TITLE
Recommendation to adopt resolution approving the Annual Report for October 1, 2019 to September 30, 2020, 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, November 19, 2019. (District 2)
DISCUSSION
The Fourth Street Parking and Business Improvement Area (FSPBIA) was established by the City Council in 2007, allowing for the levy of an annual business license assessment to be paid by businesses located in the FSPBIA. The City of Long Beach (City) contracts with the Fourth Street Business Improvement Association (FSBIA) to manage the FSPBIA and the FSBIA Board of Directors serves as the Advisory Board to the City Council on matters related to the FSPBIA. The FSBIA promotes and markets the FSPBIA using funds generated through the FSPBIA business license assessment.
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 this Assessment District. On September 26, 2019, the FSPBIA Advisory Board voted to recommend to the City Council approval of the 2019-2020 FSPBIA Annual Report (Annual Report) (Exhibit A to the Resolution).
The Annual Report describes boundaries, proposed activities, budgetary information, and provides a method and basis for continuation of the assessment. The Annual Report proposes no change to the FSPBIA boundaries or the method of levying the assessment and no significant change to proposed activities.
The Annual Report, transmitting the recommendations of the Advisory Board, proposes the following assessment rates:
Method of Assessment
Assessments are calculated as follows:
Business License Category Annual Rate
Financial/Banking & Insurance $200
Service: Real Estate Offices $200
Retail: Restaurant w/Alcohol & RTE $200
Retail: Other $200
Consulting $200
Construction Contractor $200
Professional $2...
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