Meeting_Body
FINANCE BUDGET AND AUDIT COMMITTIEE
JULY 18, 2018
Subject
SUBJECT: GREATER LEIMERT PARK VILLAGE CRENSHAW
CORRIDOR BUSINESS IMPROVEMENT DISTRICT
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
APPROVE Metro's participation in the Leimert Park Village Corridor Business Improvement District for a period of five years commencing January 1, 2019 through December 31, 2023 for an estimated amount of $62,000.
Issue
ISSUE
The Leimert Park Village Crenshaw Corridor Business Improvement District (BID) is requesting a five-year authorization for BID services. The BID will have an annual assessment to improve and convey special benefits to properties located within the BID area. The BID will provide improvements and activities, including implementation of a Clean and Safe Program, Marketing Program, and management costs as well as an operating contingency.
Discussion
DISCUSSION
The goals of the BID are to:
? improve the safety of each individual parcel within the District;
? increase building occupancy and lease rates; and
? encourage new business development.
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 an assessment identifies all parcels that will receive a special benefit. The special benefit for each parcel is determined by: (1) the relationship of the capital cost of a public improvement; (2) the maintenance and operation of a public improvement; or (3) the ...
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