AgdaPkt 2003-07-28 - Laserfiche WebLink

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FA-32- administrative offices, police and fire facilities, parks and public drainage ways, rights -of -way, landscaping, greenbelts and open space. Under the Rate and Method, a Public Parcel is a "Tax - Exempt Parcel." Inactive Parcel - a Parcel which is not classifi -td as a Developed Commercial Parcel, Approved Commercial Parcel, Residential Parcel or Public Parcel. Commercial Parcels without Developed Commercial Square Feet or Approved Commercial Square Feet (as both terms are defined in the Rate and Method) will be classified as Inactive Parcels. Under the Rate and Method, an Inactive Parcel is a "Tax- Exempt Parcel." Levy of Special Taxes. The Special Tax will be levied only on Taxable Parcels. The amount of the Special Tax levied on each Taxable Parcel is based on Approved Commercial Square Feet (for Approved Commercial Parcels) or Developed Commercial Square Feet (for Developed Commercial Parcels). For each Approved Commercial Parcel, "Approved Commercial Square Feet" means the maximum amount of commercial square feet that could be constructed on an Approved Commercial Parcel pursuant to a vested Development Agreement or a recorded final map approved by the City. If an Approved Commercial Parcel is subdivided, the City Manager may assign Approved Commercial Square Feet to successor Parcels provided that the total number of Approved Commercial Square Feet on such successor Parcels may not exceed the Approved Commercial Square Feet assigned to the predecessor Parcel. For each Developed Commercial Parcel, "Developed Commercial Square Feet" means the number of square feet approved for construction as shown on a building permit that has been issued by the City for any Developed Commercial Parcel. The amount of the Special Tax for each Taxable Parcel is determined as follows: Step 1: The total Annual Costs for such Fiscal Year is projected. "Annual Costs" include (1) an amount sufficient to pay debt service on Bonds in a timely manner, (it) Administrative Expenses and (ill) any amounts needed to replenish Bond reserve funds and to make up for any deficit caused by actual or estimated delinquencies in Special Taxes for the previous or current Fiscal Year. Step 2: The sum of unexpended fund balances (including amounts collected in the prior Fiscal Year to be applied to Debt Service in such Fiscal Year) held under the fiscal agent agreement securing outstanding Bonds that is available to pay Debt Service in such Fiscal Year shall be determined. Step 3: The amount of Debt Service due in such Fiscal Year payable from Annual Tax Revenues collected in the prior Fiscal Year shall be determined. Step 4: The amounts calculated in Steps 1 and 3 above shall be added together and the amount determined in Step 2 above shall be subtracted from such sum to arrive at the Annual Tax Revenues to be collected in such Fiscal Year. Step 5: The Maximum Annual Special Tax Rate (or rates, as the case may be) applicable to each Taxable Parcel shall be multiplied by the taxable commercial square feet corresponding to such rate(s). Step 6: If the total of the amounts calculated in Step 5 is greater than the Annual Costs, all Special Tax rates shall be decreased by equal proportions of the applicable Maximum Annual -15-