Resolution 7862 - Laserfiche WebLink

2023 RESOLUTION: DOWNTOWN BIA Page 2 of 3 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND EVERETT CITY COUNCIL THAT: Section 1: The City Council will hold a public hearing on the 1st day of March, 2023, at 6:30 p.m., or as soon thereafter as possible, in the City Council Chambers, 3002 Wetmore Avenue, in Everett, Washington, to consider the modified special assessment levy, as more fully specified below. Section 2: The annual special assessment upon buildings and other real property, and the owners thereof, within the BIA would continue to be based on land square footage and assessed value. The proposed change to the special assessment will be by amendment to the BIA Ordinance as follows, with underlined text added to the BIA Ordinance and strikeout text deleted: 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. With the exception of Snohomish County property, the amount of the 2022 assessment 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. The amount of each of the 2023, 2024, and 2025 assessments shall be based on the previous year’s assessment amount for each property multiplied by either (A) one plus the June-to-June percent change in the Consumer Price Index—Urban (CPI-U) for the Seattle, Tacoma, Bellevue, with such percent change capped at five percent or (B) one plus three percent, whichever of (A) and (B) is greater.. Section 3. The proposed change regarding the annual budget if the assessments for a year are insufficient will as follows, with underlined text added to the BIA Ordinance and strikeout text deleted In the event the annual budget approved is greater or less than the funds which will be available from the total of all assessments within the District for such annual period, calculated at the assessment rates as set forth in Section 5 of this ordinance, then such rates shall be budget shall be, as determined by City Council under Section 20 of this ordinance, reduced to match the revenue. adjusted on a pro rata basis in an amount which, when multiplied by the total assessable land square footage and assessed value in the District, will produce a total sum equal to the approved total budget amount for the annual period for which the special assessment is being made. Any unexpected and unobligated budgeted amount remaining at the end of any annual assessment period, and any assessments or funds collected and deposited in the District Fund in excess of the amount authorized to be expended for the annual assessment period in which such excess amounts are received may be expended as may be authorized by the next annual BIA budget approved by the City Council, or as may be authorized by amendment to the current annual budget pursuant to Section 20 of this ordinance. Section 4: The City Council public hearing referenced in Section 1 above, will hear all protests and receive evidence for or against the proposed action and all persons who may desire to object to the action proposed should do so in writing and file said objection with the Everett City Clerk prior to the day before