TITLE
Recommendation to approve the Magnolia Industrial Group Property and Business Improvement District Annual Report and Assessment for the period of December 1, 2007 through November 30, 2008, automatically extending the current agreement with the Magnolia Industrial Group, Inc. for a one-year period. (District 1)
DISCUSSION
The Magnolia Industrial Group Property and Business Improvement District (MIG-PBID) was initially established by the City Council in 1996 for a three-year period. On July 20, 1999, pursuant to the Property and Business Improvement Law of 1994 (Law), the City Council re-established the MIG-PBID for an additional five-year period. On July 15, 2003, City Council again reestablished the MIG-PBID. This re-establishment required a majority vote of the property owners in favor of re-establishing the district for a new term of ten years.
Under the Law, Magnolia Industrial Group (MIG) property owners assess themselves an additional fee to pay for supplemental security patrol and the cleanup and removal of items such as weeds, trash, abandoned furniture and tires within the MIG area.
The 1994 Law requires that the MIG-PBID Advisory Board approve and file an Annual Report describing their projected budget and expenditures. The 2007-2008 Annual Report is attached for City Council approval. The levy of assessment will cover the period of December 1, 2007 through November 30, 2008.
The Board-approved MIG-PBID rate of assessment is based on the square footage of developed property within the boundaries as shown on the map in Section 7 of the attached Annual Report. The MIG-PBID Management Plan allows up to a 4 percent per year cost-of-living increase in the assessment rate. The actual local Consumer Price Index (CPI) increase for the most recent period is 3.8 percent. For Fiscal Year 2008 (FY 08), the MIG Board voted to increase the assessment rate just 1.5 percent, an amount sufficient to cover increases in the cost of security services.
In FY 08...
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