CCP 08-18-1997 - Laserfiche WebLink

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. en) The amount of the Assessments to be levied against the Rcdevelonment Property and Redeveloper Property shall equal all costs of the design and construction of the 1997 14th Street Improvements and the 1998 Highway 96 Improvements the cost ofacquirin~ any prqperty necessary to undert.1ke such improvements. the costs of issuinl!: the Bonds and all costs relatini? to the foregoing. The percentages of the total amonnt of the Assessments to he levied against each Parcel of the Redevelopment PTOJlertv and ..against the Redevelooer Property shall be as fonows: (i) Against the Parcel on which Phase Il wilt be constructed shall he levied percent ( %) of the total: Iii) Against the Parcel on which Phase m will be constructed shall he levied percent L %) of the total: (iii) A1"ainst the Parcel on which Phase IV will be constructed shall be levied - percent (_ %) of the total: and (iv) Al!ainst the Redeveloper Propertv will he levied percent I "!o) of the total. . . Ie) The Assessments are intended to secUTe the pavrnent of the Bonds until the Redeveloper has generated ecrtain market values 0 r irn,provements that "ill generate Tax ~ Increment to pav the Bonds Therefore. the Asscssments are suhiect to discharE:c and relea'ie by tbc City as descrihed in this Subscetion All or a p(lrtion orlhc Assessments sball be discharve4 and released as liens '\gains! each Parcel of the Redevelopment PfQVcrty and against the Redeveloper Property upon completion of the Phase constructed on the Parcel or the Prior RedevelQper Tmprovements as applicable. A Phase or the Prior Redeveloper Improvements shall be deemed to bc complete upon the issuance bv the City of a final certificate of oecu~ - for such Pha,e or fOT the Prior Red>,ve1oper Improvements. The amount of the Assessments that will be releaserllmoll completion of each Phase or \1pon completion of the Prior Redeveloper - T1npTOvements shall be based on the Market Value of the compJctcd improvements Telative to the I Market Value that was anticipated to be completed. which anticipated Market Value formed'tbe basis for the issuance of the Bonds. Tbe Bonds will be issued based on the assumption that the rol1owin~ Market Values will he l1enerated from the constmction of the Minimum Improvements I and the PriOT Redeveloper Improvements: (i) Phasc IT -$ I (ii) Phase III-$ . I (iii) Phase IV -$ - : and .. livI Prior Redeveloner Improvements-$ 13 I H/<:0 . d 61'0.'. .'.<:6 <:t9 '~'d '3~13a ~ A3la~oa 8C:9t .'.66t-H-~n~