The Board of Directors shall serve as the governing body for the Downtown Revitalization District and, in that capacity, shall be responsible for facilitating the preparation of, adopting, and implementing the Downtown Revitalization Financing Plan described in California Government Code Section 62456 (“Downtown Revitalization Financing Plan”) for the Downtown Revitalization Financing District. The Downtown Revitalization Financing Plan will describe, among other things, the allocation by the City to the Downtown Revitalization Financing District of certain incremental property tax revenue generated by commercial-to-residential conversion projects within Downtown Revitalization District for the purpose of financing commercial-to-residential conversion projects of communitywide significance that provide significant benefits to the Downtown Revitalization District or the City. Facilitating the timely preparation and delivery of the annual report required by California Government Code Section 62453(e).