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D. Penalties and Interest <br /> 1. Any business which fails to pay any assessment within the time required shall pay a <br /> penalty of ten percent (10%) of the amount of the assessment in addition to the amount <br /> of the assessment. <br /> 2 Any business which fails to remit any delinquent assessment on or before a period of 30 <br /> days following the date on which the assessment first became delinquent shall pay a <br /> second delinquency penalty of ten percent (10%) of the amount of the assessment in <br /> addition to the amount of the assessment and the ten percent (10%) penalty first <br /> imposed. <br /> 3. If it is determined that the nonpayment of any assessment is due to fraud, a penalty of <br /> twenty-five percent (25%) of the amount of the assessment shall be added thereto in <br /> addition to the penalties stated above. <br /> 4. In addition to the penalties imposed, any business which fails to remit any assessment <br /> shall pay interest at the rate of one-half of on percent (0.5%) per month or fraction <br /> thereof on the amount of the assessment, exclusive of penalties, from the date on which <br /> the assessment first became delinquent until paid. <br /> 5. Every penalty imposed and such interest as accrues shall become a part of the <br /> assessment required to be paid. <br /> E. Time and Manner for Collecting Assessments <br /> The TVTMD assessment will be implemented beginning July 1, 2015 and will continue for seven (7) <br /> years through June 30, 2022. Each City and County will be responsible for collecting the assessment <br /> on a quarterly basis (including any delinquencies, penalties and interest) from each lodging business <br /> I located in the boundaries of the TVTMD. Each City and County shall take all reasonable efforts to <br /> collect the assessments from each lodging business. On a quarterly basis, each City and County shall <br /> I forward the assessment collected to the City of Pleasanton. The City of Pleasanton shall forward the <br /> assessments collected to the Owners'Association. <br /> F. ,Annual Budget <br /> The,total seven year improvement and service plan budget is projected at approximately $1,822,000 <br /> annually, or $12,754,000 through 2022.. This amount may fluctuate as sales and revenue increase at <br /> assessed businesses, or if the assessment rate is increased. <br /> _ _— <br /> Management District Plan 11 <br /> December 15,2014 <br />