Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JUNE 19, 2019
Subject
SUBJECT: HIGHLAND PARK BUSINESS IMPROVEMENT DISTRICT
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer (CEO) to sign the Petition to establish the Highland Park Business Improvement District (BID) for a period of five years commencing January 1, 2020 through December 31, 2024, for an estimated amount not to exceed $9,239 over the life of the BID renewal.
Issue
ISSUE
Per established Metro Board Guidelines, all BIDs that have not yet been approved by the Metro Board of Directors require board authorization to participate. Thereafter, those BIDs less than $500,000 may be re-authorized by the appropriate Metro official depending on financial authority limits required.
Background
BACKGROUND
The Highland Park BID is one of the City of Los Angeles' 42 BIDs. Metro owns one parcel within the boundaries of the Highland Park BID which comprises a quarter of one percent of the total assessed property within the BID boundaries. Metro acquired this property as part of the purchase of the Pasadena Subdivision from the Southern Pacific Railroad (now Union Pacific Railroad) in 1992. The BID, first formed in 2010, is seeking authorization for an additional five years.
Annual assessment payments to the BID are made to the City of Los Angeles Clerk's Office as fiduciary collecting for all BIDs citywide.
Discussion
DISCUSSION
Given Metro's marginal amount of assessed land (see Attachment A), staff had foregone submission to the Board of Directors for authorization of the Highland Park BID in 2010 and renewal in 2015. Even without Metro's return of a petition, the BID was approved by a majority of business owners and Metro was required to pay its annual assessment over the BID's authorized periods spanning ten years. However, for this petition cycle, the BID has asked Metro to return the petition to ensure representation of all BID st...
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