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

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7.A. - Page 37 of 176 Step 3 The City Manager shall determine the amount, if any, of delinquent Facilities Special Taxes for the Fiscal Year preceding the Fiscal Year for which the Facilities Special Taxes are being levied. For purposes of the calculation in Step 4, this amount shall not exceed 10% of the sum of Steps 1 and 2. Step 4 The City Manager shall determine the Facilities Special Tax rate by dividing the sum of Steps 1 through 3 above by the aggregate Building Square Feet of Fully Taxable Parcels (the "Annual Facilities Special Tax Rate"). Step 5 The Facilities Special Tax for each Fully Taxable Parcel shall be calculated by multiplying the number of Building Square Feet allocable to each such Fully Taxable Parcel by the rate determined in Step 4 above. Services Special Taxes: Prior to July 1 of the Fiscal Year for which the Services Special Taxes are being levied, commencing in Fiscal Year 2021-22 and continuing in perpetuity, the Services Special Tax rates allocable to Seaport Centre Taxable Parcels, and Seaport Plaza Taxable Parcel, if applicable, shall be established as follows: Step 6 The City Manager shall determine the respective costs and expenses of Services for Levees and Services for Wet Utilities based upon the Maintenance Budget for the upcoming Fiscal Year. Annual Administrative Expenses of the CFD shall be added each Fiscal Year to the Maintenance Budget and allocated to the respective costs and expenses of Services for Levees and Services for Wet Utilities on a pro -rata basis, based on the aggregate operation and maintenance costs and expenses related to each of the Wet Utilities and Existing Levees or Levees, as applicable. Step 7 The City Manager shall determine the amount, if any, of delinquent Service Special Taxes for Levees and Service Special Taxes for Wet Utilities, for the Fiscal Year preceding the Fiscal Year for which the Services Special Taxes are being levied. For purposes of the calculation in Step 9, this amount shall not exceed 10% of the amount in Step 6. Step 8 The City Manager shall determine the excess in the respective Maintenance Reserves, if any, that can be used to reduce the costs and expenses of maintenance, capital repairs and replacement of parts in the upcoming Fiscal Year in accordance with Section 8 hereof. Step 9 The Services Special Tax rate for Wet Utilities, and after the Facilities have been accepted by the City, the Services Special Tax rate for Levees shall be calculated by dividing (A) the result of subtracting the respective amount in Step 8 from the sums of the respective amounts determined in Steps 6 and 7 by (B) the total Lot Square Feet (i) allocable to both Seaport Centre Taxable Parcels and the Seaport Plaza Taxable Parcel with respect to the costs of Services for Levees ("Annual Service Special Tax Rate for Levees"), and (ii) allocable to only Seaport Centre Taxable Parcels with ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 10-21-2020 MI Page 19 of 26 219