Agmt20 Redwood City Improvement Association-CBID Operating Agreement

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plan proposes that there will be two distinct Benefit Zones for the Downtown CBID. With that in mind, the Benefit Zones, in general, would include the following parcels: Benefit Zone 1 would include: a. All parcels fronting along Broadway from Maple Street on the East to EI Camino on the west, also the site of the new Crossings 900 office building b. Courthouse Square C. Parcels fronting on Theatre Way d. All parcels fronting on the single block of Main Street from Broadway to Middlefield (Upper Main) Benefit Zone 2 would include: a. All commercial/retail, residential and private parcels not included in Benefit Zones 1 Method of Financing: (Please see Section 4 and the Assessment Engineer's report for further detail of the method of financing) The financing of the CBID is based upon the levy of special assessments upon real property that receive special benefits from the improvements and activities. See Section 4 for assessment methodology and compliance with Proposition 218. There will be five factors used in the determination of proportional benefit to the parcels in the CBID. Those five factors are: • Linear frontage along a public street. Parcels will be charged the same frontage rates due to the same frequency of services that the all parcels will receive from the Sidewalk Operations portion of the CBID budget; • Lot square footage or the footprint of the parcel; • Building square footage (excluding parking structures built within the building that predominantly serve the tenants of the building and are not open to the public); and • Residential condos that front along the public rights of way within the District. • Benefit Zones Costs: Annual assessments are based upon an allocation of program costs by assessable linear frontage; PLUS lot or parcel square footage; PLUS assessable building square footage, and in the case of residential condos, only by actual building square footage of the residential condo. The differentiation between residential condo parcels and commercial or non-commercial parcels is detailed in Section 4 of this report. The residential condo owners are assessed differently since they are, in essence, acquiring air rights with the condos and linear frontage and lot size is not relevant to their parcels. This alternate assessment methodology is created to respond to their special needs of homeowners within this potentially ascending sector within the Downtown Redwood City district. All four property variables, including an individual parcel's location within the designated areas for Benefit Zone will be used in the calculation of the annual assessment. The FY 2015 year annual assessments per property variable and Benefit Zone are as follows: