Community Facilities District. Without obtaining the prior written consent of Agent, Grantor shall not consent to, or vote in favor of, the inclusion of all or any part of the Property in any Community Facilities District formed pursuant to the Community Facilities District Act, §§ 48-701, et seq., as amended from time to time. Grantor shall immediately give notice to Agent of any notification or advice that Grantor may receive from any municipality or other third party of any intent or proposal to include all or any part of the Property in a Community Facilities District. Agent shall have the right to file a written objection to the inclusion of all or any part of the Property in a Community Facilities District, either in its own name or in the name of Grantor, and to appear at, and participate in, any hearing with respect to the formation of any such district. [Signatures appear on the following page.]
Community Facilities District. Buyer acknowledges and agrees that Seller shall have the right to encumber the Property with a supplemental special tax related to a replacement and/or newly formed Community Facilities District (“CFD”); provided, however, (i) Buyer and Seller shall work together, in good faith, during the Inspection Period to understand the scope of the CFD and the associated tax burden on the Property; (ii) Buyer may terminate this Agreement at any time during the Inspection Period if Buyer does not approve of the CFD (or the associated tax burden), and (iii) following the expiration of the Inspection Period, no changes may be made to the CFD or the associated tax burden without Buyer’s consent.
Community Facilities District. Vertical Developer hereby acknowledges that the Property is and will continue to be subject to the lien of Special Taxes for community facilities districts (collectively, the “CFDs”), including: (i) the Redevelopment Agency of the City and County of San Francisco Community Facilities District No. 7 (Hunters Point Shipyard Phase One Improvements), as set forth in the Second Amended and Restated Notice of Special Tax Lien recorded in the Official Records of the City and County of San Francisco on September 15, 2008, as instrument number 2008I645982; and (ii) Redevelopment Agency of the City and County of San Francisco Community Facilities District No. 8 (Hunters Point Shipyard Phase One Maintenance), as set forth in the Notice of Special Tax Lien recorded in the Official Records of the City and County of San Francisco on September 15, 2008, as instrument number 2008I645983. Such CFDs were formed, and bonds have been and will be issued, to finance construction of certain infrastructure and other improvements, including Open Space, and to provide certain services, including maintenance of the Open Space. The Agency and Vertical Developer, as required, shall cooperate to provide the City, the Agency and the CFD administrator(s) with the information required by the CFDs to calculate and levy Special Taxes on the Property in any year. Vertical Developer shall not, at any time, contest, protest, or otherwise challenge the formation of the CFDs or the issuance of additional bonds or other financing secured by Special Taxes.
Community Facilities District. Without obtaining the prior written consent of Lender, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Property in any Community Facilities District formed pursuant to the Community Facilities District Act, A.R.
Community Facilities District. Vertical Developer hereby acknowledges that the Property is and will continue to be subject to the lien of Special Taxes for community facilities districts (collectively, the “CFDs”), including: (i) Redevelopment Agency of the City and County of San Francisco Community Facilities District No. 7 (Hunters Point Shipyard Phase One Improvements) (“CFD No. 7”), as set forth in the Third Amended and Restated Notice of Special Tax Lien recorded in the Official Records of the City and County of San Francisco on May 14, 2014, as instrument number 2014J879951; and (ii) Redevelopment Agency of the City and County of San Francisco Community Facilities District No. 8 (Hunters Point Shipyard Phase One Maintenance) (“CFD No. 8”), as set forth in the Amended and Restated Notice of Special Tax Lien recorded in the Official Records of the City and County of San Francisco on May 14, 2014, as instrument number 2014J879952. Such CFDs have been formed. In CFD No. 7, Special Taxes have been and will be collected, and bonds have been and will be issued, to finance construction of certain infrastructure and other improvements, including Open Space. In CFD No. 8, Special Taxes have been and will be collected to provide certain services, including maintenance of the Open Space. The Agency and Vertical Developer, as required, shall cooperate to provide the City, the Agency and the CFD administrator(s) with the information required by the CFDs to calculate and levy Special Taxes on the Property in any year. Vertical Developer shall not, at any time, contest, protest, or otherwise challenge the formation of the CFDs, the issuance of additional bonds or other financing secured by Special Taxes, or the application of bond proceeds or Special Taxes. Vertical Developer shall not institute, or cooperate in any manner with, proceedings to repeal or reduce the Special Taxes.
Community Facilities District. The City acknowledges that the Infrastructure CFD as provided at Section 6.3.1 below may be an important funding component for the construction of the anticipated elementary school as described in the memorandum of understanding between the Landowner and District.
Community Facilities District. As contemplated in Section 4.5 of this Agreement and 4.6.2.8 of the Disposition and Development Agreement the City shall cooperate with the Developer to establish one or more CFDs pursuant to the Xxxxx Xxxx Act and as permitted by State law to finance capital improvements and related infrastructure, public facilities, public services, and ongoing maintenance cost obligations that may be required in connection with the Project and the development of the Property, pursuant to the terms of this Agreement.
Community Facilities District. Consistent with the Existing Approvals and Applicable Law, the Parties shall cooperate in good faith to form a Xxxxx-Xxxx Community Facilities District (Gov. Code § 53311) (“CFD”) or form an alternative, equivalent financing mechanism reasonably approved by City, for all residential and commercial areas of the Project, provided, however that CFD special taxes shall be limited for the affordable housing units in Planning Area 3 to pay for City services only. The City also has established CFD No. 2006-1 to fund various City-wide services. The Project’s Fiscal Impact Analysis has identified a temporary negative fiscal impact due to the Project’s location in the former Redevelopment Project Area. The Parties agree that the overall tax burden (including the ad valorum tax, the CFD(s) and all other existing special taxes and assessments) for any Project unit shall not exceed 1.6% of the estimated property value of such unit. The Parties shall determine, prior to the recordation of the first final map, upon the appropriate structure (utilizing CFD No. 2006-1 or the CFD or a combination thereof) to finance the following services and facilities according to the following priorities:
Community Facilities District. As further described in the Development Agreement, the City may form a community facilities district ("CFD") and levy a special tax, to cover, among other things, a portion of the Common Expenses ("CFD Maintenance Costs"), pursuant to the Xxxxx-Xxxx Community Facilities Act of 1982 (Government Code §§ Section 53311 et seq.). In the event the CFD is not formed, or the CFD is formed but the special tax levied by the CFD is repealed or is otherwise insufficient to pay all of the CFD Maintenance Costs, or the CFD is terminated or is deemed invalid by a court of competent jurisdiction (an "Event of CFD Deficiency"), the Association shall, immediately and without further action or notice, become obligated to pay, through Regular Assessments, all of the CFD Maintenance Costs. The CFD Maintenance Costs are all of the costs for maintaining the Public Property, less the LLMD Maintenance Costs.
Community Facilities District. (a) It is the mutual intent of the Parties that the development of the Project will not have any impact on or require any contribution from the General Fund of the City. To facilitate such intent, the City and Developer shall use reasonable efforts to form a Community Facilities District(s) (“CFD”), pursuant to Chapter 2.5 of Part 1 of Division 2 of the California Government Code (the “CFD Act”), for the purposes of financing facilities and services required to be constructed, provided or funded under this Agreement, as the City determines are lawfully and appropriately financed by the CFD. Such facilities and services may include but are not limited to fees, construction and installation of landscaping, and future costs for the maintenance of landscaping and irrigation of the landscaped area.
