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9.B. - Page 24 <br /> Once established, can the City increase the assessments? <br /> By law, the only increases in the annual assessment methodology must be pre- determined and <br /> placed in the CBID plan for the district. The City cannot arbitrarily increase the assessments <br /> because these are not funds created by or controlled by the City. The assessment may be <br /> increased only through a pre- designated CPI factor, or changes in land use such as parking lots <br /> being converted to commercial buildings or condos. <br /> What are the termination provisions or process if we want to disband a CBID? <br /> Local ordinance provides for the disestablishment of the CBID pursuant to an annual review <br /> process. Each year that the district is in existence, there will be a 30 -day period during which <br /> the property owners will have the opportunity to request disestablishment of the district. <br /> Within that 30 day period, if the owners of real property who pay 30% or more of the <br /> assessments levied may submit a written petition and the CBID district disestablishment <br /> procedure may be initiated. The City Council will hold a public hearing on disestablishing the <br /> CBID prior to actually doing so. <br /> If there is debt against the district, the CBID cannot be disestablished until that debt has been <br /> retired. All financial obligations in the form of bonds or loans for capital improvements must be <br /> paid off before the district can be disestablished. <br /> For more information on the proposed Downtown Redwood City CBID effort, please contact <br /> the CBID Consulting firm, New City America at 888 356 -2726 or e-mail, <br /> marco @newcitvamerica.com. <br /> 9 <br />