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BACKGROUND <br /> The Parking and Business Improvement Area Law of 1989 (Streets & Highways Code <br /> 36500, et seq.) requires the City Council to use a three -step process to levy the annual <br /> assessment for the PDA Business Improvement District. The three steps are as follows: <br /> • Appoint an advisory board to prepare the annual PDA report and budget <br /> (completed on October 19, 2010). <br /> • Accept the report and budget and set a public hearing to levy the assessments <br /> (completed on November 16, 2010). <br /> • Open and close the public hearing and adopt by resolution the assessments (to <br /> be completed on December 7, 2010). <br /> On November 16, 2010 the City Council approved the PDA report and budget for 2011. <br /> A copy of the adopted report and budget is attached. <br /> DISCUSSION <br /> The PDA annual assessment revenue is budgeted at $60,000, which is equal to the <br /> revenue generated in 2010. The assessment formula is based on the annual business <br /> license payment and is calculated as follows: <br /> • businesses located curbside and downstairs on Main Street are assessed at two <br /> times (2X) their business license; <br /> • businesses with a Main Street address located upstairs, or not curbside, are <br /> assessed at a rate of one and a half times (1%X) their business license; <br /> • all other businesses (those located off Main Street) pay an amount equal to one <br /> times (1X) their business license. <br /> The minimum assessment is $50 and the maximum is $350. Non - profit businesses <br /> within the downtown are not assessed. <br /> The PDA budget includes a full -time Executive Director, and a part-time Office <br /> Manager. The Events Coordinator is a full -time position to facilitate the First <br /> Wednesday Street Parties and all other events throughout the year. <br /> The City and the PDA renewed a five -year funding contract last year, whereby the City <br /> contributes funds to match the annual assessment revenue. The combined assessment <br /> revenue and the City match of $120,000 is projected to account for approximately 29% <br /> of the total 2011 funding sources for the PDA. <br /> Events planned during the year are projected to account for approximately 55% of the <br /> total 2011 revenue. The scheduled events include: five First Wednesday Street Parties <br /> (May, June, July, August and September); 14 Concerts in the Park in Lions Wayside <br /> Park (June through early - September); two Antique Faires (May and October); two Wine <br /> Page 2 of 3 <br />