TITLE
Recommendation to adopt resolution approving the Annual Report for October 1, 2018 to September 30, 2019, for the Bixby Knolls Parking and Business Improvement Area, declaring its intention to levy the annual assessment, and setting the date of hearing for October 23, 2018. (District 7,8)
DISCUSSION
The Bixby Knolls Business Improvement Association (BKBIA) promotes and markets the commercial area along Atlantic Avenue and Long Beach Boulevard using funds generated through the assessment of businesses located in the Bixby Knolls Parking and Business Improvement Area (BKPBIA). 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 June 28, 2018, the BKBIA Advisory Board voted to recommend to the City Council approval of the BKPBIA Annual Report (Exhibit A to 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 change to the district boundaries, and no significant change to the method of levying the assessment or the proposed activities.
The Fiscal Year 2019 (FY 19) Annual Report, transmitting the recommendations of the BKPBIA Advisory Board, proposes the following assessment rates:
ASSESSMENT FORMULA
The annual base assessment for the period of July 1, 2018 to July 30, 2019, for businesses is $257.02 and $154.21 for non-profits. Each year a CPI adjustment will be applied to the base rate and, as of July 1, 2017, an additional $20 assessment will be applied annually to the rates through 2023. The BKPBIA assessment will be implemented on a July 1 to June 30 fiscal year, rate adjustments will take effect each July.
BUSINESS BASE RATE NON-PROFIT BASE RATE
July 1, 2016 - June 30, 2017 $252.27 $151.36
July 1, 2017 - June 30, 2018 $252.27+ $4.75 CPI + $20 = $277.02 $151.36 + $...
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