Laserfiche WebLink
6.C. - Page 116 of 124 <br />Budget Adjustments <br />Annual budget surpluses, if any, will be rolled into the following year's budget. Assessments <br />will be set annually, within the constraints of the CPI or land use changes. Revenues from the <br />delinquent accounts may be expended in the year they are received. If the District is not <br />renewed, any remaining funds will be returned to property owners in the proportion by what <br />each property owner paid. If the District renews and money is left over from the previous <br />term, the balance of remaining funds will be rolled over into the renewed district. However, the <br />rolled over funds may only be used within the boundaries of the old district. Funds collected <br />from the previous CBID term cannot be expended for activities, services, or improvements in <br />the expanded area but may be used to finish Steering activities. <br />Assessment of Possessory Interests <br />The Downtown Redwood City CBID Plan provides for the levy of assessments for the purpose of <br />providing improvements and promoting activities that benefit property owners and business <br />owners within the District. These assessments are not taxes for the general benefit of the city, <br />but are assessments for the improvements and activities that confer special benefits upon <br />owners of interest in real property for which the improvement and activities are provided. <br />The assessments are levied on the basis of the estimated benefit to the real property within the <br />property and business improvement district. Owners of possessory interest in real property <br />within the district are owner of real property and benefit from the proposed improvements and <br />activities. Because assessments are levied based on estimated benefit, owners of possessory <br />interest are required to pay their fair share of assessments. <br />Possessory interest tax is collected by San Mateo County as per California Revenue and <br />Taxation(R&T) Code Section 61, 107-107.9, 480.6 and Property Tax Rules 20, 21-22 and 27-28, <br />only in those instances where an underlying property owner is not paying real property taxes. <br />Likewise, as it relates to owners of possessory interests, the assessment for the proposed <br />district shall be levied on these owners only where no underlying assessment is levied. <br />Therefore, fair share shall be determined on the same basis as the assessment calculation for all <br />other owners. All Possessory interest owners shall be assessed based on the total for all <br />assessment variables that would be including front frontage, lot square footage and building <br />square footage- an assessment that would be equal to the assessment that would have been <br />levied on the underlying property owner. This assessment represents the benefit from the <br />proposed activities and improvements. <br />The assessment shall be collected at the same time and in the same manner as does the <br />possessory interest tax paid to the County of San Mateo. These assessments shall provide for <br />the same lien priority and penalties for delinquent payment as is provided for the possessory <br />interest tax. <br />The "property owner" of the possessory interest shall be any person shown as the owner of <br />land on the last equalized possessory interest assessment roll or otherwise known to be the <br />owner of land by the city council. The City Council has no obligation to obtain other information <br />33 <br />322 <br />