Res20 15901 - Laserfiche WebLink

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10/26/2020 "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, 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 Installment Payments levied and paid in prior Fiscal Years, and (ii) any Installment Payment Obligation Prepayment Amounts collected pursuant to Section 7 hereof. "RMA" means this Rate and Method and Apportionment of Special Taxes. "Repair and Replacement Plan" means, collectively, the Repair and Replacement Plan for Levees and the Repair and Replacement Plan for Wet Utilities. "Repair and Replacement Plan for Levees" means the report that describes the necessary and appropriate maintenance, capital repairs, and replacement of parts for the Levees over a five-year period, which is based on demonstrative data/evidence obtained by the City supporting such maintenance, capital repairs, and replacement of parts, which can include, among others, a Conditions Report for Levees. The Repair and Replacement Plan for Levees shall substantiate, among other things, the adequacy of the Maintenance Reserve for maintenance, capital repairs and replacement costs for the Levees for the next five -Fiscal Year period. ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO. NO. 15901 REV: 11-02-2020 MI MUFF NO. 506 Page 11 of 22