TITLE
Recommendation to approve the Magnolia Industrial Group Property and Business Improvement District Annual Report and Assessment for the period of December 1, 2014 through November 30, 2015, automatically extending the current agreement with the Magnolia Industrial Group, Inc., for a one-year period; and authorize payment of $1,488 in City property assessments from the General Fund (GF) in the Public Works Department (PW).
(District 1)
DISCUSSION
Pursuant to the Property and Business Improvement Law of 1994 (Law), the Magnolia Industrial Group Property and Business Improvement District (MIG-PBID) was initially established by the City Council in 1996 for a three-year period. On July 20, 1999, the City Council re-established the MIG-PBID for an additional five years. On July 23, 2013, following a majority vote of the property owners in favor of a new ten-year term, the City Council again re-established the MIG-PBID for an additional ten-year term. Under the Law, Magnolia Industrial Group (MIG) property owners assess themselves an additional fee to pay for supplemental security patrol and the cleanup and removal of items such as weeds, trash, abandoned furniture and tires within the MIG area.
The 1994 Law requires that the MIG-PBID Advisory Board approve and file an Annual Report describing their projected budget and expenditures. The 2014-2015 Annual Report is attached for City Council approval. The levy of assessment will cover the period of December 1, 2014 through November 30, 2015.
The MIG-PBID assessment area contains properties owned by private commercial owners and the City of Long Beach. In Fiscal Year 2015, the City assessment is $1,488.
The Board-approved MIG-PBID rate of assessment is based on the square footage of developed property within the boundaries, as shown on the map in Section 5 of the attached Annual Report. The MIG-PBID Management Plan allows up to a 4 percent per year cost-of-living increase in the assessment rate. For Fisc...
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