SR-213-001 (6)
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Counc~l Meet~ng: August 14, 1984
Santa Monlca, Callfornia
STAFF REPORT
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TO: i1AYOR AND CITY COUNCIL
FROM: Clty Staff
SUBJECT: ORDINANCE SETTING TAX RATE FOR FISCAL YEAR 1984-85 FOR
THE DOWNTOWN PARKING AND BUSINESS IMPROVEMENT DISTRICT
Introduction
Annually, before September 1, the Clty Counc~l must set the tax
rate for the Downtown Park~ng and BUSlness Improvement D~str~ct.
Th~s report recommends that the FY 1983-84 tax rate be continued
for FY 1984-85.
Background
The City of Santa Monica leases SlX {6} parklng structures from
the City's Parking Authorlty.
The major sources of revenue to
finance the rental costs of the structures and the assoclated
costs of var~ous City support serVlces such as Police and General
Serv~ces operatlons are:
(a)
the ad valorem property tax
assessments and (b) the flve (5) times the annual BUSlness
License Tax assessments on bUslnesses located in the district.
ThlS formula was establ~shed at the tlme the distrlct was created
in 1965.
Budge~ary/Financ1al .Imp-act
Council adoption of the proposed FY 1984-85 tax rate, 1n
conJunct~on with
the revenue
generated by
the assoclated
assessment,
is estlmated to generate $793,671
Downtown Parking
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and Business Impr~ment Dlstr~ct revenues e reflected in the
City's adopted FY 1984-85 General Fund budget. Staff believes
these
revenues
are
suffic.lent
to
meet
current
financial
obllgatlons for operation of the parklng structures.
Reconunendation
It ~s recommended that the attached, wh.lch maintalns for FY
1984-85 the tax rate for the Downtown Parking and BUSlness
Improvement Dlstrict at $0.5625 per $100.00 of market value as
assessed by the Los Angeles County Assessor, be adopted.
PREPARED BY: Mike Dennis, Director of Finance
Kay Watanabe, C~ty Treasurer/Revenue Manager
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Santa Monlca, a ~ orn~a
CA:RMM:r
City Councll Meetlng 8-14-84
ORDINANCE NUMBER 1312(CCS)
(City council Ser~es)
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA FIXING THE TAX RATE AND LEVYING TAX FOR FISCAL
YEAR BEGINNING JULY 1, 1984 FOR THE DOWNTOWN PARKING
AND BUSINESS IMPROVEMENT DISTRICT
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES ORDAIN AS
FOLLOWS:
SECTION 1.
For the purpose of raising the sums of money
necessary to be raised by an ad valorem tax upon all of the land
and improvements
(but excluding personal property) in the
Downtown Park~ng and BUS1ness Improvement District in addltlon to
the taxes 1ev~ed in Taxation District Number 1, a tax lS levied
at the rate of $0.5625 upon each $100.00 of market value of the
property as assessed by the County Assessor and equalized by the
Board of Supervisors of the County of Los Angeles. Sa~d Downtown
Park~ng and Business Improvment D~str1ct has an assessed
valuation of $131,312,700 exclusive of Public Ut~lity values and
is descr~bed as follows:
"Bounded on the northeasterly s~de of the center line
of 4th Court, the sQutheasterly side by the center
line of Broadway, the southwesterly side by the
center l~ne of 1st Court, and the northwesterly side
by the center of Wilshire Boulevard, all ~n the City
of Santa Monica."
SECTION 2. ~ any section} SUbsection~entence, clause OL
phrase of thlS ordlnance is for any reason held to be inval~d or
unconstltut~onal by a decision of any court of competent
)urlsdiction, such declsion shall not affect the validity of the
remaining portions of the ordlnance.
The c~ ty Counell hereby
declares that it would have passed this ordinance and each
seetlon. subsection, clause or phrase hereof, irrespective of the
fact that anyone or more sections, subsections, clauses or
phrases be declared invalid or unconstitutlonal.
SECTION 3. The Mayor shall sign and the City Clerk shall
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attest to the passage of this ordinance.
The City Clerk shall
cause same to be published once in the official newspaper withln
fifteen (15) days after its adoptlon. This ordinance shall take
effect lmmediately upon adoption pursuant to Sectlon 619 of the
Charter of the City of Santa Monlca.
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APPROVED AS TO FORM:
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ROBERT M.MYERS ~
City Attorney -
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