Ordinance 3714-19 TABLED - Laserfiche WebLink

management and promotion of retail trade activities in the area; F. Providing maintenance and security for common, public areas; and G. Providing transportation services for the benefit of the area. All activities are supplemental to the street maintenance, law enforcement, land use planning, citywide marketing, and other services provided by the City and are not intended to displace any services regularly provided by municipal government. Section 4. Levy of Special Assessment and Calculation of Assessments. A. To finance programs and services authorized in Section 3, there is levied and shall be collected 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.The initial assessment rates have been calculated for the initial BIA budget to be fifty percent(50%)from the total land square footage and fifty percent(50%) from the total county-assessed value of the assessed properties within the geographical limits of the BIA, with an expectation that the percentage from the county-assessed value will increase as land values increase. B. Assessment Formula The special assessment for the Base Year(2020),for each individual property shall be calculated using the following formula: Assessment= ($0.04 x Land Square Footage) + ($0.67 x(Current Year Assessed Value/$1,000)). In subsequent years 2021-2024,the land square footage rate will be multiplied by an Inflationary Factor, which will be equal to the change in the June to June Consumer Price Index for All Urban Consumers in Seattle-Tacoma -Bremerton ("CPI")from the Base Year, or three percent per year, whichever is less. The Current Year Assessed Value will be the value of the property for that particular year, as determined by the Snohomish County Assessor's office. The intent of adjusting for CPI adjustment and using the current assessed value in the formula is to ensure the BIA's services and programs keep up with inflation and the needs of the neighborhood as it grows. C. Notices of assessment, installment payments, or delinquency, and all other notices contemplated by this ordinance may be sent by ordinary mail or delivered by the City to the address shown on the records of the Finance Director, and, if no address is shown there,to the address shown on the records of the County Assessor. Failure of the Ratepayer to receive any mailed notice shall not release the Ratepayer from the duty to pay the assessment on the due date and any interest and delinquency charges. mo ra 2019 ORDINANCE: ESDA BIA Page 3 of 12