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11/23/2020 <br />"Conditions Report for Levees" means the report commissioned by the City, in consultation <br />with the Property Owners that contains, among other things, an engineer's opinion of probable <br />cost, timing, and description of necessary and appropriate repairs to the Levees within the (i) <br />immediate future (six months thereafter), (ii) near term (one to three years thereafter), and (iii) <br />future period (four years and later). The City shall commission a Conditions Report for Levees in <br />connection with the acceptance of the Facilities by the City, and thereafter, when the City and the <br />Property Owners deem necessary, but in no event more than ten years after the issuance of the <br />most recent Conditions Report for Levees, unless otherwise consented to by the Property <br />Owners; whenever a Conditions Report for Levees is prepared, it shall be prepared within a <br />reasonable time before the City's budgeting process. <br />"Conditions Report for Wet Utilities" means the report commissioned by the City, in <br />consultation with,the Property Owners that contains, among other things, an engineer's opinion <br />of probable cost, timing, and description of necessary and appropriate repairs to the Wet Utilities <br />within the (i) immediate future (six months thereafter), (ii) near term (one to three years <br />thereafter), and (iii) future period (four years and later). The City shall commission a Conditions <br />Report for Wet Utilities in connection with the CFD Formation Proceedings, and thereafter, <br />when the City and the Property Owners deem necessary, but in no event more than ten years <br />after the issuance of the most recent Conditions Report for Levees, unless otherwise consented to <br />by the Property Owners; whenever a Conditions Report for Wet Utilities is prepared, it shall be <br />prepared within a reasonable time before the City's budgeting process. <br />"County" means the County of San Mateo, California. <br />"Escalator" means the lesser of the following: (i) the annual increase, if any, in the Consumer <br />Price Index (CPI) for All Urban Consumers in the San Francisco -Oakland -Hayward region (base <br />years 1982-1984=100) published by the Bureau of Labor Statistics of the United States <br />Department of Labor, or, if such index is no longer published, a similar escalator that is <br />determined by the City to be appropriate, and (ii) five percent (5%). <br />"Existing Levees" means all levees for the protection of Seaport Centre from inundation, any <br />and all retaining walls, and any and all outboard rock slope protection facilities necessary for <br />erosion control together with any and all appurtenances to any of the above. <br />"Facilities" has the meaning given the term in the CFD Formation Proceedings. <br />"Facilities Special Tax" means the special tax levied against Fully Taxable Parcels to pay (i) the <br />Net Acquisition Cost for the Facilities, (ii) annual interest at the Adjusted Market Interest Rate, <br />and (iii) CFD Advanced Costs (as long as such costs are not already in the Net Acquisition Cost <br />as defined under the Purchase Agreement). <br />"FAR" means floor area ratio. <br />"Fiscal Year" means a period beginning July 1 and ending the following June 30 <br />RESO. NO. 15915 <br />MUFF NO. 506 <br />-3- <br />