Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MAY 16, 2018
Subject
SUBJECT: FASHION BUSINESS IMPROVEMENT DISTRICT
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
APPROVE Metro's participation in the Fashion Business Improvement District ("BID" or "District") for a period of eight years beginning January 1, 2019 to December 31, 2026 for an estimated total amount of $793,400.
Issue
ISSUE
Metro is being asked to sign a petition confirming the inclusion of four Metro-owned properties in the BID's defined assessment area (see Attachments A & B). Metro's four parcels are: three which comprise the Division 2 Bus Facility; and one which has an independently-owned parking garage with a bus layover for Metro's use on the first floor (see Attachment D for additional detail). Participation in the Fashion BID will provide special benefits to these four Metro properties. Metro has participated in the Fashion BID since its inception in January 1996 through 2018.
Discussion
DISCUSSION
The goals of the District are to:
* improve the safety of each individual parcel within the District;
* increase building occupancy and lease rates;
* encourage new business development;
* increase mass-transit ridership thereby attracting more customers to businesses; and
* attract ancillary businesses and services for parcels within the District.
Establishment of the BID is a two-step process that includes (1) submission of favorable petitions from property owners representing more than 50% of total assessments to be paid; and (2) return of mail ballots evidencing a majority of ballots cast in favor of the assessment. Ballots are weighted by each property owner's assessment as proportionate to the total proposed District assessment amount.
Metro has supported the formation of BIDs when the service or improvements provide a direct benefit to Metro properties, employees, and customers. Under Proposition 218, the assessing agency that proposes ...
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