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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> Resolution authorizing the City Consent COUNCIL BILL# <br /> to disburse funds to the X Action Originating Department Legal <br /> Downtown Everett Association First Reading Contact Person Ned Johnston <br /> from the City's Current BIA Second Reading Phone Number 257-8727 <br /> balance in the amount of Third Reading FOR AGENDA OF April 20, 2005 <br /> $74,408.84. Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Resolution Legal <br /> Finance <br /> Economic Development <br /> Amount Budgeted <br /> Expenditure Required $74,408.84 Account Number(s): 665-2399 000 000 <br /> Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: <br /> Over the past two years the monthly expenditures for the BIA have been made from a balance which the <br /> Downtown Everett Association (DEA)had in its account. The Downtown Everett Association's account is <br /> now insufficient to pay for the current expenses of cleaning and maintenance, however, the City's BIA <br /> assessment has sufficient funds to provide funds for the necessary maintenance done by the Downtown <br /> Everett Association under this authorization. This will cover the interim period from the month of April to <br /> the end of 2005. This authorization of$74,408.84 reflects the current balance in the assessment account, less <br /> receivables and should be sufficient to cover DEA's expenditures on behalf of the BIA until the expanded <br /> BIA area and revised assessment formula is approved by City Council. It is anticipated that during that <br /> period, the work expanding the BIA area down Hewitt avenue and revising the assessment base of the BIA to <br /> include both front foot and assessed value, will be finished and a revised BIA Resolution, Ordinance and <br /> Assessment will be ready for City Council consideration. <br /> RECOMMENDATION (Exact action requested of Council): Adopt resolution authorizing the City to <br /> disburse funds to the Downtown Everett Association from the City's Current BIA balance in the amount of <br /> $74,408.84. <br /> 17 <br />