TITLE
Recommendation to adopt resolution approving the Annual Assessment Report for October 1, 2006 to September 30, 2007, for the Belmont Shore Parking and Business Improvement Area, increasing the assessment rate, declaring its intention to levy the annual assessment, and set date of hearing for Tuesday, September 12, 2006,
at 5:00 P.M. (District 3)
DISCUSSION
The Belmont Shore Business Association 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 Area require the submission of an annual assessment report by the Advisory Commission designated for this Assessment District. On July 20, 2006, the BSPBIA Advisory Commission voted to recommend to City Council approval of the BSPBIA Assessment Annual Report (Attachment A).
The Assessment Report describes boundaries, proposed activities and budgetary information, as well as the method and basis for continuation of the assessment. The report proposes changes to the assessment structure, for the first time in fourteen years, for businesses located within the district. The change in assessment rate results in an increase in Fiscal Year 2007 revenue from an estimated $88,000 to an estimated $153,000. As shown in the Assessment Report, the additional revenue will be allocated primarily to regional marketing of the district.
The recommended Resolution of Intention grants approval of the Assessment 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 12, 2006.
This letter was reviewed by Assistant City Attorney Heather Mahood on July 21, 2006, Budget Management Officer David Wodynski on August 14, 2006 and the City Treasurer’s Office on August 8, 2006.
TIMING CONSIDERATIONS
City Council action is requested on mugust 22,...
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