Resolution 7862 - Laserfiche WebLink

RESOLUTION NO. ______________ A RESOLUTION of the City of Everett setting a public hearing before the City Council on March 1, 2023, at 6:30pm to receive comments on the City’s intent to modify the special assessment levy of the Downtown Business Improvement Area WHEREAS, 1.The City, after a public hearing, adopted Ordinance No. 3582-17, establishing the current Downtown Business Improvement Area (BIA). 2.The City, after a public hearing, adopted Ordinance No. 3783-20, amending Ordinance No. 3582- 17, extending the term of the BIA for five additional years, modifying the special assessment levy and the boundaries of the BIA, and authorizing a five-year budget for the BIA. 3.Ordinance No. 3783-20 provided that the annual assessment for each property would increase 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. Ordinance No. 3582-17 and Ordinance No. 3783-20 are together referred to in this resolution as the “BIA Ordinance.” 4.The June 2021 – June 2022 percent change in the Consumer Price Index – Urban (CPI-U) for the Seattle, Tacoma, Bellevue area was 10.14%. 5.The 2023 – 2025 annual BIA budgets include a 3% annual increase. 6.It is in the best interest of the property owners located within the boundary of the Downtown BIA to impose a cap on the annual assessment increase. 7.In addition, it is in the best interest of the property owners to amend the BIA Ordinance so that, in the event the assessments for a year are insufficient for the annual budget, then the budget shall be, as determined by City Council, reduced to match the revenue. 8.The City is willing to initiate and declare its intention to modify the special assessment levy by capping the annual assessment increase and declaring its intent to amend the BIA Ordinance so that, in the event the assessments for a year are insufficient for the annual budget, then the budget shall be, as determined by City Council, reduced to match the revenue. 9.The City will hold a public hearing to receive comments on the same. 7862