Res20 15915 - Laserfiche WebLink

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11/23/2020 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. SECTION 5 METHOD OF LEVY OF THE SPECIAL TAXES Facilities Special Taxes: Prior to July 1 of the Fiscal Year for which the Facilities Special Taxes are being levied, commencing with the determination of the tax levy in the first Fiscal Year following acceptance of the Facilities by the City and continuing each Fiscal Year that there is a Remaining Installment Payment Obligation, the Facilities Special Tax rate allocable to each Fully Taxable Parcel in the CFD shall be established as follows: Step 1 The City Manager shall determine the Principal Installment Payment coming due on September 1 of the calendar year commencing in such upcoming Fiscal Year by referencing Schedule A to the Purchase Agreement. Step 2 The City Manager shall calculate the interest due and owing for the calendar year commencing in such upcoming Fiscal Year by multiplying the Remaining Installment Payment Obligation, less the Principal Installment Payment coming due on September 1 of the calendar year commencing in the Fiscal Year preceding the Fiscal Year for which the Facilities Special Taxes are being levied, by the Adjusted Market Interest Rate. With respect to the first levy of the Facilities Special Tax, the interest calculation should also include interest at the Adjusted Market Interest Rate for the period from date of acceptance of the Facilities by the City to June 30. Step 3 The City Manager shall determine the amount, if any, of delinquent Facilities Special Taxes for the Fiscal Year preceding the Fiscal Year for which the Facilities Special Taxes are being levied. For purposes of the calculation in Step 4, this amount shall not exceed 10% of the sum of Steps 1 and 2. Step 4 The City Manager shall determine the Facilities Special Tax rate by dividing the sum of Steps 1 through 3 above by the aggregate Building Square Feet of Fully Taxable Parcels (the "Annual Facilities Special Tax Rate"). RESO. NO. 15915 MUFF NO. 506 In