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Attachment C <br /> Everett Downtown Business Improvement Area (BIA) <br /> Assessment Rate <br /> July 2017—June 2020 <br /> Changes to special assessment calculations: <br /> It is proposed that special assessments be calculated based on land square footage instead <br /> of lineal front footage, as land square footage is readily available from the Snohomish <br /> County Assessor and lineal front footage is not. Properties which are partially inside and <br /> partially outside the BIA boundaries would have special assessments calculated <br /> proportionately based only on the percentage of the property which is inside the BIA <br /> boundaries. It is also proposed that the BIA budget be funded 75%by land square footage <br /> and 25%by assessed value of property, instead of 70%by lineal front footage and 30%by <br /> assessed value of property. <br /> This would require amendments to Ordinance No. 2842-05. <br /> Rate and BIA budget increases: <br /> The rates of assessment for 2017 would be: <br /> $0.08 per land square foot <br /> $0.14 per$1,000 assessed value <br /> The three-year budget for July 2017—June 2020 would be $707,983, which is approximately <br /> $235,994 per fiscal year. <br /> In comparison, the budget for the existing BIA was $589,752 over three years, which is <br /> approximately $196,584 per fiscal year. (The assessment rates set in 2014 were $8.22 per lineal <br /> front footage and$0.17 per$1,000 assessed value). <br /> Page 6 of 6 <br />