AgdaPkt 2020-11-23 Joint SA PFA - Laserfiche WebLink

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7.C. - Page 25 of 54 With respect to the Services Special Tax, Taxable Parcels shall be classified as either a Seaport Plaza Taxable Parcel or a Seaport Centre Taxable Parcel. Initial Non -Taxable Parcels and Tax -Exempt Parcels: Initial Non -Taxable Parcels and Tax -Exempt Parcels shall not be subject to the levy of Special Taxes. Impact of Subdivisions: Lot Square Feet allocable to a Taxable Parcel may not be reduced, save the exceptions for reallocation and subdivisions as expressly noted in this Section 2. If a Taxable Parcel is subdivided, the City Manager shall assign Lot Square Feet to the successor Parcels, provided that the total number of Lot Square Feet assigned to such successor Parcels may not be less than the Lot Square Feet assigned to the predecessor Parcel. SECTION 3 TERMINATION OF THE SPECIAL TAXES Special Taxes shall remain in effect until such time as the City Council directs the City Clerk to record a suitable notice to indicate the release of the Special Tax in compliance with the Act or applicable law. SECTION 4 DETERMINATION OF SPECIAL TAX RATES Facilities Special Tax Rates: Commencing in the first Fiscal Year after the Facilities are accepted by the City, the Facilities Special Tax rate for each Assessor's parcel classified as Fully Taxable Parcel shall be determined annually as described in Section 5 hereof. Service Special Tax Rate For Levees: Commencing in Fiscal Year 2021-22 and each Fiscal Year thereafter until there has been acceptance of the Facilities by the City, the Services Special Tax rate for Existing Levees for Seaport Centre Taxable Parcels shall be determined annually as described in Section 5 hereof. For Fiscal Year 2020-21, the Maintenance Budget for Existing Levees for Seaport Centre Taxable Parcels is $0. For each Fiscal Year in perpetuity after acceptance of the Facilities by the City, the Services Special Tax rate for Levees shall be determined annually for Seaport Centre Taxable Parcels and the Seaport Plaza Taxable Parcel as described in Section 5 hereof. Service Special Tax Rate For Wet Utilities For each fiscal year in perpetuity, the Services Special Tax rate for Wet Facilities (which shall be levied on Seaport Centre Taxable Parcels only) shall be determined annually as described in Section 5 hereof. For Fiscal Year 2020-21, the Maintenance Budget for Wet Utilities for Seaport Centre Taxable Parcels is $204,000. 587