either Taxable Parcels or, if the Special Taxes for such Parcels have been prepaid, Prepaid Parcels. Residential Parcels, Common Parcels, Accessory Parcels and Public Parcels shall be classified as Tax - Exempt Parcels. Once a Parcel is classified as a Taxable Parcel it may not be removed from such classification unless Special Taxes allocable to such Parcel have been prepaid pursuant to Section 7 hereof, in which case such Parcel shall be reclassified as a Prepaid Parcel. So long as any bonds of the CFD remain outstanding or authorized but unissued, save the exceptions for reallocation and subdivisions as expressly noted in this Section 3, Commercial Square Feet allocable to a Taxable Parcel may not be reduced. Notwithstanding the prohibition against reducing Commercial Square Feet allocable to a Taxable Parcel, Commercial Square Feet may be reallocated among Building Parcels according to the actual number of Commercial Square Feet Adoption Draft 4/24/00 C-4