AgdaPkt 2010-08-09 - Laserfiche WebLink

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tL:l ~ Page 30 ATTACHMENT 2 EXHIBIT C "Development Plan" means the plan submitted by R.C. Peninsula Park, LLC identifying the residential dwelling units andlor non-residential development anticipated within CFD No. 2010-1 approved by Redwood City Planning Commission on July 20, 2010, as modified, amended andlor supplemented from time to time in accordance with its terms. "Letter of Compliancell means a letter from the CFD Administrator allowing the issuance of building permits based on the prior submittal of a request for letter of compliance by a property owner. IIBuydown Requirement" means the total amount needed to be collected to calculate and prepay Outstanding Bonds necessary to be prepaid in order to authorize the issuance of building permits listed in a request for a Letter of Compliance, as calculated under this Section D. "Update Property" means an Assessor's Parcel of Undeveloped Property for which a building permit has been issued. For purposes of all calculations in this Section D, Update Property shall be taxed as if it were already Developed Property during thE? current Fiscal Year. 1. Request for Letter of Compliance After the issuance of the first series of CFD No. 2010-1 Bonds, a property owner shall, as a precondition to the issuance of a building permit for construction of any residential andlor non-residential development for a specific Assessor's Parcel or lot (excluding development for the Hotel Property), submit a Letter of Compliance for the construction on such Assessor's Parcel or lot. If a Letter of Compliance has not yet been issued, the property owner must first request a Letter of Compliance from the CFD Administrator. The request from the property owner shall contain a list of all building permits for which the property owner is requesting a Letter of Compliance. The property owner shall also submit the Assessor's Parcels or tract and lot numbers on which the construction is to take place, and the type of use, Residential Floor Area and Location (for each residential dwelling unit) or the Acreage (for each non-residential parcel) associated with each prospective building permit. 2. Issuance of Letter of Compliance Upon the receipt of a request for a Letter of Compliance, the CFD Administrator shall assign each building permit identified in such request to Land Use Classes 1 through 5 as listed in Table 2 below based on the type of use, Residential Floor Area, Location and, if applicable, Acreage (for each non-residential parcel) identified for each such building permit. If the CFD Administrator determines (i) that the number of building permits requested for each Land Use Class, plus those building permits previously issued for each Land Use Class, will not cause the total number of residential dwelling units or non-residential Acreage within any such Land Use Class to exceed the number of residential dwelling units or non-residential Acreage for such Land Use Class identified in Table 2 below, and (ii) that the total number of residential dwelling units anticipated to be constructed pursuant to the current Development Plan for CFD No.