TITLE
Recommendation to adopt resolution approving the Annual Assessment Report from October 1, 2010 to September 30, 2011 for the Fourth Street Parking and Business Improvement Area, declaring its intention to levy the annual assessment, and setting a date for a public hearing for Tuesday, October 19, 2010 at 5:00 p.m. (District 2)
DISCUSSION
The Fourth Street Improvement Association 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 require that an annual assessment report be submitted to the City Council by the Advisory Commission designated for the Assessment District. On August 5, 2010, the FSPBIA Board voted to recommend to the City Council approval of the FSPBIA Assessment Report (Attachment A).
The Assessment Report describes the boundaries, proposed activities and budgetary information, as well as the method and basis for continuation of the assessment. The report proposes no change in the method of levying the assessment and no significant changes to proposed activities.
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 a public hearing for October 19, 2010.
This letter was reviewed by Chief Assistant City Attorney Heather Mahood on August 31,2010, City Treasurer David Nakamoto, and Budget Management Officer Victoria Bell on September 2,2010.
TIMING CONSIDERATIONS
City Council action is requested on September 21, 2010, to allow purchase order and contract modifications to be completed so that Fiscal Year 2011 (FY 11) assessment transfers may be made as required by the Agreement for Funding with the FSBIA.
FISCAL IMPACT
It is estimated that the FSPBIA will generate $10,800 in FY 11 through the propose...
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