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Section 3. Section 6 of Ordinance 3582-17, as amended, is amended as follows, with strikeouts <br />deleted and underlining added: <br />Calculation of Assessments. <br />A. The initial assessment and subsequent annual assessments showing the rate of the special <br />assessment, the land square footage and assessed value on which it is calculated, and the total <br />assessment for each separate ownership, shall be mailed to the owner or reputed owner whose name <br />appears as the owner on the tax rolls of the Snohomish County Assessor and at the address for such <br />owner as shown on the tax rolls of the Snohomish County Assessor or the records of the City of Everett. <br />Assessments on multifamily residential properties, including condominiums, which are subject to a <br />Home Owner's Association (HOA) shall be assessed based on the multifamily residential property as a <br />whole and mailed to the HOA. <br />Subsequent annual assessments, with the applicable rate, land square footage and assessed <br />value, and total assessment for each separate ownership, may be sent by ordinary mail or delivered by <br />the City to the owner or reputed owner as shown on the records of the City, and if no address is shown <br />there, to the address shown in the tax records of the Snohomish County Assessor. It will be presumed <br />that ownership and the address of any owner or reputed owner remains the same as at the time of <br />mailing of the initial annual assessment unless the City receives written notice of a change in the <br />address of the owner to which the assessment notice is to be mailed. <br />Duplicate notices will be mailed upon request of the owner to the owner's named <br />representative at the address given in such written request of the owner. <br />The amount of the 2021 annual assessments shall be calculated as follows: $0.14 per $1,000 of <br />assessed value of the property per the Snohomish County Assessor, plus $0.09 per land square foot of <br />the The amount of the 2022 and each subsequent annual assessment through 2025 shall be <br />property. <br />based on the previous year's assessment amount for each property and multiplied by either 3%, or <br />multiplied by the June to June percent change in the Consumer Price Index — Urban (CPI-U) for the <br />Seattle, Tacoma, Bellevue area, whichever is greater. <br />B. In the event the annual budget approved is greater or less than the funds which will be available <br />from the total of all assessments within the District for such annual period, calculated at the assessment <br />rates as set forth in Section 5 of this ordinance, then such rates shall be adjusted on a pro rata basis in <br />an amount which, when multiplied by the total assessable land square footage and assessed value in the <br />District, will produce- a total sum equal to the approved total budget amount for the annual period for <br />which the special assessment is being made. Any unexpected and unobligated budgeted amount <br />remaining at the end of any annual assessment period, and any assessments or funds collected and <br />deposited in the District Fund in excess of the amount authorized to be expended for the annual <br />assessment period in which such excess amounts are received may be expended as may be authorized <br />by the next annual BIA budget approved by the City Council, or as may be authorized by amendment to <br />the current annual budget pursuant to Section 20 of this ordinance. <br />2020 ORDINANCE: Downtown BIA Page 3 of 5 <br />