AgdaPkt 2011-03-21 - Laserfiche WebLink

Browse Search

8.A Page 10 Exhibit C ATTACHMENT 1 Special TaY; the costs of the City, CFD No. 201Q-1, or any designee thereof reiated to the reduction of the Maximum Special Tax in accordance with Section C herein; the costs of the City, CFD No. ZQ10-1, or any designee thereof related to the Buydown of Outstanding Bonds in accordance with Section D.4 herein; the costs associated �vith the release of funds from any escro�v account; and the City's annua( administration fees, accounting fees and expenses, and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2010-1 for any other administrative purposes of CFD No. 2010-1, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure as a result of delinquent Special Taxes. "Assessar's Parcel" means a lot or parcel to which an Assessor's parc;el nu�nber is assigned as detern�ined from an Assessor Parcel Map or the applicable assessment roll. "Assessar's Parcel Map" means an official ma� of the County Assessor of the County designating parcels by Assessor's Parcel number. "Aathorized Facitities" means those Faeilities eligible to be funded by CFD No. 2010-1, as defined in the Acquisition Agreement. "Buydown of Outstanding Bonds" means a mandatory buydown of Outstandin; Bonds made by a property owner to reduce the amount of Outstanding Bonds to compensate for a loss of Special 'Tax revenues resultin� from the construction of fewer residential dwellin� units, smaller residential dwelling units, a modification to the type and/or Location of residentia( dwelling units, or a modified amount of non-residential Acreage, as determined in accardance ��ith Section D herein. "Beloww Market Rate Unit(s}" means up to i� residential d��ellin� units located on one c�r mare Assessor's Parcels of Residential Properry that are subject to deed restrictions, resale restrictions, andlar regulatory agreements recorded in favar af the City providing for affordable housing (the "Deed Restrictions"), and for which building permits were issued on or before May I of the Fiscal Year preceding the Fiscat Year for ��hich the Special Taxes are being levied. In order to ensure that a residential dwelling unit is carrectly classitied as a Below Market Rate Unit far the curre�lt Fiscal Year, the owner of such property shall, prior to May 1 af the previous Fiscal Year, provide the CFD Administrator with a recorded copy of any appficable Deed Restrictions. ln cases where such building permits rvere issued on or before May 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, and for which the o�vner of such property provides the applicable Dced Restrictic�ns to the CFD Administrator after May 1 of the previous Fiscal Year but prior to May 1 of the current Fiscal Year, then such residentiai units located on an Assessor's Parcel of Residential Property shall first be assigned to Land Use Classes 1 throu�h 3 baseci on the Residential Floar Area and Location far each such residential dwelling unit in the ecirrent Fiscal Year, and subsequently classified as a Belo�v Market Rate Unit in the following Fiscal Year. Residential dwe(lin� units ��ithin CFD No. 2010-1 that qualify as Belo�� Mar(:et Rate Uni1s shall be so designated by the CFD Administrator in the chronological order in which a reeorded copy of any applicable Deed Restrictions has been provided to the CFD �dministratar. Hawever, if the t�tal number of residential dwelling uriits constructed that wauld otheru�ise qualify as Below Market Rate Units exceeds 15, then the units exceeding such total shall not be considered Below Market Rate Units for special ta� levy purposes if the GFD Administrator determines that such classification will reduce the amount of Conu�iunif� Fnci/ities District No. ZUIU-1 Febrrrury IG, 2(JII Cit>> af Redwood Cin (O�:e Mar�na) P�Kp ?