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8.A Page 20 Exhibit C A7TACHMENT 1 by the CFD Administrator prior to undertaking work related to the Buydown pursuant to 5ection D.3. ' E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX Commencing with Fiscal Year 2010-2011, and for each following Fiscal Year, the CFD Administrator shall determine the Special Tax Requirement and shall provide for the levy of the Special Tax until the total Special Tax levy equals the Special Tax Requirement. The Special Tax shall be levied each Fiscal Year as follows: First: The Special Tax shal( be levied on each Assessor's Parcel of Developed Property in an amount equaf to l QO% of the applicable Maximum Special Tax; Second: If additional monies are needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property at up to 100% of the applicable Maximum Special Tax for Undeveloped Property. Notwithstanding the above the CFD Administrator may, in any Fiscal Year, calculate a levy Proportionately less than 100% of the Maximum Special Tax in step one (above), when (i) the CFD Administrator is no longer required to provide for the levy of the Special Tax pursuant to step two (above) in order to meet the Special Tax Requirement, and (ii) all authorized CFD No. 2010-1 Bonds have already been issued or the Council has covenanted that it will not issue any additional CFD No. 2010-1 Bonds (eacept refunding bonds) to be supported by the Special Tax in CFD No. 2010-1. Further notwithstanding the above, under no circumstances will the Special Ta�: levied against any Assessor's Parcel of Residential Property for w�hich a Certificate of Occupancy has been issued be increased by more than ten percent as a consequence of delinquency or default by the owner of any other Assessor's Parcel tivithin CFD No. 2010-1. Such limitation of Residential Property shall not apply to Non-Residential Property, of which will still be subject to lOQ% of the applicable Ma.�imum Special Tax. F. EXEMPTIONS No Special Tax shall be levied on up to 23.6 acres of Public Property and/or Property Owner Association Property in CFD No. 2010-1, and up to 2.83 acres of Future Excluded Area. Tax- exempt status will be assigned by the CFD Administrator in the chronological order in which property in CFD No. 2010-1 becomes Public Property or Property Owner Association Property. However, should an Assessor's Parcel no longer be classified as Public Propert�� or Property Owner Association Property, it will, from that point forward, be subject to the Special Tax. Notwithstanding the above, an Assessor's Parcel in CFD No. 2010-1 that is transferred to a public agency or property owner's association prior to the sale of a first bond issue that causes the Acreage of Public Property and Property Owner Association Property to exceed the 23.6 Acreage Iimit that can be designated by the CFD Administrator under this Sectian F shall also be exempted from paying the Special Tax. However, all or any portion of an Assessor's Parcel in CFD No. 2010-1 that is transferred to a public agency or property owner's association after Community Facilities District No. 2070-I February 16, 2011 City of Re�hvood Cit�� (One Marina) Pcrg� 12