TITLE
Recommendation to adopt resolution approving the Annual Report for October 1, 2017 to September 30, 2018 for the Fourth Street Parking and Business Improvement Area, declaring its intention to levy the annual assessment, and setting the date of hearing for Tuesday, September 19, 2017 at 5:00 p.m. (District 2)
DISCUSSION
The Fourth Street Improvement Association (FSIA) promotes and markets the Fourth Street commercial area using funds generated through the assessment of businesses located in the Fourth Street Parking and Business Improvement Area (FSPBIA). State law governing Parking and Business Improvement Areas requires that an Annual Report be submitted to the City Council by the Advisory Board designated for the Assessment District. On July 11, 2017, the FSPBIA Advisory Board voted to recommend to the City Council approval of the FSPBIA Annual Report (Exhibit A to the Resolution).
The Annual Report describes the boundaries, proposed activities and budgetary information, as well as the method and basis for continuation of the assessment. The Annual Report proposes no significant change to the District boundaries, the method of levying the assessment, or to the proposed activities.
The recommended Resolution 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 19, 2017.
This matter was reviewed by Deputy City Attorney Amy R. Webber on July 24, 2017 and by Budget Operations Administrator Grace Yoon on July 20, 2017.
TIMING CONSIDERATIONS
City Council action is requested on August 8, 2017, to set the date for the public hearing for September 19, 2017. The new contract year begins on October 1, 2017.
FISCAL IMPACT
It is estimated that the FSPBIA will generate $17,500 in FY 18 through the proposed continuation of the assessment. Assessment funds are collected through additional fees attached to FSPBIA business lice...
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