RES 158 Draft 01 2020-2022 - Laserfiche WebLink

Home

"Expected Land Uses" means the number of Units within each Land Use Class of Residential Property, the Acreage of Other Residential Property, and the Acreage of Non - Residential Property expected within Tax Zone 1, as identified in Attachment 2 of this RMA. Attachment 2 may be updated within 30 days prior to the First Bond Sale and each time there is a Land Use Change thereafter. "Expected Maximum Special Tax Revenues" means the annual amount of revenue that would be available in Tax Zone I if the Maximum Special Tax was levied on the Expected Land Uses. The Expected Maximum Special Tax Revenues at the time of approval of this RMA are shown in Attachment 2, and such amount may be adjusted pursuant to Section C or if TMK Parcels within Tax Zone I prepay all or a portion of the Special Tax obligation. "Final Plat Map" means a final map approved by the County Planning Director pursuant to the Subdivision Control Code (Hawaii County Code Chapter 23) that creates individual lots on which Building Permits for new construction may be issued without further subdivision. "Final Mapped Property" means, for each Fiscal Year, all Taxable Property, exclusive of Developed Property and Taxable Property Owner Association Property, which as of March I of the previous Fiscal Year was located within a Final Plat Map. The term Final Mapped Property shall include any parcel map or Final Plat Map, or portion thereof, that creates individual lots that cannot be further subdivided and for which a Building Pen -nit may be issued (but has not actually been issued). "First Bond Sale" means issuance of the first series of Bonds secured, in whole or in part, by Special Taxes levied and collected from TMK Parcels in Tax Zone 1. "Fiscal Year" means the period starting July I and ending on the following June 30. "Indenture" means the indenture, fiscal agent agreement, resolution, or other instrument pursuant to which Bonds are issued, as modified, amended, and/or supplemented from time to time, and any instrument replacing or supplementing the same. "Land Use Change" means a change to the Expected Land Uses within Tax Zone I after CFD Formation, which shall include but not be limited to, approval of Final Plat Maps that reflect a different number of Buildable Lots, issuance of Building Permits that will result in a different number of Units in a particular Land Use Class, or issuance of Building Permits that reflect a different amount of Other Residential Property Acreage or Non -Residential Property Acreage than that shown in the Expected Land Uses, as determined by the CFD Administrator. "Land Use Class" means any of the classes listed in Table I below. "Land Value" means the appraised value, or the assessed value on the current County Real Property Tax Office tax roll, of a TMK Parcel, whichever is less. The CFD Hawaii County CFD No. 1-2021 3 June 23, 2021