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City of San Leandro July 8, 2022 <br />CFD No. 2022-1 (Monarch Bay Shoreline Facilities & Services) Page B-8 <br />Taxable Public Property and Taxable Welfare Exempt Property shall continue to be assigned to <br />the same land use class as the property was assigned to before becoming Taxable Public Property <br />or Taxable Welfare Exempt Property. Taxable Property Owner Association Property shall be <br />assigned to land use class 5. <br />b. Backup Special Tax <br />The Backup Special Tax per Land Use Class for each Taxable Property that is Developed Property and <br />Final Map Property, is calculated as follows: <br />Backup Special Tax = Expected Revenue / Dwelling Units or Non-Residential <br />Floor Area on Developed Property and/or Dwelling Units or Non-Residential <br />Floor Area expected on Final Map Property <br />For each Land Use Class, by reference to Table 2, should the number of Dwelling Units or Non- <br />Residential Floor Are be less than the Expected Dwelling Units or Non-Residential Floor Area when all <br />Taxable Property has been classified as Developed Property and Final Map Property, the Backup <br />Special Tax per Dwelling Unit or Square Foot of Non-Residential Floor Area shall be adjusted so that <br />the Backup Special Tax per Dwelling Unit or Non-Residential Floor Area is sufficient to generate the <br />Expected Revenue from the levy of Special Taxes on Taxable Property in each Land Use Class in any <br />Fiscal Year. The CFD Administrator shall update Table 2 with the revised Dwelling Units or Non- <br />Residential Floor Area and Expected Revenue to be derived from each Land Use Class. <br />TABLE 2 – TAX ZONE A <br />EXPECTED DWELLING UNITS AND EXPECTED REVENUE <br />FISCAL YEAR 2022/23 <br />Land Use <br />Class <br />Expected Dwelling Units/Square Feet of <br />Non-Residential Floor Area <br />Expected <br />Revenue <br />1 148 $814,000.00 <br />2 52 (21 of which are BMR Units) 179,400.00 <br />3 285 250,016.25 <br />4 100,876 250,172.48 <br />5 19,024 41,472.32 <br /> <br />Prior to a sale of CFD No. 2022-1 Bonds, if a Land Use Class change for Taxable Property is proposed <br />or identified that will result in a change in the Expected Revenues, no action will be needed pursuant <br />to this Section. Each Fiscal Year, the CFD Administrator shall update Table 2 to show the revised Units <br />and Expected Revenues if a Land Use Class change has been approved. <br />After a sale of CFD No. 2022-1 Bonds, if a Land Use Class change for Taxable Property is proposed or <br />identified, the following must be applied: <br />If the Special Tax revenue from the levy of Special Taxes on Taxable Property in each respective <br />Land Use Class calculated based on the Land Use Class change is greater than the respective <br />revenue reflected in Table 2 or less than the respective revenue calculated in Table 2, but the <br />reduction in Expected Revenues does not reduce debt service coverage below any minimum debt