AgdaPkt 2012-12-03 - Laserfiche WebLink

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8.B. - Page 37 Developed Commercial Square Feet has been initially allocated to a Taxable Parcel (provided such initial allocation is not in error), such number may not be reduced unless the City Manager determines that such reduction shall not cause the Special Tax rate per commercial square foot on remaining Taxable Parcels to exceed their respective Maximum Annual Special Tax Rates. Approved Commercial Parcels may be reclassified as Developed Commercial Parcels and, if warranted, their taxable commercial square feet reduced subject to the preceding sentence. All of the Taxable Parcels are currently classified as Developed Commercial Parcels. 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). Prior to July 1 of each Fiscal Year, the City Manager shall cause to be prepared a Special Tax Report setting forth: (i) the classification as of the June 1 applicable for such Fiscal Year of each Parcel within the boundaries of the District, (ii) a projected sources and uses of funds for the District in such Fiscal Year showing that projected Annual Tax Revenues are sufficient to pay projected Annual Costs, (iii) the total number of Developed Commercial Square Feet attributable to Developed Commercial Parcels and Approved Commercial Square Feet attributable to Approved Commercial Parcels for such Fiscal Year and, in each case, the Maximum Annual Special Tax Rate applicable to such commercial square feet, (iv) the total number of Developed Commercial Square Feet and Approved Commercial Square Feet allocable to Prepaid Parcels, (v) the net taxable Developed Commercial Square Feet and Approved Commercial Square Feet allocable to Taxable Parcels for such Fiscal Year, (vi) the Special Tax rate necessary to satisfy Annual Costs applicable to such Developed Commercial Square Feet and Approved Commercial Square Feet allocable to each Taxable Parcel for such Fiscal Year, (vii) the amount of Special Taxes to be levied on each Taxable Parcel in the next ensuing Fiscal Year, (viii) the annual Principal Prepayment Amount allocable to each Taxable Parcel, and (ix) a Tax Collection Schedule. 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. A Special Tax rate per Developed Commercial Square Foot or Approved Commercial Square Foot allocable to each Taxable Parcel in the District shall be established annually by the City Council. The Special Tax rate or rates per Developed Commercial Square Foot or Approved Commercial Square Foot allocable to each Taxable Parcel shall then be multiplied by the Developed Commercial Square Feet or Approved Commercial Square Feet on each such Taxable Parcel to determine the Special Tax applicable to each such Taxable Parcel. Prior to July 1 of each Fiscal Year for which Annual Costs are payable, 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 (i) an amount sufficient to pay debt service on Bonds in a timely manner, (ii) Administrative Expenses and (iii) 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. -15-