Explanation
BACKGROUND: The Special Improvement District (SID) was created in 2020 for a term of five years from 2021 through 2025. In 2020 the property owners sought and obtained authorization for a period of five years. The petition to authorize the SID and its Articles of Incorporation was approved by City Council by Ordinance No. 0812-2020, passed May 4, 2020. City Council also approved the Plan of Services to be provided by the 5th Avenue and 4th Street SID by Resolution No. 0070X-2020 passed May 18, 2020. The necessity to implement the Plan of Services and to levy a special assessment for the improvements and services was approved by City Council by Resolution No. 0104X-2020, passed June 29, 2020. A final piece of legislation, providing for the levy of assessment to property owners, was approved by City Council by Ordinance No. 2390-2020, passed October 26, 2020. A portion of each assessment is to be returned to the SID for operational requirements as set forth in the District Plan.
This legislation appropriates and approves the expenditure of that portion of assessments collected in FY 2021 that is to be returned to the SID. This legislation would also allow the Director of Development to enter into a contract with the 5th Avenue and 4th Street Special Improvement District, Inc. for disbursement of these funds in 2023.
Emergency designation is requested to prevent any interruption of service as these critical payments are only released from the auditor bi-annually for continued cleaning and safety services, and are the sole source of employee payroll for the districts they serve.
FISCAL IMPACT: Funds for this expenditure will be received from the levy of assessments collected from property owners in the 5th Avenue and 4th Street Special Improvement District. These funds are deposited into and expended from Agency Fund 3315.
Title
To authorize and direct the Director of the Department of Development to enter into a contract with the 5th Avenue and 4t...
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