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EVERETT CITY COUNCIL AGENDA I1'EM COVER SHEET . <br /> PROJECT TITLE: ( '�r� <br /> An Ordinance relating to the 5/24/2017 Briefing COUNCIL BILL# e`1 —`�"' <br /> Business Tmprovement Area Proposed Action Originating Department Administration <br /> (BIA),extending the term, Consent Contact Person Lanie McMullin <br /> modifying the special Action Phone Number 425-257-7100 <br /> assessment levy, and 5/24/2017 First Reading FOR AGENDA OF May 24,2017 <br /> approving a three-year budget, 6/7/2017 Second Reading <br /> amending Ordinance No. 6/14/2017 Third Reading <br /> 2842-05, as amended 6/14/2017 Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Ordinance Legal <br /> Amount Budgeted -0- <br /> Expenditure Required $707,983 ($235,994 per year) Account Number(s): 665 2399000000 <br /> Budget Remaining n/a <br /> Additional Required n/a <br /> DETAILED SUMMARY STATEMENT: <br /> The City's existing Downtown Business Tmprovement Area(BIA)will currently expire on June 30,2017. <br /> The BIA is a special assessment district which raises funds for the maintenance of the area within the BIA. <br /> The BIA is a significant factor in maintaining the Downtown area in an attractive manner and encouraging <br /> the public to utilize the Downtown area. <br /> The proposed Ordinance will extend the term of the BIA for an additional three years,with no changes to <br /> the geographical area. The total amount assessed will change from the previous three years to allow for an <br /> increased budget of$235,994 per fiscal year,however the assessment rates will fluctuate due to changes in <br /> assessed value. In addition,the Ordinance will formally approve the proposed Downtown Everett <br /> Association budget for management of the BIA.By resolution, Council is setting a public hearing for June <br /> 14,2017, to consider this matter. <br /> The schedule for readings of this proposed Ordinance allows for an extra week so that the public hearing <br /> on the budget will be held on the same day as the public hearing of this proposed Ordinance. The <br /> Ordinance will take effect on June 30,2017. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Adopt An Ordinance relating to the Business Tmprovement Area(BIA), extending the tetra,modifying the <br /> special assessment levy, and approving a three-year budget, amending Ordinance No. 2842-05, as amended. <br /> 1 <br />