TITLE
Recommendation to adopt resolution approving the Annual Report for October 1, 2018 to September 30, 2019, for the Belmont Shore Parking and Business Improvement Area, declaring its intention to levy the annual assessment, and setting the date of hearing for Tuesday, September 11, 2018. (District 3)
DISCUSSION
The Belmont Shore Business Association (BSBA) 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 Areas requires that an Annual Report be submitted to the City Council by the Advisory Board designated for this Assessment District. On May 18, 2018, the BSPBIA Advisory Board voted to recommend to the City Council approval of the BSPBIA Annual Report (Exhibit A to the Resolution).
The Annual Report describes 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 to the District boundaries, the method of levying the assessment, or to the proposed activities.
The Fiscal Year 2019 (FY 19) Annual Report, transmitting the recommendations of the Advisory Board, proposes the following assessment rates:
Method of Assessment
The estimated FY 19 revenue from business assessments is $140,000. Assessments are calculated by category of business and incorporate a base rate plus a per employee rate. Business categories and rates are as follows:
CATEGORIES BASE RATE EMPLOYEE RATE
Financial Institution $ 1,646.22 $ 16.50
Service Real Estate Office $ 638.70 $ 22.00
CATEGORIES BASE RATE EMPLOYEE RATE
Retail - Restaurant w/alcohol & RTE $ 640.19 $ 9.63
Retail - Other $ 548.73 $ 8.25
Consulting $ 425.80 $ 22.00
Construction Contractor $ 425.80...
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