2020/12/16 Council Agenda Packet

projected alley centerline of Block 561, Plat of the Monitor Addition to Everett according to the Plat thereof recorded in Volume 3 of PlatsLpage 49, records of Snohomish County to intersect the centerline of a6- h 25th Street; thence easterly, along the centerline of 2-6t 25th Street to intersect the northerly projected centerline of the alley in Block 562, Monitor Addition to Everett; thence southerly along said projected alley centerline, and continuing southerly along projected alley centerline in Block 562, Rucker's First Plat, to intersect the centerline of 26th Street; thence easterly along the centerline of 26th Street to intersect with the northerly projected centerline of the alley in Block 611 of said Rucker's First Plat; thence southerly, along said projected alley centerline and the centerline of said alley in Block 611 and its southerly projection to intersect the centerline of Everett Avenue; thence easterly, along the centerline of Everett Avenue to intersect the centerline of Broadway Avenue and said point of beginning. Situated in the City of Everett, County of Snohomish, State of Washington. Section 2. Section 5 of Ordinance 3582-17, as amended, is amended as follows, with strikeouts deleted and underlining added: Levy of Special Assessment. To finance programs and services authorized in Section 3, there is levied and shall be collected an annual special assessment upon the buildings and other real property within the District (and the owners thereof), as follows: The annual assessment shall use land square footage and assessed value. Seventy-five percent (75%) of the annual BIA revenue shall be based on land square footage of each individual property within the geographical limits of the BIA and twenty-five percent (25%) of the annual BIA revenue shall be based on the assessed value of each individual property within the geographical limits of the BIA. The amount of the 2021 annual assessment for each property shall be $0.14 per $1,000 of assessed value per the Snohomish County Assessor, plus $0.09 per land square foot. The amount of the 2022 and each subsequent annual assessment through 2025 shall be based on the previous year's assessment amount for each property and multiplied by either 3%, or multiplied by the June to June percent change in the Consumer Price Index _ Urban (CPI-U} for the Seattle, Tacoma, Bellevue area, whichever is greater. Properties which have already had levied upon them an assessment up to July 1, 2018, under the old BIA established under Ordinance No. 2842-05, or levied an assessment for those properties partially within that old BIA, shall be assessed only at a pro -rated amount such that they will not be double -assessed up to July 1, 2018. Transfer of assets and assumption of liabilities for the BIA established under Ordinance No. 2842-05 to the BIA established under this ordinance is detailed in Section 22 herein. 2020 ORDINANCE: Downtown BIA Page 2 of 5