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6.C. - Page 119 of 124 <br />Assessment Engineer's Report <br />New City America has contracted with Ed Henning and Associates to compile the required <br />engineer's report under the guidelines of Proposition 218, Article XIIID of the California State <br />Constitution. <br />In preparing the engineer's report for the Downtown Redwood City CBID Management District <br />Plan, the engineer concluded that the special benefit to each parcel in the various benefit zones <br />was found to be proportional to the property variable and their apportionment. <br />An Engineer's report for the CBID is provided in the Appendix. <br />Bonds: <br />The District will not issue any bonds related to any program. <br />Section 6 <br />Implementation Timetable <br />District Formation: <br />The District formation and modification requires a submission of petitions from property <br />owners representing more than 30% of the total assessments. <br />Once the City verifies the petitions totaling a minimum of 30% of the weighted property <br />owners, or $ 238,734.00 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 and Benefit Improvement District will be formed if the weighted majority of all <br />returned mail ballots support the CBID formation and if the City Council adopts a resolution of <br />formation to levy the assessments on the benefiting parcels. We anticipate that this process <br />will be completed by the end of July 2014. <br />36 <br />325 <br />