TITLE
Recommendation to adopt resolution approving the Annual Assessment Report for October 1, 2015 to September 30, 2016, for the Belmont Shore Parking and Business Improvement Area, declaring its intention to levy the annual assessment, and setting the date of hearing for Tuesday, September 22, 2015 at 5:00 p.m. (District 3)
DISCUSSION
The Belmont Shore Business Association (BSBA) promotes and markets the commercial area along Second Street using funds generated through the assessment of businesses located in the Belmont Shore Parking and Business Improvement Area (BSPBIA). State law governing Parking and Business Improvement Areas requires the submission of an annual assessment (Annual Report) report by the Advisory Commission designated for this Assessment District. On May 21, 2015, the BSPBIA Advisory Commission voted unanimously to recommend to City Council approval of the BSPBIA Annual Report (Attachment).
The Annual Report describes boundaries, proposed activities and budgetary information, as well as the method and basis for continuation of the assessment. There are no proposed significant changes in activities, method and basis for assessment, and no changes to the existing boundaries.
The recommended Resolution of Intention grants approval of the Annual Report, declares the intention of the City Council to levy the assessment for proposed activities, and sets the date of the public hearing for September 22, 2015.
This matter was reviewed by Deputy Attorney Amy R. Webber on July 8, 2015 and by Budget Operations Officer Grace Yoon on July 13, 2015.
TIMING CONSIDERATIONS
City Council action is requested on August 11, 2015 to allow purchase order and contract modifications to be completed so that Fiscal Year 2016 (FY 16) assessment transfers may be made as required by the Agreement for Funding with the BSBA.
FISCAL IMPACT
It is expected that the BSPBIA will generate $140,500 in FY 16 through the proposed assessment. Sufficient funds are inc...
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