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property provides the applicable Deed Restrictions to the CFD Administrator after May 1 of the <br /> previous Fiscal Year but prior to May 1 of the current Fiscal Year, then such residential units <br /> located on an Assessor's Parcel of Residential Property shall first be assigned to Land Use <br /> Classes 1 through 3 based on the Residential Floor Area and Location for each such residential <br /> dwelling unit in the current Fiscal Year, and subsequently classified as a Below Market Rate Unit <br /> in the following Fiscal Year. Residential dwelling units within CFD No. 2010 -1 that qualify as <br /> Below Market Rate Units shall be so designated by the CFD Administrator in the chronological <br /> order in which a recorded copy of any applicable Deed Restrictions has been provided to the <br /> CFD Administrator. However, if the total number of residential dwelling units constructed that <br /> would otherwise qualify as Below Market Rate Units exceeds 32, then the units exceeding such <br /> total shall not be considered Below Market Rate Units for special tax levy purposes if the CFD <br /> Administrator determines that such classification will reduce the amount of Special Taxes that <br /> may be levied on Taxable Property within CFD No. 2010 -1 in all Fiscal Years to below the sum <br /> of (i) 1.10 times the debt service necessary to support the remaining Outstanding Bonds, and (ii) <br /> the Administrative Expenses as defined in this Section A. If such determination is made by the <br /> CFD Administrator, the residential dwelling units constructed that would otherwise qualify as <br /> Below Market Rate Units shall be assigned to Land Use Classes 1 through 3 based on the <br /> Residential Floor Area and Location for each such residential dwelling unit. Notwithstanding the <br /> above, any residential dwelling unit(s) located on an Assessor's Parcel of Residential Property <br /> for which Deed Restrictions are not recorded in favor of the City providing for affordable <br /> housing prior to the close of escrow to the first private residential owner for such residential <br /> dwelling unit shall be assigned to Land Use Classes 1 through 3 based on the Residential Floor <br /> Area and Location for each such residential dwelling unit and shall permanently be ineligible for <br /> status as a Below Market Rate Unit. <br /> "Certificate of Occupancy" means a certificate issued by the City that authorizes the actual <br /> occupancy of a residential dwelling unit for habitation by one or more residents. <br /> "CFD Administrator" means an official of the City, or designee thereof, responsible for <br /> determining the Special Tax Requirement and providing for the levy and collection of the Special <br /> Taxes. <br /> "CFD No. 2010 -1" means Community Facilities District No. 2010 -1 of the City of Redwood <br /> City (One Marina). <br /> "CFD No. 2010 -1 Bonds" means any bonds or other debt (as defined in Section 53317(d) of the <br /> Act), whether in one or more series, issued by CFD No. 2010 -1 and secured solely by the Special <br /> Tax levy on property within the boundaries of CFD No. 2010 -1 under the Act. <br /> "City" means the City of Redwood City, California. <br /> "Council" means the City Council of the City acting as the legislative body of CFD No. 2010 -1. <br /> "County" means the County of San Mateo. <br /> B -3 <br /> 302108_1.doc <br />