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10/26/2020 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 respect to the costs of Services for Wet Utilities ("Annual Service Special Tax Rate for Wet Utilities"). Notwithstanding the foregoing, if the Facilities have yet to be 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 allocable to only Seaport Centre Taxable Parcels with respect to the Existing Levees to determine the Annual Service Special Tax Rate for Levees. The Annual Service Special Tax Rate for Wet Utilities shall be calculated as stated above for such same period of time. Step 10 The Services Special Tax for each Seaport Centre Taxable Parcel shall be calculated by (i) adding the Annual Service Special Tax Rate for Levees and Annual Service Special Tax Rate for Wet Utilities determined in Step 9 above and, (ii) multiplying such combined rate by the number of Lot Square Feet allocable to each such Seaport Centre Taxable Parcel. Step 11 After the Facilities have been accepted by the City, the Services Special Tax for the Seaport Plaza Taxable Parcel shall be calculated by multiplying the Annual Service Special Tax Rate for Levees by the number of Lot Square Feet allocable to the Seaport Plaza Taxable Parcel. If the Facilities have yet to be accepted by the City, there will be no Services Special Tax levy with respect to the Seaport Plaza Taxable Parcel. Each Fiscal Year, after the determination of the Facilities Special Tax and Services Special Tax for each Seaport Centre Taxable Parcel and the Seaport Plaza Taxable Parcel, if applicable, the City Manager shall prepare and distribute a Special Tax report to the owners of the Taxable Parcels containing, by Assessor's parcel number, the applicable annual Facilities Special Tax rate, the ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO. NO. 15901 REV: 11-02-2020 MI MUFF NO. 506 Page 16 of 22