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D. BUYDOWN OF OUTSTANDING BONDS <br /> All of the requirements of this Section D, which describes the need for a Buydown of <br /> Outstanding Bonds ( "Buydown ") that may result from a change in development as determined <br /> pursuant to this Section D, shall only apply after the issuance of the first series of CFD No. 2010- <br /> 1 Bonds. Prior to the issuance of the first series of CFD No. 2010 -1 Bonds, the terms of the <br /> Buydown shall not apply. <br /> The following additional definitions apply to this Section D: <br /> "Certificate of Satisfaction of Buydown" means a certificate from the CFD Administrator <br /> stating that the property described in such certificate has met the Buydown Requirement for such <br /> property as calculated under this Section D. <br /> "Development Plan" means the plan submitted by R.C. Peninsula Park, LLC identifying the <br /> residential dwelling units and/or non - residential development anticipated within CFD No. 2010 -1 <br /> approved by Redwood City Planning Commission on July 20, 2010, as modified, amended <br /> and/or supplemented from time to time in accordance with its terms. <br /> "Letter of Compliance" means a letter from the CFD Administrator allowing the issuance of <br /> building permits based on the prior submittal of a request for letter of compliance by a property <br /> owner. <br /> "Buydown Requirement" means the total amount needed to be collected to calculate and <br /> prepay Outstanding Bonds necessary to be prepaid in order to authorize the issuance of building <br /> permits listed in a request for a Letter of Compliance, as calculated under this Section D. <br /> "Update Property" means an Assessor's Parcel of Undeveloped Property for which a building <br /> permit has been issued. For purposes of all calculations in this Section D, Update Property shall <br /> be taxed as if it were already Developed Property during the current Fiscal Year. <br /> 1. Request for Letter of Compliance <br /> q P <br /> After the issuance of the first series of CFD No. 2010 -1 Bonds, a property owner shall, as a <br /> precondition to the issuance of a building permit for construction of any residential and/or non- <br /> residential development for a specific Assessor' s Parcel or lot (excluding development for the <br /> Hotel Property), submit a Letter of Compliance for the construction on such Assessor's Parcel or <br /> lot. If a Letter of Compliance has not yet been issued, the property owner must first request a <br /> Letter of Compliance from the CFD Administrator. The request from the property owner shall <br /> contain a list of all building permits for which the property owner is requesting a Letter of <br /> Compliance. The property owner shall also submit the Assessor's Parcels or tract and lot <br /> numbers on which the construction is to take place, and the type of use, Residential Floor Area <br /> and Location (for each residential dwelling unit) or the Acreage (for each non - residential parcel) <br /> associated with each prospective building permit. <br /> B -9 <br /> 302108 1.doc <br />