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