Agmt20 Redwood City Improvement Association-CBID Operating Agreement

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CONTINGENCY/CITY AND COUNTY FEES/RESERVE: 5% ■ These are overhead expenses that account for collection costs and non-payment of assessments in the CBID Delinquencies ■ City and County collection fees ■ Reserves ■ Special projects Data Variable District Totals: (Data verified as of May, 1st, 2014) Condo SF: 5,957 square feet Building Square footage: 2,346,119 sq. feet Lot size square footage: 4,153,988 sq. feet Linear Frontage: 44,531 linear feet There are 222 parcels in the proposed CBID with 147 property owners. Benefit Zones: Article XIII (d) of the state constitution and the state law provide for the definition of zones within the proposed special benefits district that ensures that property owners that receive greater benefit, pay their proportional share of assessments. Proposition 218 states: "The proportionate special benefit derived by each identified parcel shall be determined in relationship to the entirety of the capital cost of a public improvement, the maintenance and operation expenses of a public improvement, or the cost of the property related service being provided. No assessment shall be imposed on any parcel which exceeds the reasonable cost of the proportional special benefit conferred on that parcel." It was determined in formulating the services plan for this CBID that the properties in the general area described as Benefit Zone 1 below would derive greater benefit than those property owners on the periphery of the CBID. The parcels listed below are identified on the map in Section 2. The primary difference and additional special benefit service provided to Benefit Zone 1 property owners is through Zone 1 parking lot leasing and valet services. Zone 1 parcels will pay a supplement on their building square footage assessments to fund these services that they will be deriving benefit from. In addition, as in mentioned in the District Identity section of this CBID management plan, tax exempt owned parcels and their related buildings on those parcels, will NOT derive benefit from District Identity related special benefit services. Programs including web site development, app development, social media, business attraction services, decorations and other programs to visually enhance the CBID parcels, will not benefit these tax exempt parcel buildings due to the fact that these buildings are not affected by market forces such as increased rents, greater commerce or creating a more livable community for residents. This 7