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08/09/2010 EXHIBIT C ATTACHMENT 2 constructed that would otherwise qualify as Below Market Rate Units exceeds 32, then the units exceeding such total shall not be considered Below Market Rate Units for special tax levy purposes if the CFD Administrator determines that such classification will reduce the amount of Special Taxes that may be levied on Taxable Property within CFD No. 2010 -1 in all Fiscal Years to below the sum of (i) 1.10 times the debt service necessary to support the remaining Outstanding Bonds, and (ii) the Administrative Expenses as defined in this Section A. If such determination is made by the CFD Administrator, the residential dwelling units constructed that would otherwise qualify as Below Market Rate Units shall be assigned to Land Use Classes 1 through 3 based on the Residential Floor Area and Location for each such residential dwelling unit. Notwithstanding the above, any residential dwelling unit(s) located on an Assessor's Parcel of Residential Property for which Deed Restrictions are not recorded in favor of the City providing for affordable housing prior to the close of escrow to the first private residential owner for such residential dwelling unit shall be assigned to Land Use Classes 1 through 3 based on the Residential Floor Area and Location for each such residential dwelling unit and shall permanently be ineligible for status as a Below Market Rate Unit. "Certificate of Occupancy" means a certificate issued by the City that authorizes the actual occupancy of a residential dwelling unit for habitation by one or more residents. "CFD Administrator" means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement and providing for the levy and collection of the Special Taxes. "CFD No. 2010 -1" means Community Facilities District No. 2010 -1 of the City of Redwood City (One Marina). "CFD No. 2010 -1 Bonds" means any bonds or other debt (as defined in Section 53317(d) of the Act), whether in one or more series, issued by CFD No. 2010 -1 and secured solely by the Special Tax levy on property within the boundaries of CFD No. 2010 -1 under the Act. "City " means the City of Redwood City, California. "Council" means the City Council of the City acting as the legislative body of CFD No. 2010 -1. "County" means the County of San Mateo. "Developed Property" means, for each Fiscal Year, all Taxable Property for which a building permit for new construction was issued after January 1, 2010 and on or before May 1 of the Fiscal Year preceding the Fiscal Year for which the Special Taxes are being levied. "Final Subdivision" means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 1352 that, in either case, creates #15048 MUFF # 506