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_ _. _. �.�. <br /> 06/09/2014 <br /> The method and basis of spreading program costs varies from one CBID to another based on <br /> local geographic conditions, types of programs and activities proposed, and size and <br /> development complexity of the CBID. For example, CBIDs may require other benefit zones <br /> to be identified to allow for a tiered assessment formula for variable or "stepped-down" <br /> benefits derived. <br /> Here, program costs spreading variables include benefit zones, linear frontage, lot or parcel <br /> size and building square footage, and residential condo parcels. <br /> The following data represents the foundation of the assessments that will generate the <br /> revenue to fund the Downtown Redwood City Community and Benefit Improvement District: <br /> (verified as of May 15th, 2014); <br /> Database/Propertv Variable District Totals: (Data verified as of May, 15th, 2014) <br /> Condo SF: 5,957 square feet <br /> Building Square footage: 2,346,119 sq.feet <br /> Lot size square footage: 4,153,988 sq.feet <br /> Linear Frontage: 44,531 linear feet <br /> Assessment District Revenue Generation from each property variab/e: <br /> Linear Frontage : $ 423,043.00 <br /> Building Square Footage: $ 212,989.00 <br /> Lot Square Footage: $ 158,558.00 <br /> Residential Condos 1 191.00 <br /> Total: $ 795,781.00 <br /> *(less than 1%of the first year's revenues are generated by residential tondos) <br /> Costs• <br /> Annual assessments are based upon an allocation of program costs by assessable linear <br /> frontage; PLUS lot or parcel square footage; PLUS assessable building square footage, and in <br /> the case of residential condos, only by actual building square footage of the residential condo. <br /> The residential condo owners are assessed differently since they are, in essence, acquiring air <br /> rights with the condos and linear frontage and lot size is not relevant to their parcels. This <br /> alternate assessment methodology is created to respond to their special needs of homeowners <br /> within this potentially ascending sector within the Downtown Redwood City district. All four <br /> property variables, including an individual parcel's location within the designated areas for <br /> Benefit Zone will be used in the calculation of the annual assessment. The FY 2015 year <br /> annual assessments per property variable and Benefit Zone are as follows: <br /> RESO.#15347 <br /> MUFF#506 <br />