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

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7.A. - Page 39 of 176 and (iii) the statement that failure to pay either or both of the Facilities Special Tax and/or Services Special Tax amounts can result in foreclosure proceeding against such defaulting Taxable Parcel in accordance with Section 53356.1 of the Act, which authorizes foreclosure of debt -related special taxes. Failure of the City or the CFD to directly invoice the owner of a Taxable Parcel subject to the levy of Special Taxes shall in no way affect the validity of or result in a waiver of the right to levy such Special Tax levy. The City shall make every effort to correctly assign the applicable Special Tax rates and calculate the annual Special Tax liability for each Taxable Parcel and, if requested, the Installment Payment Obligation Prepayment Amount for a Taxable Parcel. It shall be the burden of the taxpayer to correct any errors in the determination and classification of the Parcels subject to the Special Tax and their respective Special Tax and prepayment amount liabilities. SECTION 6 MANNER OF COLLECTION The Special Taxes shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, except as set forth in Section 5 hereof. SECTION 7 PREPAYMENT OF FACILITIES SPECIAL TAXES Subsequent to the execution and delivery of the Purchase Agreement, the owner of any Fully Taxable Parcel may prepay the Facilities Special Tax to be levied against such Parcel at any time before the Remaining Installment Payment Obligation has been paid in full upon providing the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Fully Taxable Parcel. Facilities Special Taxes may not be prepaid in part. Optional prepayment of Facilities Special Tax for each Fully Taxable Parcel shall be determined by the City Manager as of July 1 of the current Fiscal Year as follows. Step 1 Calculate the Remaining Installment Payment Obligation assuming that the Principal Installment Payment for the current Fiscal Year has been paid. Step 2 Divide the amount calculated in Step 1 above by the aggregate Building Square Feet of Fully Taxable Parcels for the current Fiscal Year. Step 3 For the Fully Taxable Parcel prepaying, multiply the rate per Building Square Foot arrived in Step 2 by the total number of Building Square Feet allocable to such Fully Taxable Parcel to arrive at the Installment Payment Obligation Prepayment Amount allocable to such Fully Taxable Parcel. Step 4 Calculate the administrative fees and expenses including the costs of computation of the prepayment and the costs of recording any notices to evidence the prepayment (the "Administrative Fees and Expenses"). ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 10-21-2020 MI Page 21 of 26 221