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8.B. - Page 78 <br /> If the fiscal year beginning Then for as long as the Parcel on which such <br /> 7/1 in which commercial commercial square feet is located is a Taxable <br /> square footage first becomes Parcel,such commercial square feet shall <br /> subject to taxation is: thereafter be taxed at: <br /> 1999 $0.232 per square foot <br /> 2000 $0.244 per square foot <br /> 2001 $0.258 per square foot <br /> 2002 $0.272 per square foot <br /> 2003 $0.287 per square foot <br /> 2004 $0.303 per square foot <br /> 2005 $0.319 per square foot <br /> 2006 $0.337 per square foot <br /> 2007 $0.355 per square foot <br /> 2008 $0.375 per square foot <br /> 2009 $0.395 per square foot <br /> 2010 $0.417 per square foot <br /> 2011 $0.440 per square foot <br /> 2012 $0.464 per square foot <br /> 2013 $0.490 per square foot <br /> Thereafter $0.490 per square foot <br /> Inactive Parcels, Prepaid Parcels and Tax-Exempt Parcels shall not be subject to the <br /> levy of Special Taxes. <br /> Section 6. Apportionment,Levy and Selection of Special Tax Rates <br /> A Special Tax rate per Developed Commercial Square Foot or Approved Commercial <br /> Square Foot allocable to each Taxable Parcel in the CFD shall be established annually by the <br /> City Council. The Special Tax rate or rates per Developed Commercial Square Foot or <br /> Approved Commercial Square Foot allocable to each Taxable Parcel shall then be multiplied <br /> by the Developed Commercial Square Feet or Approved Commercial Square Feet on each such <br /> Taxable Parcel to determine the Special Tax applicable to each such Taxable Parcel. <br /> Prior to July 1 of each Fiscal Year for which Annual Costs are payable, the Special Tax <br /> rate per Developed Commercial Square Foot or Approved Commercial Square Foot allocable <br /> to each Taxable Parcel in the CFD shall be established as follows: <br /> Step 1 The total Annual Costs for such Fiscal Year shall be projected. <br /> Step 2 The sum of unexpended fund balances (including amounts collected in the prior <br /> Fiscal Year to be applied to Debt Service in such Fiscal Year) held under the fiscal <br /> agent agreement securing outstanding Bonds that is available to pay Debt Service in <br /> such Fiscal Year shall be determined. <br /> Step 3 The amount of Debt Service due in such Fiscal Year payable from Annual Tax <br /> Revenues collected in the prior Fiscal Year shall be determined. <br /> Step 4 The amounts calculated in steps 1 and 3 above shall be added together and the <br /> amount determined in step 2 above shall be subtracted from such sum to arrive at <br /> the Annual Tax Revenues to be collected in such Fiscal Year. <br /> B-5 <br />