Laserfiche WebLink
$100 Assessment reallocated to the Remaining Property would exceed the Maximum <br />Assessment on the Remaining Property by $10, then the owner shall be required to pay $10 as a <br />Prepayment of the Assessment against the Remaining Property and the Assessment on the <br />Remaining Property shall be adjusted to be $90 and the Annual Installments adjusted <br />accordingly. <br />Notwithstanding the previous paragraphs in this subsection (F), if the owner notifies the City and <br />the Administrator that the Taking prevents the Remaining Property from being developed for any <br />use which could support the Estimated Buildout Value requirement, the owner shall, upon <br />receipt of the compensation for the Taken Property, be required to prepay the amount of the <br />Assessment required to buy down the outstanding Assessment to the Maximum Assessment on <br />the Remaining Property to support the Estimated Buildout Value requirement. The owner will <br />remain liable to pay the Annual Installments on both the Taken Property and the Remaining <br />Property until such time that such Assessment has been prepaid in full. <br />Notwithstanding the previous paragraphs in this subsection (F), the Assessments shall not <br />however, bereduced toanamount less than the outstanding PID Bonds. <br />G. PaymentofAssessment inAnnual Installments <br />Assessments that are not paid in full shall be due and payable in Annual Installments. Exhibit G- <br />1shows the projected Annua| Installments for the District. The projected Annua| Installments for <br />Tract #1are shown onExhibit G-2.The projected Annua||nsto||noentsforTract#2aneshovvnon <br />Exhibit G-3. The projected Annual Installments for Tract #] are shown on Exhibit G-4. The <br />projected Annual Installments for Tract #4 are shown on Exhibit G-5. The projected Annual <br />Installments for Tract #5 are shown onExhibit G-6.|nnocase will the Assessment for aLot Type <br />exceed the Maximum Assessment. Annual Installments are subject to adjustment in each Annual <br />Service Plan Update. <br />The Administrator shall prepare and submit to the City Council for its review and approval an <br />Annual Service Plan Update to allow for the billing and collection of Annual Installments. Each <br />Annual Service Plan Update shall include updated Assessment Rolls and updated calculations of <br />Annual Installments. Annual Collection Cods shall be allocated pro rata among Assessed <br />Properties for which the Assessments remain unpaid in proportion to the amount of the Annual <br />Installments for the Assessed Property. Annual Installments shall becollected bythe City inthe <br />same manner and a1the same time amadvalorem taxes. Annual Installments shall besubject to <br />the penalties, procedures, and foreclosure sale in case of delinquencies as set forth in the PID Act <br />and inthe same manner eoadvalorem taxes for the City. The City Council may provide for other <br />means ofcollecting Annual Installments. Assessments shall have the lien priority specified inthe <br />WHISPER PID SAP 19 <br />