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HomeMy WebLinkAboutOrd 2016-3365 ORDII�'AI�'CE NO. 336� ORDI?�'ANCE OF THE CITI' OF CHULA VISTA ACTII�'G AS THE LEGISLATIVE BODY OF COMMUT'ITY FACILITIES DISTRICT N0. 17-I (�'ESTERN CHULA VISTA DIF FINANCII�'G PROGRAM) AUTHORIZING THE LEVY OF A SPECIAL TAX II`' SUCH COn4MUI�'ITY FACILITIES DISTRICT Vl'HEREAS, the City Council of the City of Chula Vista, Califomia (the ��City Council"), has initiated proceedines, held a public hearine, conducted an election and recei��ed a favorable vote from the qualified electors authorizine the le��y of special taaes in a community facilities district, all as authorized pursuant to the terms and pro��isions of the "Mello-Roos Communirv Facilities Act of 1982`-. being Chapter 2.�, Part 1. Division 2, Title � of the Go��emment Code of the State of Califomia (the "Act") and the Cit�� of Chula Vista Communit�� Facilities District Ordinance enacted pursuant to the po�+�ers resen�ed b�� the Cin� of Chula Vista under Sections 3, � and 7 of Artide XI of the Constitution of the Siate of California (the "Ordinance-`) (the Act and the Ordinance ma}� be referred to coilectively as the "Communiri� Facilities District Lati�"). This Community Facilities District is designated as COMMLJNITY FACILITIES DISTRICT NO. 17- I (A'estem Chula Vista DIF Financing Proeram) (the "Districr`). NOW; THEREFORE. the Cih� Council of the Cin of Chula Vista, California, actine as the leeislative body of Communitv Facilities District No. 17-I (Westem Chula Vista DIF Financing Program), does hereby ordain as follo�vs: SECT[ON 1. Authorization of Levv of Special Tahes. This Cit}� Council does; b�� the passa2e of this ordinance, authorize the 1e�7- of special taaes on ta�able properties located in the District pursuant to the Rate and A9ethod of Apportionment of Special Tases as set fonh in Exhibit "A" attached hereto and incorporated herein by this reference (the "Rate and Method"). SECTION 2. Authorization to Annuall�- Determine the Special Tax. This Cih� Council, actins as the leQislative body of the District; is herebv further authorized, by Resolution, to annually determine the specia] tax to be le��ied within the District for the then current tax yeaz or fumre ta� vears; provided, howe��er, the special ta� to be ]evied shall not exceed the maximum special tat authorized to be le��ied pursuant to the Rate and h4ethod. SECTION 3. Collection of Special Taxes. The special ta�es herein authorized to be levied; to the e�tent possible, shall be collected in the same manner as ad ��alorem propert�� ta�es and shall be subject to the same penalties; procedure, sale and lien priorit�� in any case of delinquency as applicable for ad valorem tases; pro��ided, hoH�ever; the District may utilize a direct billing procedure for any special taxes that cannot be collected on the County tax roll or ma��, bv resolution, elect to collect the special ta�es at a different time or in a different manner if necessan� to meet its financial oblieations. Ordinance No. 3365 Page No. 2 SECTION 4. Special Ta�c Lien. The special taxes authorized to be levied shall be secured by the lien imposed pursuant to Sections 3114.5 and 3115.5 of the Streets and Highways Code of the State of Califomia, which lien shall be a continuing lien and shall secure each levy of the special tax. The lien of the specia] tax shall continue in force and effect until the special tas obligation is prepaid, permanently satisfied and canceled in accordance with Section 53344 of the Government Code of the State of California or until the special tax ceases to be levied by the City Council in the manner provided in Section 533.i0.5 of said Govemment Code. SECTION �. This Ordinance shal] be effective thirty (30) days afrer its adoption. Within fifteen (15) days afrer its adoption, the City Clerk shall certify to the passage and adoption of this Ordinance and cause this Ordinance to be published or posted pursuant to the provisions of Chula Vista's City Charter, Section 312(b). Presented b�� Approved as to form by / �� �—` . ` / � _ Eric C. Crockett len R�Googins Director of Economic Development it A ey Ordinance No. 336� Paee No. 3 PASSED. APPROVED. and ADOPTED bv the Ciri- Council of the Citv of Chula Vista Califomia� this 22nd da�� of Mazch 2016. bv the followina ��ote: AYES: Councilmembers: Aauilaz. Bensoussan. and McCann NAYS: Councilmembers: None ABSENT: Councilmembers: Salas ABSTAII`': Councilmembers: Miesen � Marv S� las. Mavor ATTEST: Donna R. Norris. M . Citv Clerk STATE OF CALIFORi\'IA ) COUI�'TY OF SAN DIEGO ) CITY OF CHULA VISTA ) I; Donna R. Norris; Cit�� Clerk of Chula Vista. Califomia. do herebvi certifi� that the foregoine Ordinance No. 336� had its first readina at a reeular meetine held on the 1�th dav of March 2016 and its second readine and adoption at a reeular meetine of said Cin� Council held on the 22nd da}� of March 2016; and ti�as dulv published in summarv form in accordance ti�ith the requirements of state la�� and the Cih� Charter. i ,��,,.��. � , ,,/�, �.�.�. Dat d Donna R. I�TOms. CMC. C�ri Clerk Ordinance No. 3365 Page No. 4 EXHIBIT A RATE AND METHOD OF APPORTIONMENT FOR CITY OF CHULA VISTA COMMUNITY FACILITIES DISTRICT NO. 17-1 (WESTERN CHULA VISTA DIF FINANCING PROGRAM) Rate and Alethod of Apportionment of Special Tax Communiri- Facilitics District No. 17-1 � (��'estern Chula Vista DIF Financi��g) A Special Tax shall be levied on each Assessor's Parcel of Taxable Property within the boundaries of Communiry Facilities District No. 17-I (Western Chula Vista DIF Financing) of the City of Chula Vista (the "City") and collected each Fiscal Year commencing in Special Taz Commencement FY applicable to such Assessor's Parcel, in an amount determined by the CFD Administrator through the application of the procedures described below. All of the real property within CFD No. 17-I, unless exempted by law or by the provisions hereof, shall be ta�ced for the purposes, to the extent, and in the manner herein provided. 1. DEFINITIONS The terms hereinafrer set forth have the following meanings: "Accrued Interest Obligatiod' means for each Assessor's Pazcel, the amount of interest accrued on the Deferred DIF Obligation from the date of the issuance or grant of a Certificate of Occupancy for such propeRy as determined in accordance with Section 3.D below. "Acre" or "Acreage" means the land area of an Assessors Parcel as shown on an Assessor's Parcel Map; or if the land area is not shown on an Assessor's Parcel Map, the land area sho�m on the applicable Final Map. An Acre means 43,560 square feet of land. "Act" means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Govemment Code oPthe State of California. "Annual Special Tax" means the Special Tax actually levied in any Fiscal Year on any Assessor`s Parcel which is equal to the sum of the Annual Special Tax for Facilities and the Annual Special Tax for Accrued Interest in accordance ��ith Section 3.E below. "Annual Special Tax for Facilities" means the amount of the Special Tax levied on an Assessors Parcel of Developed Property in any Fiscal Year, commencing with the Special Tax Coinmencement FY, to satisfy the repayment of the Deferred DIF Obligation over the term of the Special Tax as set forth in Section 7 determined in accordance with Section 3.E below unless the Special Taa Obligation is prepaid pursuant to the provisions of Section 6 thereto. "Annual Special Tas for Accrued Interest° means the amount levied on an Assessor`s Parcel of Developed Property in an}� Fiscal Year. commencing �aith the Special Taz Commencement FY. to satisfy the repayment of the Acerued Interest Obligatio�� over the term of the Special Tax Ordinance No. 336� Pase I�'o. � as set forth in Section 7 determined in accordance N�ith Section 3.E below unless the Special Taa Obligation is prepaid pursuant to the pro��isions of Section 6 thereto.. "Annual Special Tax for Current IuteresY' means the amount le�ied on an Assessor's Pazcel of Developed Propert}� in an�� Fiscal Year, commencine ���ith the Special Ta� Commencement FY, to satisfy the requirement to pay interest on unpaid deferred fees durine the 20-vear repayment period commencine ti�ith the Special Tax Commencement FY and ending on June 30th of the Special Tak Final 1'eaz. "Assessor" means the Assessor of the Count�- of San Dieeo. "Assessor's Parcel" means a lot or parcel sho�ti�n on an Assessor's Pazcel Map Hith an assiened Assessor's Parcel Number. "Assessor's Parcel A7ap" means an official map of the Assessor designating parcels bv Assessor's Pazcel 1�'umber. "Assessor's Parcel Number" means the number assigned to an Assessor's Pazcel b}� the Assessor for purposes of identification. "Assigned Special Tax Obligation" means for each Assessor's Pazcel. the amount determined in accordance �i�ith Section 3.B belo���. `Building Permit" means a buildine permit issued by the Cit�� for construction of a Residential Unit or Non-Residential Propert}� located ���ithin CFD I�TO. 17-I. "Building Square Footage" means all of the square footaee of usable area �aithin the perimeter of a residential structure, not includina any carport, �valkwa}�, garaee; o��erhang. or similaz azea. The determination of Building Square Footage shall be made b�� reference to the Buildine Permit(s) issued for such Assessor`s Parcel and/or b�� reference to appropriate records kept b��the Citv. "CertiTicate of Occupanc��" means a certificate issued or appro��al granted by the City; or other applicable eovemment entity, that authorizes the acrual occupancy of a Residential Unit for habitation bv one or more residents or the occupanc}� of Non-Residential Propert}�. "CFD Administrator" means an authorized representative of the Citv, or designee thereof responsible for determinine the Assiened Special Ta� Obligation and the Annual Special Tal, for preparing the Annual Special Tax roll and/or calculating the Backup Special Taa. "CFD No. 17-I" means the Cin� of Chula Vista Communit}� Facilities District No. 17-I (Westem Chula Vista DIF Financine). "Cih�" means the Cit�� of Chula Vista. California. "Council" means the Cih� Council of the Citv actine as the leeislati��e bodv of CFD No. 17-1 underthe Act y "Counh" means the Countv of San Dieeo. California. "Deferred DIF Obligation" means for each Assessor's ParceL the remaining balance oF DIFs that ha��e been deferred on sUCh Assessor`s Pazcel since Buildine Permit issuance as determined in accordance �vith Section 3.0 belo���. y "Developed Properh�" means for each Fiscal Year, all Tasable Propem for �rhich a Building Permit was issued prior to �9a� 1 of the previous Fiscal 1'ear. An Assessors Parcel classified as Ordinance No. 336� Page No. 6 Developed Propert�� but for ��hich the Building Permit that caused such Assessor's Parcel to be classified as De��eloped Property has been cancelled and/or voided priar to the Fiscal Year for which Special Taaes are being levied shall be reclassified as Undeveloped Property. "DIF Deferral Agreement" means, as to an Assessor's Parcel, the Agreement for Deferral of Development Impact Fees by and between the owner of such Assessor's Parcel and the City. "DIF" or "DIFs" shall, as to an Assessor's Parcel; have the meaning given such terms in the DIF Deferral Agreement applicable to such Assessors Parcel. "Effective Date" shall mean; as to each DIF Deferral Agreement, the effective date of such agreement as specified therein. "Exempt Property" means for each Fiscal Year, all Assessor's Parcels designated as being exempt from Special Taxes pursuant to Section 8 below. "Final Map" means a subdivision of property by recordation of a final map, pazcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of�a condominium plan pursuant to Califomia Civil Code 4285 that creates individual lots for which Building Permits may be issued without further � subdivision. "Fiscal Year" means the period starting on July 1 and ending the following June 30. "Initial Interest Accrual Date" shall mean, as to any Assessor's Parcel of Developed Property, the date on which the Certificate of Occupancy for such Assessor's Parcel is issued. "Initial Accrued Interest Obligation FY" shall mean, as to any Assessor's Parcel of Developed Property, the Fiscal Year in ��hich the Initial Interest Accrual Date for such Assessors Parcel falls. "Maximum Special Tax Obligation" means for each Assessor's Parcel, the amount assigned in accordance with Sections 3.A below. "Non-Residential Properh�" means all Assessors Parcels of Developed Property for which a building permit has been issued for the purpose of constructing one or more non-residential structures or facilities. "Original Parcel" means an Assessor's Parcel within the boundazies of CFD No. 17-I that was assigned a Maximum Special Tax Obligation and an Assibned Special Tax Obligation in the prior Fiscal Year but has been subsequently subdivided into Successor Parcels for the current . Fiscal Year. "Prepayment Amount" means the amount required to prepay the Annual Special Tax obligation in full for an Assessor's Parcel as described in Section 6.A below. "Property Owner Association Property" means any Assessor's Parcel within the boundaries of CFD No. 17-1 o��ned in fee by a property owner association, including any master or sub- association. "Public Propert��" means any property within tl�e boundaries of CFD No. 17-1, which is owned by; or irrevocably offered for dedication to the federal govercunent, the State of California, the County, the Cit�� or any other public agency; provided howe��er that any property owned b�� a Ordinance No. 336� Pase No. 7 public agenc}� and leased to a private entiri� and subject to taxation under Section �3340.1 of the Act shall be taxed and dassified in accordance with its use. "Residential Properh�" means all Assessor's Pazcels of De��eloped Propem� for which a Buildins Permit has been issued for the purpose of constructing one or more Residential Units. "Residential UniP' means each separate residential d���elline unit that comprises an independent facilit�� capable of conveyance or rental, separate from adjacent residential d�velline units. "Special Tax" means any special tax levied ��Tithin CFD No. 17-I pursuant to the Act and this Rate and Method of Apponionment of Special Taz. "Special Tax Commencement Fl"' shall mean, as to each Assessor`s Parcel dassified as Developed Propem. the Fiscal Yeaz falling afrer the first da�� of the eleventh calendar veaz after the Effective Date ofthe D[F Deferral Agreement applicable to such Assessors Parcel. "Special Taz Final Fl"' shall mean_ as to each Assessor`s Parcel of Developed Propem�, the Fiscal Year commencine on Jul�� 1 of nineteenth (19th) Fiscal Yeaz fo1loH�ing the Special Ta� Commencement FY. "Special Taz Obligation" means the total obligation of an Assessors Pazcel of Developed Propem� to pa�� the Special Ta� for the remainine term of the Special Tax applicable to such Assessors Parcel. "Successor ParceP' means an Assessors Parcel created by the Subdivision of one or more Orieinal Parcels pursuant to Section 4 below. "State" means the State of California. "Tasable Properts-" means all of the Assessor's Pazcels ���ithin the boundaries of CFD No. 17-I, which aze not e�empt from the le��� of the Special Ta� pursuant to la«�or Section 8 below. "Unde��eloped Propertrt�" means, for each Fiscal Year. all Taxable Property not classified as Developed Propem�. 2. LA\�D USE CLASSIFICATION Each Fiscal Yeaz. beeinnina �ti�ith Fiscal Year 2016-17, each Assessors Parcel H�ithin CFD No. 17-I shall be classified as Taxable Property or Exempt Property. In addition, all Ta�able Propert}� shall further be dassified as Developed Propem or Unde��eloped Propem�_ and all such Taiable Property shall be subject to the lev�� of Special Taaes in accordance ���ith this Rate and Method of Apportionment of Special Tax determined pursuant to Sections 3 and 4 beloH�. 3. SPEC[AL T:1X RATES A. �Ia�imuin Special Tas Obligation The Maximum Special Ta� Obligation applicable to an Assessor's Parcel subject to a DIF Deferral Agreement in the Initial Fiscal Year applicable to such Assessor`s Parcel shall be determined pursuant to Table 1 belo�+�. Ordinance No. 3365 Page No. 8 Table 1 Initial Fiscal Year Maximum S ecial Taz Obli ation Maximum Assessor's Parcel No. Special Tax Obli ation 618-010-17 1,600,000 Commencing on July 1 of the Fiscal Year following the Initial Interest Accrual Date, the Maaimum Special T� Obligation for such Assessor's Parcel shall increase on July 1 of each Fiscal Year by an amount equal to two percent (2%) of the Maximum Special Tax Obligation in effect for the prior Fisca] Year. I3. Assi�ncd Spccial Ta� Obligafion On July 1 of each Fiscal Year commencing the Special Tax Commencement FY, the CFD Administrator shall determine the Assigned Special Tax Obligation for that Fiscal Year. The Assigned Special Tax Obligation in any given Fiscal Year commencing the Special Tax Commencement FY shall be the sum of the Deferred DIF Obligation plus the Accrued Interest Obligation. If for any Fiscal Year the Assigned Special Tax Obligation is determined to be greater than the Maximum Special Tax Obligation, then the Assigned Special Tax Obligation shall be equal to the Maximum Special Tax Obligation. C. Deferred DIF Oblication The Deferred DIF Obligarion applicable to an Assessor's Parcel classified as Undeveloped Property shall be zero. The initial Deferred DIF Obligation applicable to an Assessor's Parcel classified as Developed Property shall be detern�ined by the CFD Administrator at the time of issuance of a Building Permit for such Assessor's Parcel. The Deferred DIF Obligation shall be equal to the sum of the applicable DIFs specified in the DIF Deferral Agreement for each Building Permit issued for Assessor's Parcels within CFD No. l7-]. The amount of each DIF included in the DIF Fee Obli�ation for an Assessor's Parcel shall be based on the fee schedule applicable to such DIF in effect at the time of issuance of such Building Permit. The Deferred DIF Obligation in any Fiscal Year applicable to an Assessor's Parcel of Developed Property shall be equal to the Deferred DIF Obligation in the prior Fiscal Year less any Annua] Special Tax for Facilities payments made in the prior Fiscal Year. If a partia] prepayment is made pursuant to Section 6.B below,- the Deferred DIF Obligation will also be reduced by the applicable amount of the Deferred DIF Obligation that �vas prepaid. D. _accrucd Intcrest Oblination Ordinance No. 336� Page No. 9 The Accrued Interest Oblieation in the Initial Fiscal Yeaz applicable to an Assessor's Pazcel classified as Developed Propert}� for ti�hich a Certificate of Occupanc}� has not been issued prior to Jul�- 1 of such Fiscal Year shall be zero. The Accrued Interest Obli�ation applicable to an�� Assessor`s Pazcel classified as Developed Property shall commence to accrue on the Initial Interest Accrual Date. The Accrued Interest Obligation applicable to such Assessors Parcel in the Initial Accrued Interest Oblieation FY shall be equal to two percent (2%) of the Deferred DIF Oblieation as of Juh= 1 of such Fiscal 1'eaz multiplied b}� a fraction the numerator of���hich is the number of calendaz da��s from and includine the Initial Interest Accrual Date to and including June 30th of such Fiscal Yeaz and the denominator of ���hich is 365. The Accrued Interest Oblieation for each subsequent Fiscal 1'ear prior to the Special Tax Commencement FY shall be equal to the Accrued Interest Oblieation in the prior Fiscal Yeaz plus n�-o percent (2%) of the Deferred DIF Obligation as of Jul�� 1 of the prior Fiscal Year. The Accrued Interest Oblieation in the Special Ta� Commencement FY and each subsequent Fiscal Year applicable to an Assessors Parcel classified as Developed Propert�� shall be equal to the Accrued Interest Obligation as of Juh� 1 of the prior Fiscal Year less an}� Annual Speciai Tax for Accrued Interest pa}�ments made in the prior Fiscal Year. If a partial prepa}�ment is made pursuant to Section 6.B belo«�, the Deferred DIF Oblieation �vill also be reduced bv the applicable amount of the Accrued Interest Obligation that «�as prepaid. E. Annual Spccial Tac The Annual Special Tax for Developed Propem in anv Fiscal Yeaz commencing the Special Tat Commencement FY shall be equal to (i) the Annual Special Ta� for Facilities plus (ii) the Annual Special Tat for Accrued Interest plus (iii) the Annual Special Tax for Current Interest. The Annual Special Tax for Facilities in an�� Fiscal Year commencine the Special Tax Commencement FY shall be equal to the Deferred DIF Oblieation on Jul�� 1 of the Special Tat Commencement FY times the Repa��ment Rateyin Table 2 belo��� that corresponds ���ith such Fiscal Year. In each subsequent Fiscal Year, the rinnual Special Ta� for Facilities will remain unchanged until the Deferred DIF Obligation is paid in full. The Annual Special Tax for Accrued ]nterest in any Fiscal Year commencine the Special Tak Commencement FY shall be equal to the Accrued Interest Oblieation on Juh� 1 of the Special Ta� Commencement FY times the Repa��ment Rate in Table 2 below� that corresponds ���i[h such Fiscal Year. [n each subsequent Fiscal Year, the Annual Special Tas for Accrued Interest �rill remain unchaneed until the Accrued Interest Obliaation is paid in full. y V The Annuai Special Ta� for Current Interest in am� Fiscal 1'ear commencine the Special Ta� Commencement F1' shall be equal to the Deferred DIF Obligation on July 1 of such Fiscal 1'ear times the Current Interest Rate in Table 2 belo�� that corresponds �vith such Fiscal Yeaz. Ordinance No. 3365 Pa�e No. 10 Table 2 Amortization Table Fiscal Year Repayment Rate Current Interest Rate Initial Accrued Interest Oblieation FY through the Fiscal Year 0% 0% . preceding the Special Tax Commencement FY Specia] Tax Commencement FY through the Special Taa; 5% 2% Final FY �. METH011 OF AI'PORTIONMFNT Commencing with the Special Tax Commencement PY and for each following Fiscal Year, the CFD Administrator shal] apportion the Assigned Special Tax Obligation as set forth below. First: All Original Parcels that are reflected on the Assessor's Parcel Maps applicable to the current Fiscal Year will be assigned a Masimum Special Tax Obligation and Assigned Special Tax Obligation in accordance with Section 3 above. Second: All Original Parcels that are not reflected on the Assessors Parcel Maps applicable to the current Fiscal Year will be assigned a Maximum Special Tax Obligation and Assigned Special Tax Obligation in accordance with Section 3 above as if such parcels still existed in their previousform. Third: The Maaimum Special Tax Obligation and Assigned Special Tax Obligation that were calculated in the Second step above will be assigned to each applicable Successor Parcel based on the amount of Taxable Acreage contained in such Successor Parcel divided by the amount of Taaable Acreage contained in the relevant Original Parcel. The sum of the Maacimum Special Tax Obligations of each group of Successor Parcels shall be equal to Maximum Special TaY Obligation of the applicable Original Parcel that was determined in the Second step. Likewise, the sum of the Assigned Special Tax Obligations of each group of Successor Parcels shal] be equal to Assigned Special Tax Obligation of the applicable Original Parcel that was determined in the Second step. Fourth: The Special Tax shall be levied on each Assessor`s Parce] of Developed Property at 100% of the applicable Annual Special Tax. Successor Parcels that are assigned a Maximum Specia] Tax Obligation and an Assigned Special Ta� Obligation in the current Fiscal Year w�ill be considered Original Parcels in the follov��ing Fiscal Year. , Ordinance No. 336� Pa�e No. 11 Non��ithstanding the above, under no circumstances ��ill the Special Tax levied in an}� Fiscal Year against any Assessor's Parcel of Residential Propert�� for which an occupancy permit for pri��ate residential use has been issued be increased as a result of a delinquenc}� or default in the payment of the Special Tax applicable to any other Assessors Pazcel within CFD No. 17-I b}� more than ten percent (10%) abo��e ��hat would ha��e been le��ied in the absence of such delinquencies or defaults. �. COLLECTION OF SPECI.4L T?.YES Collection of the Annual Special Ta�: shall be made b�� the Countv in the same manner as ordinan� ad valorem propem� taa:es are collected and the Annual Special Ta� shall be subject to the same penalties and the same lien priorit�� in the case of delinquenc�� as ad ��alorem tases; provided. however. that the Council may pro��ide for (i) other means of collecting the Special Ta�, including direct biilings thereof to the propem� owners; and (ii) judicial foreclosure of delinquent Annual Special Taxes. 6. PREPAI'�•IENT OF SPECI.4L T:�\ OBLICATfO\ A. Prepacment in Full Propert�� o�ti�ners ma�� prepa�� and permanenth� satisfi� the Special Ta� Oblisation be a cash settlement ���ith the Cih� as permitted under Govemment Code Section >3344. The Special Ta� Obligation applicable to an Assessors Parcel of Developed Propem�, or Undeveloped Property for tifiich a Building Permit has been issued ma�� be prepaid and the obligation to pay the Special Tax for such Assessor`s Pazcel permanenth� satisfied as described herein, provided that a prepayment may be made ���ith respect to a particular Assessors Pazcel onl�� if there are no delinquent Special Taxes �vith respect to such Assessors Parcel at the time of prepayment. An o�mer of an Assessor's Parcel elieible to prepa}� the Special Tax Oblieation shall pro��ide the CFD Adminisvator �vith ���ritten notice of intent to prepa}�, and designate or identif�� the company or asenc}� that ��-ill be acting as the escroti� agent. if anv. The CFD Administrator shall provide the owmer N�ith a statement of the Prepa��ment Amount For such Assessor's Parcel ���ithin thirty (30) da}�s of the request; and ma�� chazge a reasonable fee for providing this service. The Prepa��ment Amount (defined belo�+�) shall be calculated for each applicable Assessors Parcel or group of Assessor's Pazcels as summarized below (capitalized terms as defined below): Deferred DIF Obligation plus Accrued Interest Oblieation plus Prepa}�ment Administrative Fees and Expenses Total: equals Prepayment Amount As of the proposed date of prepa��ment, the Prepayment Amount (defined in Step 14 belo���) shall be calculated as follo���s: Step No.: 1. Confimi that no Special Tax delinquencies apph� to such Assessor`s Parcel. r Ordinance No. 336� Page No. 12 2. For Assessor's Parcels of Developed Property, determine the Deferred DIF Oblieation and the Accrued Interest Obligation. For Assessors Parcels of Undeveloped Property for ti�hich a Building Permit has been issued, compute the Deferred DIF Obligation for that Assessors Parcel as though it ��as already designated as Developed Property, based upon the Building Permit which has already been issued for that Assessor's Pazcel. 3. Calculate the administrative fees and expenses of CFD No. 17-I, including the costs of computation of the prepayment, the costs to invest the prepayment proceeds, the costs of redeeming CFD No. 17-I, and the costs of recording any notices to evidence the prepayment and the redemption (the"Prepayment Administrative Fees"). 4. The amount to prepay the Special Tax Obligation is equa] to the sum of the amounts computed pursuant to paragraphs 1, 2 and 3 (the "Prepayment AmounT'). �. The Prepayment Amount shall be deposited into the Construction Fund. The amount computed pursuant to paragraph 3 shall be retained by CFD No. 17-1. The CFD Administrator will confirm that al] previous]y levied Special Taaes have been paid in full. With respect to any Assessor's Parcel for which the Special Tax Obligation is prepaid in full, once the CFD Administrator has confirmed that all previously levied Special Taxes have been paid, the Council shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Special Tas and the release of the Special Tax lien on such Assessor's Parcel, and the obligation of the owner of such Assessor's Parcel to pay the Special Tax shall cease. B. Partial Prepayment The Special Tax on an Assessor's Parcel of Developed PropeRy or Undeveloped Property for which a building permit has been issued may be partially prepaid. The amount of the prepayment shal] be calculated as in Section 6.A, except that a paRial prepayment shall be calculated according to the following formula: PP = (PE-A) x F+A These terms have the following meaning: PP = the partial prepayment PG =the Prepayment Amount calculated according to Section 6.A F = the percentage by which the owner of the Assessor's Parcel(s) is partially prepaying the Special Tax Obligation A = the Prepayment Administrative Fees and Expenses from Section 6.A The owner of any Assessor's Pazcel who desires such partial prepayment shall notify the CFD Administrator of (i) sacl� oH�ner's intent to partially prepay the Special Taa Oblioation; (ii) the percentage by �vhicl� the Special Tax Obligation shall be prepaid; and (iii) the company or agenc�� that wi11 be acting as the escrow a�ent, if any. The CFD Administrator shall provide the owner with a statement of� the amount required for the Ordinance No. �36� Pase No. ]3 partial prepa��ment of the Special Tax Obligation for an Assessors Pazcel within sixt�� (60) da��s of the request and ma}� charge a reasonable fee for providine this sen�ice. With respect to anv Assessor's Parcel that is partially prepaid, the Cit�= shall (i) distribute the funds remitted to it according to Section 6.A., and (ii) indicate in the records of CFD No. 17-I that there has been a panial prepa�-ment of the Special Tax Oblieation and that the remaining Special Ta�c Oblisation of such Assessors Pazcel, equal to the outstandine percentaoe (1.00 - F) of the Deferred DIF Oblieation and the Accrued Interest Obligation. shall continue to be le��ied on such Assessor`s Parcel in the same manner as before the Panial Prepa��ment. 7. TER�1 OF SPECIAL TA\ The Special Tas shall be levied as lons as necessary to satisfi� the Assigned Special Tax Obligation for a period not to exceed thim� (30) Fiscal Yeazs commencine ��ith Special Tax Commencement FY; pro��ided hoN�e��er that the Special Tat «�ill cease to be le��ied in an eazlier Fiscal Year if the CFD Administrator has determined that all CFD No. 17-I obliaations have been satisfied. 8. E\E�1PT10\S The CFD Administrator shall classifi� as Esempt Propert�� (i) Assessor`s Pazcels of Public Propem�, (ii) Assessor's Parceis of Propert}� O��ner Association Property. or (iii) Assessor`s Pazcels which are used as places of «-orship and are exempt from ad ��alorem property ta�es because thev are owmed by a relisious oreanization. (iv) Assessors Parcels �aith public or utilin� easements making impractical their utilization for other than the purposes set forth in the easement. and (v) Assessor`s Parcels of Developed Propert}� classified as Non-Residential Propem- as determined reasonabh� b��the CFD Administrator. If the use of an Assessors Parcel of Exempt Propem� changes so that such Assessors Pazcel is no lonaer classified as one of the uses set forth in the first pazagraph of Section 8 abo��e that ���ould mal:e such Assessors Parcel elieible to be classified as Esempt Propert}�, such Assessors Parcel shall cease to be dassified as Esempt Property and shall be deemed to be Tazable Propem�. 9. APPEALS Am landowmer «�ho pays the Special Tax and daims the amount of the Special Ta� levied on his or her Assessors Parcel is in error shall first consult �vith the CFD Adminisvator reeardina such error not later than thim�-six (36) months afrer first ha��ing paid the first installment of the Special Tar that is disputed. If folloti�ing such consultation the CFD Administrator determines that an error has occurred, then the CFD Administrator sha11 take anv of the follo���ina actions. in order of prioritv. in order to correct the enor: (i) Amend the Special Tax le��}� on the lando��mer`s Assessor`s Parcel(s) for the current Fiscal Year prior to the pavment date. (ii) Require the CFD to reimburse the lando���ner for the amount of the overpa�•ment to the estent of a��ailable CFD funds. or (iii) Grant a credit against. eliminate or reduce the future Special Tases on the lando��=ner s Assessor's Parcel(s) in the amount of the o��erpa��ment. Ordinance No. 336� Page No. 14 lf following such consultation and action by the CFD Administrator tl�e landowner believes such error still exists, such person may file a written notice oPappeal with the City CounciL Upon the receipt of such notice, the Cih� Council or designee may establish such procedures as deemed necessary to undertake the revieH� of any such appeal. If the City Council or designee determines an error still exists; the CFD Administrator shall take any of the actions described as (i), (ii) and (iii) above, in order of priority, in order to correct the error. The City Council or desi�nee thereof shall interpret this Rate and Method of Apportionment of Special Tax for purposes of dazifying any ambiguities and make determinations relative to the administration of the Special Taa; and any landowner appeals. The decision of the City Counci] or designee shall be final.