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(12) The rate and method of apportionment pursuant to which the first year's special <br /> assessment is to be levied is as follows: <br /> (A) Commercial parcels of land within Zones 1, 2, and 3, as shown in Exhibit"B," <br /> will be assessed the rate of$1.50 for every $1,000 of"Total Net Taxable <br /> Value" of each parcel of land, as indicated on the County of Hawaii Real <br /> Property Tax Assessment list prepared for the tax year corresponding with the <br /> applicable tax year, except for the first assessment year which is assessed on a <br /> pro-rata basis from the date of the District's establishment. "Total Net Taxable <br /> Value" means the total assessed value of a parcel of land assessed by the real <br /> property tax office of Hawaii County, including the assessed value of any <br /> improvements on that parcel of land, less applicable exemptions; <br /> (B) The following parcels of land shall not be levied special assessments: <br /> (i) Parcels of land owned by the United States, the State of Hawaii, and <br /> the County of Hawaii; provided, however, that property and leases of <br /> government property subject to real property taxation under sections <br /> 19-84, 19-85, and 19-86, Hawaii County Code, shall be assessed under <br /> this District Plan; and <br /> (ii) All residential parcels within the District, and active homeowner or <br /> affordable rental exemptions on file with the County; and <br /> (C) Pursuant to section 35-20, Hawaii County Code, the Council's determination <br /> of the reasonableness of the rate and method of apportionment shall be final <br /> and conclusive; and <br /> (13) All supplemental improvements within the District shall receive appropriate permits <br /> and approvals. The Department of Public Works shall review any preliminary plans <br /> for any supplemental improvements proposed on County land or within any County <br /> right-of-way. <br /> SECTION 3. District Board Report. Prior to the commencement of the second and each <br /> subsequent assessment year, the District Board shall prepare and submit an annual report to the <br /> Council that shall include a statement of operations, a financial report for the previous year, the <br /> anticipated surplus or deficit from the preceding assessment year, and any proposed new rate or <br /> method of assessment for the next assessment year. This report shall be due by the thirtieth day <br /> preceding the commencement of the next assessment year. <br /> SECTION 4. Business Improvement District No. 2 Fund; Report. The Director of <br /> Finance shall deposit all moneys collected pursuant to the district assessment in an account for <br /> the District in the `Business Improvement District No. 2 Fund" and shall prepare and submit a <br /> report to the District Board and the Council summarizing the following: <br /> 3 <br />