TITLE
Recommendation to approve the Magnolia Industrial Group Property and Business Improvement District Annual Report continuing the property assessment for the period of January 1, 2022 through December 31, 2022, automatically extending the current agreement with the Magnolia Industrial Group, Inc., for a one-year period; and, authorize payment of $1,753 in City property assessments from the General Fund Group in the Public Works Department. (District 1)
DISCUSSION
The Magnolia Industrial Group Property and Business Improvement District (MIGPBID) was initially established by the City Council in 1996 for a three-year period. On July 20, 1999, the City Council re-established the MIGPBID for an additional five years. On July 23, 2013, following a majority vote of the property owners, the City Council again re-established the MIGPBID for an additional ten-year term. The City of Long Beach (City) contracts with Magnolia Industrial Group, Inc. (MIG), to manage the MIGPBID and the MIG Board of Directors serve as the Advisory Board to the City Council on matters related to the MIGPBID. MIG utilizes the MIGPBID funding to provide enhanced security and maintenance, above and beyond the services provided by the City.
State law governing Property and Business Improvement Districts requires that an annual report be submitted to the City Council by the MIG Board of Directors. The attached MIGPBID 2021-2022 Annual Report (Annual Report), which covers MIG’s fiscal year of December 1, 2021 to November 30, 2022, 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 change to the MIGPBID boundaries, the method of assessment, and activities.
The Annual Report, transmitting the recommendations of the MIG Advisory Board, proposes the following assessment rates:
Method of Assessment
The following method is used to determine the 2021-2022 assessment:
· Zone 1...
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