AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 38 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 Ye1r. Step 5 The Maximum Aruzual Special Tax Rate shall be multiplied by the Commercial Square Feet corresponding to each Taxable Parcel. Step 6 If the total of the amounts calculated in Step 5 is greater than the Annual Costs, the Special Tax rate shall be decreased until the Special Tax rate on all Taxable Parcels produces scheduled Annual Tax Revenue equal to the projected Annual Costs. If the total of the amounts calcullted in Step 5 is less than Annual Costs, the Special Tax rate applicable to Taxable Parcels shall be established at the Maximum Annual Special Tax Rate. Step 7 An annual Special Tax shall be determined for elch Taxlble Parcel by multiplying the Special Tax rate identified in Step 6 above times the number of Commercial Square Feet applicable to each such Taxable Parcel. After each Parcel in the District has been annually classified, the annual Special Tax and Principal Prepayment Amount for each Taxable Parcel has been calculated, and a Special Tax Report for such Fiscal Year has been approved by resolution of the City Council in July of each Fiscal Year, the City Manager shall forward a Tax Collection Schedule showing the annual Special Tax liability for each Taxlble Parcel with Commercial Square Feet thereon to the County Auditor, requesting that the Tax Collection Schedule be placed on the secured property tax roll for the applicable Fiscal Year. The Tax Collection Schedule shall be sent not later than August 10 or such prior date required by the County Auditor for such placement. Notwithstlnding the foregoing, (i) if for any reason the Special T1x levy on a Taxable Parcel with Commercial Square Feet thereon will not be included on the County secured tax roll, the District may levy the Special Taxes for such Fiscal Year by means of a direct billing of the owners of the Taxable Parcels, and (ii) Section 6 of the Rate and Method contains certain 1lternative provisions for Tlxable Parcels with only Parking Units assigned thereto. Failure of the District to directly invoice the owner of a Taxable Parcel subject to the levy of Special Taxes shall in no way affect the validity of such Special Tax levy. Undivided Levy. The Special Tax levied on each Tlxable Parcel allocated Commercial Square Feet shall include an undivided levy on any other Parcel or Parcels to which applicable Parking Units have been assigned by the City pursuant to the table in Section 8 of the Rate and Method or a Final Development Plan, as applicable, subject to any future subdivision or merger and the reallocation of Commercial Square Feet and Parl<ing Units pursuant to Section 3 of the Rate and Method. For the purposes of collecting such Special Taxes, the City shall levy the entire tax on the Parcel to which Commercial Square Feet are assigned and on the Parcel or Parcels to which related Parking Units have been assigned. Special Taxes due on Taxable Plrcels with Commercial Square Feet thereon shall be placed on the secured tax roll. The associated undivided Special Tax levy on the Parcel or Parcels to which applicable Parking Units have been assigned shall be billed directly to the owner thereof as provided for in Section 6 of the Rate and Method. If Special Taxes subject to an undivided levy which have been placed on the secured tax roll are plid in a timely manner, the associated undivided Special Tax levy billed directly to the owner of a Taxable Parcel shall, with no further action required by the owner or the District, be deemed paid. -14-