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HERON BAY MAINTENANCE ASSESSMENT DISTRICT <br /> ASSESSMENT DISTRICT NO. 96-3 <br /> CITY OF SAN LEANDRO <br /> EXHIBIT B (continued) <br /> The current proposal is to form this District at the end of FY 1995-96. Therefore, the amount <br /> of the proposed assessments for FY 1996-97 is as shown on the attached "Assessment Roll" <br /> (Exhibit C). <br /> Until such time as the Army Corps of Engineers, or any other applicable governmental regulatory <br /> agency, releases Citation Homes from any further monitoring requirements associated with the <br /> implementation of the Mitigation and Monitoring Plan for the Citation Marsh, Citation Homes <br /> Central will assume all responsibilities, take any and all necessary actions, and pay all costs for <br /> remediation or work of any kind necessary to bring the Citation Marsh into compliance with the <br /> RMI Mitigation and Monitoring Plan wherein such compliance shall be determined by the Army <br /> Corps of Engineers or any other applicable governmental regulatory agency. Therefore, this <br /> District shall annually reimburse to Citation Homes Central those actual, documented costs <br /> incurred by them during the intervening period of time from the establishment of this District until <br /> regulatory compliance has been obtained, said annual reimbursement shall not exceed the <br /> estimated cost of this work listed as Item 4.b) in the Cost Estimate incorporated in this Exhibit <br /> B. Following full regulatory compliance, this District will assume full responsibility for the <br /> operation and maintenance of Citation Marsh. <br /> As to the amount of the maximum annual assessment which may be levied in future years, it is <br /> the intent of this District that the maximum assessments shown herein for FY 1996-97 be <br /> increased by 2% each successive year (over the rate of the previous year) to approximate increases <br /> in costs of maintenance. <br /> The proposed assessments include a Maintenance Reserve Fund to be accumulated at the rate of <br /> $60,000 per year to a maximum reserve of$300,000. Depletions of this reserve will be recovered <br /> by increasing the annual assessments of succeeding years, up to the maximum increase of 2% as <br /> described above, until the reserve is restored in full. <br /> Exhibit B 3 of 7 <br /> 9 <br />