Agmt20 Redwood City Improvement Association-CBID Operating Agreement

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The method and basis of spreading program costs varies from one CBID to another based on local geographic conditions, types of programs and activities proposed, and size and development complexity of the CBID. For example, CBIDs may require other benefit zones to be identified to allow for a tiered assessment formula for variable or "stepped -down" benefits derived. Here, program costs spreading variables include benefit zones, linear frontage, lot or parcel size and building square footage, and residential condo parcels. The following data represents the foundation of the assessments that will generate the revenue to fund the Downtown Redwood City Community and Benefit Improvement District: (verified as of May 15th, 2014); Data Variable District Totals: (Data verified as of May, 15th , 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 Assessment District Revenue Generation from each property variable: Linear Frontage : $ 423,043.00 Building Square Footage: $ 212,989.00 Lot Square Footage: $ 158,558.00 Residential Condos $ 1,191.00 Total: $ 795,781.00 *(less than 1% of the first year's revenues are generated by residential condos) 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 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: 22