RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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Code shall be classified and taxed in accordance with its use; or (ii) is encumbered by a road, access, public utility easement or other easement or recorded restriction for public use or preservation making impractical its use for any purpose other than that set forth in the easement or recorded restriction. "Required Coverage" means the percentage by which the Expected Maximum Special Tax Revenues must exceed the sum of annual Bond debt service and annual required Administrative Expenses, as set forth in the Indenture or other formation or Bond document that sets forth the minimum required debt service coverage. "Residential Floor Area" means all of the Square Footage of living area within the perimeter of a Unit, not including any carport, walkway, garage, overhang, patio, enclosed patio, or similar area. The determination of Residential Floor Area shall be as set forth in the Building Permit(s) issued for such TMK Parcel, or as set forth in other official records maintained by the County's Building Division or other appropriate means selected by the CFD Administrator. The actual Square Footage shall be rounded up to the next whole square foot. Once such determination has been made for a TMK Parcel, it shall remain fixed in all future Fiscal Years unless an appeal is approved that results in a change in the actual Square Footage. "Residential Property" means, for each Fiscal Year, a TMK Parcel for which a Building Permit for new construction of one or more Units was issued after January 1, 2020, and before March I of the prior Fiscal Year. "RMA" means this Rate and Method of Apportionment of Special Tax. "Short Form Appraisal" means a limited appraisal of the land value of a TMK Parcel prepared by a qualified appraiser, as determined by the CFD Administrator, using a form similar to Fannie Mae Form 2055, which is also known as an "exterior -only inspection residential appraisal report" designed to contain a limited amount of data about the subject property and to utilize the sales comparable approach as its sole approach to concluding value. "Single Family Attached Property" means all TMK Parcels of Developed Property for which a Building Permit was issued for construction of a residential structure consisting of two or more Units that share common walls, have separate Tax Map Keys assigned to them, and may be purchased by individual homebuyers (which shall still be the case even if the Units are purchased and subsequently offered for rent by the owner of the Unit), including such residential structures that meet the statutory definition of a condominium. "Single Family Detached Property" means all TMK Parcels of Developed Property for which a Building Permit was issued for construction of a Unit, on one legal lot, that does not share a common wall with another Unit. "Single Family Property" means all TMK Parcels of Single Family Attached Property and Single Family Detached Property. Hawai'i County CFD No. 1-2021 5 June 23, 2021