Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
APRIL 11, 2018
Subject
SUBJECT: HOLLYWOOD ENTERTAINMENT DISTRICT
BUSINESS IMPROVEMENT DISTRICT
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
APPROVE Metro's participation in the Hollywood Entertainment District Business Improvement District for a period of ten years beginning January 1, 2019 to December 31, 2028 for an estimated amount of $2,891,282 through 2028.
Issue
ISSUE
The Hollywood Entertainment District Business Improvement District Ad-Hoc Steering Committee is seeking to renew a property-based Business Improvement District ("BID"). This BID will have an annual assessment to improve and convey special benefits to properties located within the Hollywood Entertainment District Business Improvement District ("District") area. The BID will provide improvements and activities, including implementation of a Clean and Safe Program, Communication Program, and Administrative/Office Program.
Improvements and activities are designed to meet the District's goals to:
* improve the safety of each individual parcel within the District;
* increase building occupancy and lease rates;
* encourage new business development;
* increase transit ridership thereby attracting more customers to businesses; and
* attract ancillary businesses and services for parcels within the District.
Metro is being asked as a property owner in the District to sign a petition confirming the inclusion of Metro-owned properties in the BID. Metro has participated in the original Hollywood Entertainment District BID since its inception through 2018.
Discussion
DISCUSSION
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 asses...
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