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__ i __ <br /> O6/09/2014 <br /> LJnear Frontage costs: $9.50 per linear foot/year <br /> Butldfng Square Footage costs: Benefit Zone 1 $0.1094 per square foot/year <br /> Bene�t Zone 2 $0.074703 per square foot/year <br /> LotSlze costs: $0.038170 per square foot/year <br /> Res/dentlal Condo costs: $0.20 per square foot of parcel unit square foot. <br /> Residential condo owners will NOT be assessed for <br /> linear frontage or lot size, but rather only the <br /> actual building square footage of their residential <br /> condo. (Regardless of benefit zone within the <br /> district) <br /> Assessment Dlstrict Revenue Generntion from each property varlab/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 /> Cap: <br /> The Downtown Redwood City CBID budget and assessments may be subject to increases which <br /> may be determined by the Owners' Associatian/District Management Corporation and will vary <br /> between 0% and 5% annually. The CBID District Management Corporation may request the <br /> lncrease in assessments annually, not to exceed 596 from the previous year's assessment <br /> amounts. <br /> Changes in land use,development of ernpty parcels,conversion of tax exempt to profitabie land <br /> uses, demolition of existing buildings, and creation of new parcels through new building or <br /> residential condo development may alter the budget from year to year based upon the changes <br /> in the building square footage of an individual parcels. Since linear frontage and lot size <br /> normally are not altered in the development of a site,the only changes realized in the CBID will <br /> be through the building square footage. In addition, changes in the budget may occur due to <br /> the conversion of single parceis to muitiple parcels due to the construction of residential or <br /> commercial condominiums. <br /> Bonds: <br /> The District will not issue any bonds related to any program. <br /> District Formation: <br /> The District formation and modification requires a submission of petitions from property <br /> owners representing more than 30%of the total assessments. <br /> 8 <br /> RESO.#15347 <br /> MUFF#506 <br />