Laserfiche WebLink
Linear Frontage costs: $9.50 per linear foot/year <br />Building Square Footage costs: Benefit Zone 1 $0.1094 per square foot/year <br />Benefit Zone 2 $0.074703 per square foot/year <br />Lot Size costs: $0.038170 per square foot/year <br />Residential Condo costs: $0.20 per square foot of parcel unit square foot. <br />Residential condo owners will NOT be assessed for <br />linear frontage or lot size, but rather only the <br />actual building square footage of their residential <br />condo. (Regardless of benefit zone within the <br />district) <br />Assessment District Revenue Generation from each property variable: <br />Linear Frontage : <br />$ 423,043.00 <br />Building Square Footage: <br />$ 212,989.00 <br />Lot Square Footage: <br />$ 158,558.00 <br />Residential Condos <br />$ 1,191.00 <br />Total: $ 795,781.00 <br />Cap. <br />The Downtown Redwood City CBID budget and assessments may be subject to increases which <br />may be determined by the Owners' Association/District Management Corporation and will vary <br />between 0% and 5% annually. The CBID District Management Corporation may request the <br />increase in assessments annually, not to exceed 5% from the previous year's assessment <br />amounts. <br />Changes in land use, development of empty parcels, conversion of tax exempt to profitable land <br />uses, demolition of existing buildings, and creation of new parcels through new building or <br />residential condo development may alter the budget from year to year based upon the changes <br />in the building square footage of an individual parcels. Since linear frontage and lot size <br />normally are not altered in the development of a site, the only changes realized in the CBID will <br />be through the building square footage. In addition, changes in the budget may occur due to <br />the conversion of single parcels to multiple parcels due to the construction of residential or <br />commercial condominiums. <br />Bonds: <br />The District will not issue any bonds related to any program. <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 />X <br />