Res20 15915 - Laserfiche WebLink

Browse Search

11/23/2020 "Fully Taxable Parcel" means any Taxable Parcel in the CFD which is not a Partially Taxable Parcel. "Initial Acquisition Price Payment" means the amount, if any, paid by the City in connection with the acceptance of the Facilities from the Maintenance Reserve account to the Property Owners pursuant to the terms of the Purchase Agreement and Section 8 hereof. "Initial Non -Taxable Parcels" means Assessor's parcel numbers 054-320-190 and 054-320-200 initially identified as non-taxable parcels on Exhibit 1 hereto. However, an Initial Non -Taxable Parcel(s) associated with the issuance of a Building Permit, as further described below in this Section 2, shall be taxed and classified as a Taxable Parcel. "Installment Payment Obligation Prepayment Amount" means the amount of the Remaining Installment Payment Obligation allocable to a prepaying Fully Taxable Parcel as of the date of such calculation, as determined in Section 7 hereof. "Installment Payment Obligation" means the aggregate of the installment payments payable by the City under the Purchase Agreement over a fifteen -year period to satisfy in full the Net Acquisition Cost. "Levees" means any and all levees for the protection of Seaport Centre and Seaport Plaza from inundation, any and all retaining walls, and any and all outboard rock slope protection facilities necessary for erosion control together with any and all appurtenances to any of the above. "Lot Square Feet" or "Lot Square Foot" means the land area square feet allocated to a Taxable Parcel pursuant to Exhibit 1 hereto, as such schedule may be modified by the City Manager pursuant to Section 2 hereof. "Maintenance Budget" means the one-year budget for Fiscal Year 2021-22 and commencing for Fiscal Year 2022-23 and not less than every five years thereafter, the five-year budget of estimated costs and expenses of providing the Services for Levees and Services for Wet Utilities prepared by the City in consultation with the Property Owners, which shall include the funding of Maintenance Reserves as provided for in Section 8 hereof. "Maintenance District" means the Seaport Centre Maintenance District established on April 22, 1985 to pay for the expense of maintaining and operating the levee and wet utilities located within public easements in the Seaport Centre, which shall be dissolved on June 30, 2021. "Maintenance Reserves" means initially the reserve to fund maintenance, capital repairs and replacement of parts for Wet Utilities and Existing Levees, and after the acceptance of the Facilities by the City, the separate reserves to fund maintenance, capital repairs and replacement of parts for each of the Wet Utilities and Levees, each reserve being funded through the process described in Section 8 hereof and maintained by the City in separate interest-bearing accounts. The Maintenance Reserves can also fund tax collection shortfalls in any given Fiscal Year as described in Section 8 hereof. RESO. NO. 15915 MUFF NO. 506 -4-