Reso 2013-102 - Laserfiche WebLink

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within the entire district. The lot square footage of a parcel is defined on the County Assessor's parcel maps and was confirmed by New City America staff and City of San Leandro. Commercial Condominium Parcels Defined: Ground floor commercial condominiums will be treated like independent "mini" commercial buildings and assessed based on their divided building area, the footprint of land they cover, and the amount of direct street frontage towards the exterior of the building. Ground floor commercial condominiums will pay 100% of the special benefits for the assessment based upon the benefit zone rates. Future Residential Condo Unit Parcels Defined: Future residential condo units building square footage is defined as the livable building square footage within the walls of the condo residential unit parcel. They are included in a special zone to designate their unique special benefits relative to the other commercial parcels within the Downtown San Leandro CBD. Unlike the other commercial parcels in the district, including commercially operated apartment buildings, residential condo parcels are assessed for building square footage only, and are not assessed for linear frontage and lot square footage. Future ground floor commercial condos or office condos would be assessed just as other commercial properties, based upon their location in a benefit zone. Future rresidential condo individually assessed parcels are assessed as a separate category. These future residential condo individual parcels will be assessed for their building square footage only at the rate of $0.20 per square foot per year, commencing the first year of the new District. The rationale for assessing future residential condos only for the building square footage rate is provided below. Future rresidential condo individually assessed parcels are assessed differently than multi -unit, for -rent apartment buildings, due to the frequency of special benefit services required by each parcel as described below. The multi -unit apartment buildings are commercial properties in which the tenant and landlord have an economic relationship as opposed to residential condo buildings where individual property owners own separate air space parcels on a single lot. Future rresidential apartment buildings can be bought or sold just as like commercial buildings whereas residential condo individual units are separately owned and must be individually bought and sold. Distinctions between residential apartment buildings with tenants and residential condominium building with individual parcel owners are as follows: 1. The Davis Sterling Act establishes rules and regulations for residential condo owners based upon "separate interests" (i.e. ownership rights), as opposed to renters who only have a possessory interest. 2. Generally, residential condo unit owners demonstrate greater care for their property and concerns about quality of life issues due to their investment in real estate. 22