AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 81 Step 4 The quotient resulting from Step 3 above shall, for each Building Parcel, be multiplied by the number Commercial Square Feet allocable to each such Building Parcel. The product of such multiplicltion shall be the optional cash payment amount assigned to each such Building Parcel. Notice shall be given by mail to each owner of Building Parcels within the CFD of a 10- day period prior to the initial sale of bonds within which cash payments may be made. Only cash payments in whole may be accepted in lieu of the payment of annual Special Taxes. Parcels for whicll the prepayment of Special Taxes in whole has been made sllall be reclassified as Prepaid Parcels and shall no longer be subject to the levy of Special Taxes. Prepr��rrtent Subsequent to tlte I�Titir�l Sr�le of Bonds. The owner of any Building Parcel may prepay the Special Taxes to be levied against such Parcel through the term to maturity of outstanding CFD bonds and authorized but unissued CFD bonds. Special Taxes may not be prepaid in part. Optional prepayment amounts for each Building Parcel subsequent to the first sale of CFD bonds shall be determined annually for each Fiscal Year at the same time annual Special Taxes are determined as follows. Step 1 The total lmount of unplid CFD bond principal outstanding at the begir�r�illg of each Fiscal Year plus authorized and unissued CFD bond principal shall be determined, from which amount shall be subtracted any principal coming due in such Fiscal Year, the payment of which was provided for in the collection of the prior Fiscal Year's Annual Tax Revenues. Step 2 The result determined in Step 1 above shall be divided by the Net Taxable Square Feet for such Fiscal Year to arrive at the unpaid outstanding and authorized CFD bond principal per Commercial Square Foot for such Fisc11 Year. Step 3 For each Taxable Parcel, the unpaid outstanding and authorized CFD bond principal per Commercial Squlre Foot for such Fiscal Year as determined in Step 2 above shall be multiplied by the total number of Commercial Square Feet allocable to such Taxable Parcel to arrive at the Principal Prepayment Amount allocable to each such Taxable Parcel. In each Fiscal Year, the owner of a Building Parcel may prepay the future Special Tax obligations of such Parcel by paying in cash the sum of i) the amount of any delinquent and unpaid ulstallments of Special Taxes levied against such Parcel, together with any penalties, interest and costs due thereon, ii) the Special Taxes levied against such Plrcel in such Fiscal Year, iii) the Principal Prepayment Amount allocable to such Taxable Parcel in such Fiscal Year, rounded up to the nearest integral multiple of $5,000, iv) a prepayment premium in an amount equal to the prepayment premium required under the fiscal agent agreement to be paid on outstanding CFD bonds to be called on the next permissible call date times the ratio that such Parcel's number of Commercial Square Feet bears to the Net Taxable Square Feet in such Fiscal Year times the unpaid CFD bond pri�lcipal outstanding at the beginning of such Fiscal Year, v) a reasonable fee, fixed by the City Manager, for the cost of administeruzg the preplyment and the ldvance redemption of bonds, less vi) a credit for such Taxable Parcel's pro rata share of the reserve fund balance (if any) established under the fiscal agent agreement for any CFD bonds, and less vii) any credit due the owner of such Parcel as provided for in Section 10 hereof. B-8