Res14 15347 - Laserfiche WebLink

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_ __ i O6/09/2014 within the CBID boundaries and assessment revenues will be spent to deliver services that only provide a direct and special benefit to assessed parcels and to improve the economic vitality of these parcels. Costs for each category of special benefit services have been apportioned to the benefitting property variable. To ensure proportional assessment to each parcel, Sidewalk Operations have been apportioned to the linear frontage of each parcel equally throughout the CBID;, District Identity services have been apportioned to all non tax-exempt parcel building square footage assessments equally in throughout the CBID; Parking Management special benefit services have been apportioned and funded through supplemental assessments to non tax-exempt building square footage assessments in Benefit Zone 1 and may be funded through the linear frontage throughout the CBID; and overhead costs including Administration and Contingency have been apportioned equally to the lot size assessments equally throughout the CBID. Findin� 3. From Section 4(a): "(Determine) the proportionate special benefit derived by each parcel in relationship to the entirety of the..........cost of public improvement(s) or the maintenance and operation expenses...........or the cost of the property related service being provided. Each identified parcel within the district will be assessed based on property characteristics unique only to that parcel. Parcels will be assessed based on a combination of factors: building area(excluding tax exempt building sguare footage), land area, street frontage, and residential single family units/condominiums - all unique measured parameters for each parcel and thereby proportional to each and every other identified parcel within the district as a whole. It is noted that government and tax-exempt owned and occupied parcels will not be assessed for building areas since this revenue is targeted to fund District Identity Services and Benefit Zone 1 Parking Management services, for which these ownership and land use types will not specially benefit. Larger parcels and ones with larger building areas or larger street frontages are expected to impact the demand for services and programs to a greater extent than smaller land and/or building areas and frontages as a result of more pedestrian traffic generated by larger buildings and larger areas to maintain and secure for parcels with longer street frontages,and,thus, are assigned a higher proportionate degree of assessment program and service costs. The proportionality is further achieved by setting targeted formula component weights for the respective parcel by parcel identified property attributes. It is noted that other than very broad land use differentiations such as commercial versus governmentltax exempt versus residential, it is not a common practice in a property based assessment district to differentiate assessment rates for various classifications of commercial activities such as restaurant versus retail versus service versus office since these commercial uses can and do change throughout an assessment year while property assessments are only reviewed and computed on an annual basis. For this reason, all commercial parcels, including residential apartment buildings, are projected to benefit proportionately to their respective property and building characteristics rather than specific types of commercial activities within each building and parcel. RESO.#15347 MUFF#506