COM 0647.008 2002-2004 - Laserfiche WebLink

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Length or term. The term of the BID is set initially at five years; whereas, the CFD (Chapter 32) is directed towards funding improvements of any real or other tangible property with a useful life of five years or longer. Determination of assessment to bene£t received. The BID allows the assessment to be based on benefit received by a parcel of land, the cost of making the service available to the property, the cost of services and improvements benefiting the property, the state of development or use of the property, the occurrence of one or more events related to development of all or certain properties, or any other reasonable basis or formula determined by the council. The ID requires the cost of improvements to be assessed against properties that are specially benefited by the improvements. CFD does not require that the special tax imposed be fixed or apportioned on the basis of special benefit to be conveyed by the improvement or that the improvement convey a special benefit on any property in the district. The County must only determine that the property is improved or benefited by the improvement in a general manner or any other manner. 3. Who determines the amount of money needed"? When the Council adopts a subsequent ordinance establishing the BID, the ordinance contains the district boundaries, the scope of services to be funded, a budget for the first fiscal year, the method of assessment, the parameters of County service known as base line services, and indemnity and insurance clauses. The budget and the method of assessment together would determine the assessment amount for the first year. Future annual assessments are determined by the board/association and its budget, provided a 10 percent variance requires Council approval. A copy of the Waikiki Special Improvement District No. 1 is attached for your information. This ordinance is an example of the next step in BID implementation. -1. When or how often are the assessments collected? The assessments are collected by the Director of Finance simultaneously with the owners' real property taxes (usually twice a year.) 5. The percentage required to institute proceedings of a B/D (25% of total assessed value) is less than the percentage required to protest or stop the BID (51 % of total assessed value or SO%+1 owners in district). The difference in the amount of owners required to petition the improvement district is customarily less than that required to automatically stop the project. The 25% is also consistent with City and County's ordinance, which was used as a model. For an ID, the percentage of owners who may petition can be 0% (council-initiated), 20%, 60%, or 100%. If a protest is made by 50% or more of the owners of assessment units, the improvements cannot be made contrary to the written protests. 2