Res11 15102 - Laserfiche WebLink

Browse Search

03/22/201 Exhibit C ATTACHMENT 1 Special Tax; the costs of' the City, CFD No. 2010 -1, or any designee thereof related to the reduction of the Maximum Special Tax in accordance with Section C herein, the costs of the City, CFD No 2010 -1, or any designee thereof related to the Buydown of Outstanding Bonds in accordance with Section D.4 herein; the costs associated with the release of funds from any escrow account, and the City's annual 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. "Assessor "s Parcel" means a lot or parcel to which an Assessor's parcel number is assigned as determined from an Assessor Parcel Map or the applicable assessment roll, "Assessor's Parcel Map" means an official map of the County Assessor of the County designating parcels by Assessor's Parcel number. "Authorized Facilities" means those facilities eligible to be funded by CFD No. 2010 -1, as defined in the Acquisition Agreement. "Buydown of Outstanding Bonds" means a mandatory buydown of Outstanding Bonds made by a property owner to reduce the amount of Outstanding Bonds to compensate for a loss of Special Tax revenues resulting from the construction of fewer residential dwelling units, smaller residential dwelling units, a modification to the type and /or Location of residential dwelling units, or a modified amount of non - residential Acreage, as determined in accordance with Section D herein. "Below Market Rate Unit(s)" means up to 15 residential dwelling units located on one or more Assessor's Parcels of Residential Property that are subject to deed restrictions, resale restrictions, and /or regulatory agreements recorded in favor of the City providing for affordable housing (the "Deed Restrictions "), and for which building permits were issued on or before May 1 of the Fiscal Year preceding the Fiscal Year for which the Special Taxes are being levied. In order to ensure that a residential dwelling unit is correctly classified as a Below Market Rate Unit for the current Fiscal Year, the owner of such property shall, prior to May '1 of the previous Fiscal Year, provide the CFD Administrator with a recorded copy of any applicable Deed Restrictions. In cases where such building permits were 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 owner of such property provides the applicable Deed Restrictions to the CFD Administrator after May 1 of the previous Fiscal Year but prior to May 1 of the current Fiscal Year, then such residential units located on an Assessor's Parcel of Residential Property shall first be assigned to Land Use Classes 1 through 3 based on the Residential Floor Area and Location for each such residential dwelling unit in the current Fiscal Year, and subsequently classified as a Below Market Rate Unit in the following Fiscal Year. Residential dwelling units within CFD No. 2010-1 that qualify as Below Market Rate Units shall be so designated by the CFD Administrator in the chronological order in which a recorded copy of any applicable Deed Restrictions has been provided to the CFD Administrator. However, if the total number of residential dwelling units constructed that would otherwise qualify as Below Market Rate Units exceeds 15, then the units exceeding such total shall not be considered Below Market Rate Units for special tax levy purposes if the CFD Administrator determines that such classification will reduce the amount of Community Facilities District No. 20104 February 16, 2011 City of Redwood City (One Marina) Page 2 Reso # 15102 MUFF # 506