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8.A Page 16 Exhibit C ATTACHMENT 1 Property that may be levied after the fifth Fiscal Year in which Special Taxes are levied in CFD ' No. 2010-1. D. BUYDOWN OF OUTSTANDING BONDS All of the requirements of this Section D, which describes the need for a Buydown of Outstanding Bonds ("Buydown"} that may result from a change in development as determined pursuant to this Section D, shall only apply after the issuance of the first series of CFD No. 2010- 1 Bonds. Prior to the issuance of the first series of CFD No. 2010-1 Bonds, the terms of the Buydown shall not apply. The fo(lowing additional definitions apply to this Section D: "Certificate of Satisfaction of Buydown" means a certificate from the CFD Administrator stating that the property described in such certificate has met the Buydown Requirement for such properry as calculated under this Section D. "Deve[opment Plan" means the plan submitted by R.C. Peninsula Park, LLC identifying the residential dwelling units and/or non-residential deveiopment anticipated within CFD No. 2010- ] approved by Redwood City Planning Commission on July 20, 2010, as modified, amended and/or supplemented from time to time in accordance with its terms. "Letter of Compliance" means a letter frorn 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. "Buydown 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 purpases of all ca[culations 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 and/or non- , residential development for a speci�c Assessor's Parcel or lot, submit a Letter of Compliance for I the construction on such Assessor's Parcel or lot. If a Letter of Compliance has not yet been issued, the property o�vner must first request a Letter of Compliance fro►n the CFD ' Administrator. The request from the property owner shall contain a list of all building permits for which the properiy 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 j permit. ��, Co►nmunity Facilities District No. 2010-1 Fehruar� 16, 2011 � Ciry of Re�lwood City (One Marina) Page 8