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— CITY OF REDWOOD CITY Exhibit N^N SEAPORT CENTRE MAINTENANCE DISTRICT V NOTICE OF PROPOSED ASSESSMENT Maximum Assessment: The maximum maintenance budget for the District to be spread among assessment parcels within the District is $302,899 for the fiscal year 2002-2003. The entire budget will be spread among the assessment parcels in the District based on the special benefit conferred upon each assessment parcel by the Facilities. The amount will be allocated among assessment parcels in the District as described below under the heading "Basis for Calculating Assessments" and as more fully described the method of spread in the Engineer's Report prepared in connection with these proceedings. The fiscal year 2002-2003 total annual assessment for your parcels is $[merge field for 2002-20031. Duration of Assessment: An assessment will be levied annually on all parcels in the District to pay for annual maintenance expenses of the Facilities specifically benefiting parcels in the District. Assessments will be levied annually for a 5 -year period from fiscal year 2000-2001 through 2004-2005 subject to the maximum annual assessment and maximum cumulative assessment for such 5 -year period shown above without further notice to property owners. Any proposed increase in assessments in excess of such amounts will be duly noticed and will be subject to a majority protest election as required by Proposition 218. Basis for Calculating Assessments: The City has established a 5 -year budget to maintain Facilities in the District. The maximum annual budget that may be allocated among parcels in the District is limited to the maximum as described above under the heading "Maximum Assessment." Annual maintenance costs are spread among all assessable parcels within the District on the basis of special benefit conferred upon each parcel, which special benefit is calculated based on the ratio of the acreage that each assessment parcel bears to the total acreage of all assessment parcels. Procedures for Completing the Ballot: Accompanying this notice is a ballot, along with a self addressed, postage paid return envelope. The ballot may be completed by the property owner(s) or their authorized representative and returned to the City to indicate the property owner's support or opposition to the proposed assessment. For your ballot to be counted, you must clearly mark the appropriate box, sign the ballot and return it sealed in the enclosed envelope by the conclusion of the City Council public hearing on July 10, 2000. Ballots may be returned either by mail, or delivered to the City Clerk at 1017 Middlefield Road or to the City Clerk prior to the conclusion of the public hearing. Information Regarding Public Hearing and Protest Procedure: The City of Redwood City Council will hold a public hearing on July 10, 2000 to hear testimony regarding the proposed assessment, to accept ballots and to determine whether there is a majority protest against the proposed assessment. The hearing, which begins at 7:30 p.m., will be held in the City Council located at 1017 Middlefield Road in Redwood City. All ballots which are returned to the City will be tabulated and weighted according to the proportional maximum cumulative financial obligation of the affected property. If upon completion of the public hearing and tabulation of the ballots the City Council determines that 2