AgdaPkt 2010-08-09 - Laserfiche WebLink

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O.Ltj Page 28 ATTACHMENT 2 EXHIBIT C C. MAXIMUM SPECIAL TAX RATE Residential Property shall be assigned to Land Use Classes 1 through 4, as listed in Table 1 below, based on the type of use, Residential Floor Area, and the Location for each residential dwelling unit. Non-Residential Property shall be assigned to Land Use Class 5. Hotel Property shall be assigned to Land Use Class 6. Prior to the issuance of CFD No. 2010-1 Bonds, the Maximum Special Tax on Developed Property (set forth in Table 1) may be reduced in accordance with, and subject to the conditions set forth in this Section C, without the need for any proceedings to make changes as permitted under the Act. These Maximum Special Tax reductions, if applicable, will be made if it is reasonably determined by the CFD Administrator that the overlapping debt burden as defined in the City of Redwood City lIStatement of Local Goals and Policies Concerning the Use of the Mello-Roos Community Facilities Act of 1982" adopted by the Council on March 22, 1999, (the "Goals and Policies") calculated pursuant to the Goals and Policies based upon the Maximum Special Tax on Developed Property exceeds the City's maximum level objective set forth in the Goals and Policies, the Maximum Special Tax on Developed Property may be reduced to the amount necessary to satisfy the City's objective with respect to the maximum overlapping debt burden level with the written consent of the CFD Administrator without need for any additional City Council proceedings. Each Maximum Special Tax reduction for a Land Use Class shall be calculated separately, as reasonably determined by the CFD Administrator, and it shall not be required that such reduction be proportionate among Land Use Classes. The reductions permitted pursuant to this paragraph shall be reflected in an amended notice of Special Tax lien which the City shall cause to be recorded by executing a certificate in substantially the form attached herein as Exhibit lIA". 1. Developed Property (a) Maximum Special Tax The Maximum Special Tax that may be levied and escalated as explained further in Section C.1.(b) below in any Fiscal Year for each Assessor's Parcel classified as Developed Property is shown below in Table 1. TABLE 1 Maximum Special Tax for Developed Property CFD No. 2010-1 (One Marina) Fiscal Year 2010-2011 Land Use Residential Floor Maximum Class , Description Area (square feet) Location Special Tax 1 Residential Property Less than 1,375 Non-Marina $2.711 per unit View 2 Residential Property 1,375 to less than Non-Marina $4,067 per unit 1.525 View