AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

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7.A. - Page 32 of 176 utilities located within public easements in the Seaport Centre, which shall be dissolved on June 30, 2021. "Maintenance Reserves" means initially the reserve to fund maintenance, capital repairs and replacement of parts for Wet Utilities and Existing Levees, and after the acceptance of the Facilities by the City, the separate reserves to fund maintenance, capital repairs and replacement of parts for each of the Wet Utilities and Levees, each reserve being funded through the process described in Section 8 hereof and maintained by the City in separate interest-bearing accounts. The Maintenance Reserves can also fund tax collection shortfalls in any given Fiscal Year as described in Section 8 hereof. "Net Acquisition Cost" means the Acquisition Price less the Initial Acquisition Price Payment pursuant to the terms of the Purchase Agreement. "Parcel" means any lot or parcel within the boundaries of the CFD that is identified by an Assessor's parcel number on the County's assessment roll as of the January 1 lien date (or such other lien date as may be established by the Assessor) of the prior Fiscal Year. "Parcel Classification" means the placement of each Parcel into its respective classification as such parcel exists on each Classification Date. "Partially Taxable Parcel" means any Taxable Parcel that has prepaid in full the Facilities Special Taxes pursuant to Section 7 hereof. "Port" means the Port of Redwood City. "Principal Installment Payment" means, for any given Fiscal Year, the annual payment of principal due on the Installment Payment Obligation. "Property Owners" means collectively, Metropolitan Life Insurance Company and HCP LS Redwood City, LLC, and successors. "Public Parcel" means, initially, Assessor's parcel numbers 054-320-040, 005-320-500 and 054-320-510 identified as public parcels on Exhibit 1 hereto, and subsequently, for each Fiscal Year, any Parcel that is owned by, or irrevocably offered for dedication to, the federal government, State of California, the City, the Port or a public agency; provided, however, that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act, and/or acquired by a private entity, shall be taxed and classified as a Taxable Parcel. "Purchase Agreement" means that certain Purchase and Sale Agreement by and among the City, HCP LS Redwood City, LLC, Metropolitan Life Insurance Company and Seaport Centre Owners' Association regarding the City's purchase of the Facilities, the form of which will be approved by City Council in connection with the CFD Formation Proceedings. "Remaining Installment Payment Obligation" means, for any given Fiscal Year, the balance remaining after reducing the Installment Payment Obligation by (i) Principal ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 10-21-2020 MI Page 14 of 26 214