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<br />ORDINANCE Page 3 of 9
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<br />Price Index—Urban (CPI-U) for the Seattle, Tacoma, Bellevue, with such percent change capped
<br />at five percent or (B) one plus three percent, whichever of (A) and (B) is greater.
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<br />The amount of the 2026 annual assessment for each property shall be $0.16 per$ 1,000 of
<br />assessed value per the Snohomish County Assessor, plus $0.11 per land square foot. The
<br />amount of each of the 2027, 2028, 2029, and 2030 assessments shall be based on the previous
<br />year’s assessment amount for each property multiplied by either (A) one plus the June-to-June
<br />percent change in the Consumer Price Index—Urban (CPI-U) for the Seattle, Tacoma, Bellevue,
<br />with such percent change capped at five percent or (B) one plus three percent, whichever of (A)
<br />and (B) is greater.
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<br />Properties which have already had levied upon them an assessment up to July 1, 2018, under
<br />the old BIA established under Ordinance No. 2842- 05, or levied an assessment for those
<br />properties partially within that old BIA, shall be assessed only at a pro- rated amount such that
<br />they will not be double- assessed up to July 1, 2018. Transfer of assets and assumption of
<br />liabilities for the BIA established under Ordinance No. 2842- 05 to the BIA established under this
<br />ordinance is detailed in Section 22 herein.”
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<br />Section 3. Section 13 of Ordinance 3582-17, as previously amended by Section 4 of Ordinance
<br />3783-20, is hereby further amended as follows, with strikeouts deleted and underlining added:
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<br />Approval of Expenditures/Contract for Program Management.
<br />The purposes, activities, services, and projects to be funded with the special assessment
<br />proceeds for the five years beginning January 1, 2021 2026, through December 31, 2025 2030,
<br />and the five year budget as set forth in Attachment A B to this Ordinance _________, are
<br />hereby approved. There is hereby appropriated and authorized to be expended from the
<br />District Fund the sum of $520,646 in 2021, $536,265 in 2022, $552,353 in 2023, $568,924 in
<br />2024, and $585,992 in 2025 $696,563 in 2026, $717,460 in 2027, $738,984 in 2028, $761,153
<br />in 2029, and $783,988 in 2030, provided that Snohomish County extends its Agreement with
<br />the City to participate in the BIA each year through 2025 2030; or so much thereof as may
<br />be necessary, for the purposes, activities, services, and projects approved for each of the
<br />next five BIA fiscal years (January 1, 2021 2026, through December 31, 2025 2030). If
<br />Snohomish County does not extend its lnterlocal Agreement with the City to participate in
<br />the BIA at any point through 2025 2030, a modified proposed budget shall be brought
<br />before Council for approval. Unless otherwise authorized by the City, the total amount to be
<br />specially assessed and expended in subsequent years shall be as set forth in the budget
<br />approved by the City. The particular program and services to be provided for each
<br />subsequent period and the amount of funding thereof shall be as approved by ordinance of
<br />the City Council after notice and hearing as provided by Section 12. The Mayor is hereby
<br />authorized and directed to contract with the Downtown Everett Association, or similar
<br />organization, to administer funds for the approved purposes, activities, services, and projects
<br />for the first year. Thereafter the City may continue each year to contract with the Downtown
<br />Everett Association or similar organization to administer the forthcoming annual program,
<br />unless a suitable successor organization is recommended by (a) a majority of the votes of
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