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elP'/%/m <br /> ORDINANCE NO. 3554-17J <br /> An Ordinance relating to the Business Improvement Area (BIA), <br /> extending the term, modifying the special assessment levy, and <br /> approving a three-year budget, amending Ordinance No. 2842-05, <br /> as amended. <br /> Whereas,the City Council adopted Ordinance No. 2842-05, establishing the existing Downtown <br /> Business Improvement Area, and Ordinance No. 3381-14, extending the term of the existing BIA <br /> to June 30, 2017; and <br /> Whereas, the City Council adopted a resolution May 24, 2017, declaring its intent to extend the <br /> existing BIA, modifying the special assessment levy, and approving a three year budget, <br /> scheduling a public hearing on the same; and <br /> Whereas, the amount and method of calculation of the special assessment levy will be modified <br /> to allow for an increased budget, and land square footage shall be used instead of lineal front <br /> footage to calculate assessments because land square footage is readily available from the <br /> Snohomish County Assessor and lineal front footage is not; and <br /> Whereas, the City Council held a public hearing in the City Council Chambers on June 14, 2017 <br /> to consider the changes to the BIA as reflected in this Ordinance; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. Section 5 of Ordinance No. 2842-05, which reads as follows: <br /> To finance programs and services authorized in Section 3, there is levied and shall be collected <br /> annual special assessment upon the buildings and other real property within the District (and the <br /> owners thereof), as follows: <br /> The annual assessment shall use lineal footage and assessed value. Seventy percent (70%) of the <br /> annual BIA revenue shall be based on lineal footage of each individual property within the <br /> geographical limits of the BIA and thirty percent (30%) of the annual BIA revenue shall be based <br /> on the assessed value of each individual property within the geographical limits of the BIA. <br /> is hereby amended to read as follows: <br /> To finance programs and services authorized in Section 3, there is levied and shall be collected <br /> annual special assessment upon the buildings and other real property within the District (and the <br /> owners thereof), as follows: <br /> The annual assessment shall use land square footage and assessed value. Seventy-five percent <br /> (75%)of the annual BIA revenue shall be based on land square footage of each individual property <br /> Page 1 of 7 <br />