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10/26/2020 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"). The owner of a Fully Taxable Parcel may prepay the Facilities Special Tax to be levied against such Parcel by paying in cash the sum of (i) the amount of any delinquent and unpaid installments of Special Taxes levied against such Parcel, together with any penalties, interest and costs due thereon, (ii) the Facilities Special Tax levied against such Parcel in the current Fiscal Year which have yet to be paid by the owner, (iii) the Installment Payment Obligation Prepayment Amount (less any principal amounts included in such Installment Payment Obligation Prepayment Amount that will be paid pursuant to clauses (i) and (ii)) allocable to such Fully Taxable Parcel in such Fiscal Year as calculated above, and (iv) the Administrative Fees and Expenses (collectively, the "Prepayment Amount"). The owner shall pay the sum of (i), (ii), (iii) and (iv) above no later than June 30 of the current Fiscal Year. With respect to any Parcel that is prepaid in accordance with this Section 7, the City Manager or its designee shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Facilities Special Tax and the release of the Facilities Special Tax lien on such Parcel, and the obligation of such Parcel to pay the Facilities Special Tax shall cease. Services Special Taxes may not be prepaid. SECTION 8 JUSTIFICATION AND APPLICATION OF MAINTENANCE RESERVES Prior to or in connection with the CFD Formation Proceedings and at least ninety (90) days prior to July 1 of each five -Fiscal Year period thereafter, commencing with the five -Fiscal Year period beginning July 1, 2021, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for Wet Utilities. In connection with the acceptance of the Facilities and at least ninety (90) days prior to each five - Fiscal Year period thereafter, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for Levees. The City and the Property Owners shall confer and agree on capital repairs set forth in the Repair and Replacement Plan. If the City and the Property Owners cannot agree, then City staff shall seek City Council approval of the proposed Repair and Replacement Plan at a public hearing, at which time the Property Owners can file opposition and present testimony in accordance with City policies and procedures related thereto. The Repair and Replacement Plan adopted by City ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO. NO. 15901 REV: 11-02-2020 MI MUFF NO. 506 Page 18 of 22