AgdaPkt 2014-06-09 Closed and Joint SA

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Attachment 2 9.A. - Page 23 Linear Frontage costs: $9.50 per linear foot/year Building Square Footage costs: Benefit Zone 1 $0.1094 per square foot/year Benefit Zone 2 $0.074703 per square foot/year Lot Size costs: $0.038170 per square foot/year Residential Condo costs: $0.20 per square foot of parcel unit square foot. Residential condo owners will NOT be assessed for linear frontage or lot size, but rather only the actual building square footage of their residential condo. (Regardless of benefit zone within the district) Assessment District Revenue Generation from each property variable: Linear Frontage : $ 423,043.00 Building Square Footage: $ 212,989.00 Lot Square Footage: $ 158,558.00 Residential Condos $ 1,191.00 Total: $ 795,781.00 Cap: The Downtown Redwood City CBID budget and assessments may be subject to increases which may be determined by the Owners' Association/District Management Corporation and will vary between 0% and 5% annually. The CBID District Management Corporation may request the increase in assessments annually, not to exceed 5% from the previous year's assessment amounts. Changes in land use, development of empty parcels, conversion of tax exempt to profitable land uses, demolition of existing buildings, and creation of new parcels through new building or residential condo development may alter the budget from year to year based upon the changes in the building square footage of an individual parcels. Since linear frontage and lot size normally are not altered in the development of a site, the only changes realized in the CBID will be through the building square footage. In addition, changes in the budget may occur due to the conversion of single parcels to multiple parcels due to the construction of residential or commercial condominiums. Bonds: The District will not issue any bonds related to any program. District Formation: The District formation and modification requires a submission of petitions from property owners representing more than 30% of the total assessments.