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parcels through new building or residential condo development may alter the budget from year to year based upon the changes in the building square footage of an individual parcels. Since linear frontage and lot size normally are not altered in the redevelopment of a site, the only changes realized in the CBD will be through the building square footage. In addition, changes in the budget may occur due to the conversion of single parcels to multiple parcels due to the construction of residential or commercial condos. Bonds: The District will not issue any bonds related to any program. District Formation: The District formation and modification requires a submission of petitions from property owners representing more than 30% of the total assessments. Once the City verifies the petitions totaling a minimum of 30% or $115,405 in assessment contribution to the District, the City Council may adopt a Resolution of Intention to mail out ballots to all affected property owners. The City will then hold a public hearing and tabulate the mail ballots. The Downtown San Leandro CBD will be formed if the weighted majority of all returned mail ballots support the District formation and if the City Council adopts a resolution of formation to levy the assessments on the benefiting parcels. We anticipate that this process will be completed by the end of July 2013. Duration: The Downtown San Leandro CBD shall have a fifteen-year term which shall commence on July 1, 2013 and expire on June 30, 2028, with operations winding down by December 31, 2028. Governance: Pursuant to the City of San Leandro Community Benefit District Ordinance and Section 36600 of the California Streets and Highway Code, a District Management Corporation or Owners' Association, will review District budgets and policies annually within the limitations of the Management District Plan. The Management Corporation will file Annual Reports with the City of San Leandro (City) and will oversee the day-to-day implementation of services as defined in the Management District Plan. Section 36614.5 states: The "Owners'association"means o private nonprofit entity that is under contract with o city to administer or implement activities and improvements specified in the management district plan. An owners' association may be on existing nonprofit entity or o newly formed nonprofit entity. An owners'association is o private entity and may not be considered o public entity for any purpose, nor may its board members or staff be considered to be public officials for any purpose." 7