Res20 15915 - Laserfiche WebLink

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11/23/2020 The City shall make every effort to correctly assign the applicable Special Tax rates and calculate the annual Special Tax liability for each Taxable Parcel and, if requested, the Installment Payment Obligation Prepayment Amount for a Taxable Parcel. It shall be the burden of the taxpayer to correct any errors in the determination and classification of the Parcels subject to the Special Tax and their respective Special Tax and prepayment amount liabilities. SECTION 6 MANNER OF COLLECTION The Special Taxes shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, except as set forth in Section 5 hereof. SECTION 7 PREPAYMENT OF FACILITIES SPECIAL TAXES Subsequent to the execution and delivery of the Purchase Agreement, the owner of any Fully Taxable Parcel may prepay the Facilities Special Tax to be levied against such Parcel at any time before the Remaining Installment Payment Obligation has been paid in full upon providing the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Fully Taxable Parcel. Facilities Special Taxes may not be prepaid in part. Optional prepayment of Facilities Special Tax for each Fully Taxable Parcel shall be determined by the City Manager as of July 1 of the current Fiscal Year as follows. 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 RESO. NO. 15915 MUFF NO. 506 -12-