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

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7.A. - Page 36 of 176 Commencing in the first Fiscal Year after the Facilities are accepted by the City, the Facilities Special Tax rate for each Assessor's parcel classified as Fully Taxable Parcel shall be determined annually as described in Section 5 hereof. Service Special Tax Rate For Levees: Commencing in Fiscal Year 2021-22 and each Fiscal Year thereafter until there has been acceptance of the Facilities by the City, the Services Special Tax rate for Existing Levees for Seaport Centre Taxable Parcels shall be determined annually as described in Section 5 hereof. For Fiscal Year 2020-21, the Maintenance Budget for Existing Levees for Seaport Centre Taxable Parcels is $0. For each Fiscal Year in perpetuity after acceptance of the Facilities by the City, the Services Special Tax rate for Levees shall be determined annually for Seaport Centre Taxable Parcels and the Seaport Plaza Taxable Parcel as described in Section 5 hereof. Service Special Tax Rate For Wet Utilities For each fiscal year in perpetuity, the Services Special Tax rate for Wet Facilities (which shall be levied on Seaport Centre Taxable Parcels only) shall be determined annually as described in Section 5 hereof. For Fiscal Year 2020-21, the Maintenance Budget for Wet Utilities for Seaport Centre Taxable Parcels is $204,000. SECTION 5 METHOD OF LEVY OF THE SPECIAL TAXES Facilities SDecial Taxes: Prior to July 1 of the Fiscal Year for which the Facilities Special Taxes are being levied, commencing with the determination of the tax levy in the first Fiscal Year following acceptance of the Facilities by the City and continuing each Fiscal Year that there is a Remaining Installment Payment Obligation, the Facilities Special Tax rate allocable to each Fully Taxable Parcel in the CFD shall be established as follows: Step 1 The City Manager shall determine the Principal Installment Payment coming due on September 1 of the calendar year commencing in such upcoming Fiscal Year by referencing Schedule A to the Purchase Agreement. Step 2 The City Manager shall calculate the interest due and owing for the calendar year commencing in such upcoming Fiscal Year by multiplying the Remaining Installment Payment Obligation, less the Principal Installment Payment coming due on September 1 of the calendar year commencing in the Fiscal Year preceding the Fiscal Year for which the Facilities Special Taxes are being levied, by the Adjusted Market Interest Rate. With respect to the first levy of the Facilities Special Tax, the interest calculation should also include interest at the Adjusted Market Interest Rate for the period from date of acceptance of the Facilities by the City to June 30. ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 10-21-2020 MI Page 18 of 26 218