TITLE
Recommendation to adopt resolution approving the Annual Report for October 1, 2016 to September 30, 2017 for the Fourth Street Parking and Business Improvement Area, declaring its intention to levy the annual assessment and setting the date of hearing for September 20, 2016. (District 2)
DISCUSSION
The Fourth Street Improvement Association (FSIA) promotes and markets the Fourth Street commercial area using funds generated through the assessment of area 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 Commission designated for the Assessment District. On July 5, 2016, the FSPBIA Advisory Commission voted to recommend to the City Council approval of the FSPBIA Annual Report (Exhibit A to 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 in the method of levying the assessment and no significant change to 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 20, 2016.
This matter was reviewed by Deputy City Attorney Amy R. Webber on July 12, 2016 and by Budget Operations Administrator Grace Yoon on July 14, 2016.
TIMING CONSIDERATIONS
City Council action is requested on August 2, 2016, to set the date for the public hearing for September 20, 2016. The new contract year begins on October 1, 2016.
FISCAL IMPACT
It is estimated that the FSPBIA will generate $17,500 in FY 17 through the proposed continuation of the existing assessment. Assessment funds are collected through additional fees attached to FSPBIA business licenses and ...
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