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<br />8 <br /> <br />Cap: <br />The CBD budget and assessments may be subject to changes in the Consumer Price Index (CPI) <br />for the San Francisco – Oakland – San Jose Consumer Price Index for all urban consumers from <br />February to February, with annual increases not to exceed 3% per year. Increases will be <br />determined by the Owners’ Association/District Management Corporation and will vary <br />between 0% and 3% annually. Changes in land use, development of empty parcels, conversion <br />of tax exempt to profitable land uses, demolition of existing buildings, and creation of new <br />parcels through new building or residential condo development may alter the budget from year <br />to year based upon the changes in the building square footage of an individual parcels. <br /> <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 /> <br />Once the City verifies the petitions totaling a minimum of 30% or $115,405 in assessment <br />contribution to the District, the City Council may adopt a Resolution of Intention to mail out <br />ballots to all affected property owners. The City will then hold a public hearing and tabulate <br />the mail ballots. The Downtown San Leandro CBD will be formed if the weighted majority of all <br />returned mail ballots support the District formation and if the City Council adopts a resolution <br />of formation to levy the assessments on the benefiting parcels. We anticipate that this process <br />will be completed by the end of July 2013. <br /> <br />Duration: <br />The Downtown San Leandro CBD shall have a fifteen-year term which shall commence on July <br />1, 2013 and expire on June 30, 2028, with operations winding down by December 31, 2028. <br /> <br />Exemptions: <br />No benefitting parcels, regardless of taxable or tax-exempt property tax status, will be exempt <br />from the assessments funding the special benefit services of the Downtown San Leandro CBD. <br />Special benefit services will not be provided to any parcels outside of the boundaries of the <br />district. Publicly owned property will be assessed the same as privately owned parcels based <br />upon their location within Benefit Zone 1 or 2. <br /> <br />Governance: <br />Pursuant to the City of San Leandro Community Benefit District Ordinance and Section 36600 of <br />the California Streets and Highway Code, a District Management Corporation or Owners’ <br />Association, will review District budgets and policies annually within the limitations of the <br />Management District Plan. The Management Corporation will file Annual Reports with the City <br />of San Leandro (City) and will oversee the day-to-day implementation of services as defined in <br />the Management District Plan. Section 36614.5 states: <br /> <br />The "Owners' association" means a private nonprofit entity that is under contract with a <br />city to administer or implement activities and improvements specified in the <br />management district plan. An owners' association may be an existing nonprofit entity or