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