Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
APRIL 17, 2024
Subject
SUBJECT: NORTH HOLLYWOOD TRANSIT PROPERTY- BASED BUSINESS IMPROVEMENT DISTRICT (BID)
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer (CEO) or their designee, to execute a Petition to Renew Los Angeles County Metropolitan Transportation Authority's (LACMTA) participation in the North Hollywood Transit Property-Based Business Improvement District (BID) for a period of six (6) years commencing January 1, 2025, for a total estimated amount not to exceed $1,130,228.16 over the term of the BID renewal.
Issue
ISSUE
LACMTA owns thirty (30) parcels within the BID, representing 18.49% of total assessments for the BID. The renewal of the BID requires the submission of favorable petitions from property owners representing more than 50% of total assessments. Board approval is required as the value of the BID renewal exceeds the CEO's delegated authority of $500,000.
Background
BACKGROUND
Under the 1994 Property and Business Improvement District law, the State of California provided a legal basis for the formation of property-based assessment districts if a petition sent to the property owners in the district's boundaries is approved by a majority (50%). Any approved district requires renewal after its term expires. In 2019, the Board updated its 2014 Guidelines for Participation in BIDs, which are included in Attachment A.
The North Hollywood BID was established in 2007. The boundary of the BID was created to include the North Hollywood art and transit areas, including LACMTA's B Line North Hollywood Station and G Line bus terminal. The BID area is bounded roughly by Cumpston Street, Camarillo Drive, Tujunga Avenue, and Vineland Avenue (see Attachment B - BID Map). The property uses within the general boundaries of the BID are a mix of commercial, mixed-use, high-density residential, office, theater, education, parking, transit,...
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