This cost would be split between the city and the owners of taxable property within the Business Improvement District at a rate of 82% city funding and 18% BID #2 funds from a special assessment imposed on the properties within the district. The rate of special assessment will be dependent on whether a property is within Area A or Area B, and will be based on the total cost of construction reduced by the amount of any grants or donations received for the project. Furthermore, the owners within Area A will pay a special assessment amount of 0.162 times the total cost of the project divided by 69. The owners within Area B will pay a special assessment amount of 0.018 times the total cost of the project divided by 23. The special assessments are to be payable in 10 equal installments at 0% interest. The City Finance Officer shall deposit BID #2 funds into a separate fund established for BID #2. Any grants and donations to the project shall be deducted from the total cost of the project prior to the cost being divided amongst the owners of Area A and Area B.
(Ord. 1395, passed 12-16-2019)