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6.C. - Page 93 of 124 <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 1St, 2015 and expire on December 31St, 2029. The <br />CBID may commence operations prior to January 1St, 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 />10 <br />299 <br />