AgdaPkt 2014-06-09 Closed and Joint SA

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fnnhmen+ 9.A. - Page 24 Once the City verifies the petitions totaling a minimum of 30% of the weighted property owners, or $ 238,735.00 in assessment contribution to the new CBID, the City Council may adopt a Resolution of Intention and mail out ballots to all affected property owners. The City will then hold a public hearing and tabulate the mail ballots. The Downtown Redwood City Community Benefit Improvement District will be formed if the weighted majority of all returned mail ballots support the CBID formation and if the City Council adopts a resolution of formation to levy the assessments on the benefiting parcels. We anticipate that this process will be completed by the end of July 2014. Duration: The Downtown Redwood City Community Benefit Improvement District shall have a fifteen year term which shall commence on January 1St, 2015 and expire on December 31St, 2029. The CBID may commence operations prior to January 1St, 2015 if assessments have been transferred to the City based upon the FY 2014-15 property tax and manual billing of exempt parcel collections. Governance: Pursuant to Section 36614.5 and 36651 of the California Streets and Highway Code, a District Management Corporation or Owners' Association, will review District budgets and policies annually within the limitations of the Management District Plan. The Management Corporation will file Annual Reports with the City of Redwood City (City) and will oversee the day-to-day implementation of services as defined in the Management District Plan. The CBID Owners Association or District Management Corporation shall, under contract with the City of Redwood City, oversee and implement the improvements and activities outlined in this management district plan.