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9.A. - Page 4 <br /> owners, by weight, are supportive of the CBID initiative, (See attachment #5). With the <br /> City's 7.82% weight and subsequent submission of its petition should Council grant <br /> authorization to the City Manager to do so, this would equal 37.30%, which would meet <br /> the required threshold to move to the final petition stage of the process. <br /> If the City Council chooses to authorize the City Manager to sign the City's petition, the <br /> petition threshold will be reached, a Resolution of Intent (ROI) will then be before the <br /> City Council for adoption. Adoption of the resolution will bring the CBID initiative to the <br /> final balloting stage. According to the State constitution, property owners must then be <br /> allowed to submit a ballot on the formation of the district at a public hearing. By <br /> adopting the ROI, the City Council is instructing the City Clerk to mail out the ballots to <br /> every affected property owner. The property owners will have no less than 45 days in <br /> which to return the mail ballots. CBID ballots will be mailed by the City Clerk no later <br /> than June 12, 2014 and must be returned by the conclusion of the public hearing <br /> scheduled for the July 28, 2014 City Council meeting. Should 50% of the ballots, by <br /> weight, be cast in favor of the CBD, the City Council can establish the CBD and <br /> authorize placement of the assessment on the Fiscal Year tax roll. <br /> Timeline <br /> June 12, 2014 CBID Ballots mailed to property owners <br /> July 28, 2014 City Council Public Hearing, ballots counted <br /> Early August 2014 Assessments forwarded to San Mateo County <br /> Auditor/Controller <br /> Aug. 2014 — Dec. 2014 Formation of the CBID Management Corporation <br /> December 2014 Revenue 50% distributed to City and forwarded to the new <br /> CBID Management Corporation <br /> City Owned Properties <br /> Based on the City's property ownership, the City would pay approximately $62,251 <br /> annually, or 7.82% of the total assessment. The increase in enhanced services that the <br /> CBID would provide downtown would be much greater than what the City is able to <br /> currently provide on its own. As mentioned earlier, the City currently spends $2.5 <br /> million annually in support for street system maintenance, sidewalk steam cleaning, <br /> events management, parking facility operations, police services, and other personnel to <br /> fulfill general service obligations. The CBID would fund $795,781 worth of services <br /> including daily maintenance, daily sidewalk cleaning services, marketing, events <br /> Page 4 of 6 <br />