STUDIO CITY PROPERTY AND BUSINESS IMPROVEMENT DISTRICT

Transcription

1 R r : -' '-. 'I,' MANAGEMENT DISTRICT PLAN FOR THE STUDIO CITY PROPERTY AND BUSINESS IMPROVEMENT DISTRICT Prepared pursuant to the State of California PropertY and Business Improvement Distric: Law of 1994 To reneu: a Managemet1t District within Studio City of the City of Los Angeles April 30, Pre ared by DOWNToWN RESOURCES Downtown Resources (800)

2 Studio City Management Table of Contents STUDIO CITY AT A GLANCE 3 TIMELINE FOR THE DISTRICT RENEWAL PROCESS M~AGEMENT DISTRICT BOUNDARIES CREATION OF THE PBID RENEWAL PLAN ~ 6 5;~It~C~ ~~~ DISTRICT GOVERNANCE APPENDIX 1: LIST OF PROPERTIES TO BE ASSESSED APPENDIX 2: LARGE DISTRICT MAP Pagel2

3 I. STUDIO CITY PROPERTY AND BUSINESS IMPROVEMENT DISTRICT AT A GLANCE Developed ten years ago by a growing coalition of property and business owners, the Studio City Property and Business Improvement District (PBID) is a successful benefit assessment District improving the commercial core of Studio City. Established under the Property Business Improvement District Law of 1994 (Streets and Highways Code et seq.), it provides the following: an extensive maintenance program to maintain the sidewalks, medians, and tree wells; on-going marketing and promotion services to promote the district; protection of business and property owner interests; streetscape and capital projects to continue to improve aesthetics of the PBID; and management of parking issues. These services are above and beyond those currently provided by the City of Los Angeles (the "City"). This approach had been successful over the District's ten-year life in improving the business image, attracting new customers, increasing pedestrian foot traffic, and attracting several premier businesses. Because of this success, the owners submit this Management to renew the District for an additional five-year term. The five-year term shall begin on January 1, 2010 and end on December 31, Name: "Studio City Property and Business Improvement District." Location: In Studio City, centered around Ventura Boulevard on the eastern entrance to the San Fernando Valley, within the City of Los Angeles. Please see the map on page 5 for specific boundaries of the District. Services: The Studio City PBID shall provide an extensive maintenance program to maintain the sidewalks; medians, trees, and tree wells. Maintenance services include sidewalk sweeping and pressure washing, tree trimming and watering, median and tree well maintenance, and weed removal services. Other services include on-going marketing and promotion services to promote the image of the district, streetscape and capital projects to continue permanent improvements of the PBID; Management of parking issues. The PBID plays a vital role in protecting the property owner and allowing the owners to speak with one clear voice. Budget: Cost: Total maximum District Budget for each year of its five year operation is a base of $286,561 in year one, with a maximum 3% increase per year. Annual assessments on parcels located in Zone 1 shall be $0.035 (3.5 cents) per parcel square foot, plus $19.24 per linear front foot on Ventura Boulevard. Frontage on other Page 13

4 Duration: streets in Zone 1 shall be assessed at $5.77 per linear front foot. Annual assessments on parcels located in Zone 2 shall be $0.018 (1.8 cents) per square foot plus $1.99 per linear front foot on all streets. The renewed District will have a five-year life beginning January 1, 2010 and ending December 31, II. TIME LINE FOR THE DISTRICT RENEWAL PROCESS This renewal application is anticipated for project review by the City Council's Jobs, Business Growth, and Tax reform Committee (JBGTR) in April City Council review of JBGTR recommendations takes place at the end of April In June 2009, it is anticipated that the Council will conduct the final public hearing and the Council will consider a Resolution to renew the District. III. MANAGEMENT DISTRICT BOUNDARIES The District Boundaries are as follows Beginning at the southeast comer of the intersection of Whitsett Avenue and Ventura Court, along the south side of Ventura Court east to the east side of Rhodes Avenue; then north along the east side of Rhodes Avenue north to the northwest comer of assessor parcel number (APN) ; then east along the northern boundary of parcels along the Los Angeles River across Laurelgrove Avenue to the northeast comer of APN ; then east along the northern boundary of parcels along the Los Angeles River across Laurel Canyon Boulevard to the south side of Valleyheart Drive; then northeast along the southeast side of Valleyheart Drive to the northeastern comer of APN ; then southeast following the northeastern parcel lines of parcels fronting Ventura Place to the southwestern comer of APN ; then north along the western parcel lines of parcels fronting Radford Avenue to Valleyheart Drive; then east across Radford Avenue and along the northern parcel lines of parcels along the Los Angeles River to the southeast corner of APN ; then northwest along the southern parcel line of APN ; then south along the eastern parcel line of APN , and across Ventura Boulevard, and along the eastern parcel line of APN ; then west along the southern parcel line of APN and continuing along the southern parcel lines of parcels fronting the south side of Ventura Boulevard; then south along the southern parcel line of APN to Laurelwood Drive; then west along the southern parcel lines of APNs , , and to Laurel Canyon Boulevard; then north along the east side of Laurel Canyon Boulevard to the southeast comer of APN ; then west along the southern parcel lines of parcels facing the south side of Ventura Boulevard; then continuing west along the southern parcel line of APNs and to V antage Avenue; then northwest along the east side of Vantage Avenue to the southeast comer of APN ; then west along the southern parcel lines of parcels fronting the south side of Ventura Boulevard to Laurel Terrace; then along the northern side of Laurel Terrace to Whitsett Avenue; then north along the east side of Whitsett Avenue to the point of beginning at the southeast comer of the intersection at Whitsett Avenue and Ventura Court. The District shall deliver services in Studio City, centered around the Pedestrian Oriented Area (PDA) as defined by the Ventura-Cahuenga Boulevard Corridor Specific Plan (the "Specific Plant'). Furthermore, the Studio City/Cahuenga Pass Streetscape Plan and Design Guidelines (the Streetscape Plan") define the PDA along Ventura Boulevard between Whitsett Avenue and Carpenter Avenue and Ventura Place as part of the "Village Sub-District." The Streetscape Plan serves as a design guide for Studio City. The western boundary of the District is Ventura Boulevard at Whitsett Avenue. It includes the parcels located on the northeast and southeast corners of that Page 14

5 intersection. Parcels west of Whitsett Avenue have not been included in the PBID because it is not part of the POA; the parcels are much larger and are not conducive to the "village" atmosphere of the PBID. Due to the large size of the commercial parcels located west of Whitsett Avenue, these businesses are not focused on increasing pedestrian activity. They have large parking lots and large businesses that are located in several detached large buildings. This area is not conducive to walking. Customers generally drive to those destinations and park adjacent to the businesses they are patronizing. Commercial properties on Ventura Court between Rhodes Avenue and Whitsett Avenue are not in the PBID and do not receive any services. The Studio City BID is mainly focused on the main commercial pedestrianoriented area. Commercial properties on Ventura Court between Rhodes A venue and Laurelgrove Avenue are within the boundaries of the PBID and receive some services. Those Zone 2 parcels include a parking garage that services some of the businesses along Ventura Boulevard between Rhodes Avenue and Laurel Grove A venue. This private parking garage has 100 hundred parking spaces that are leased out to many of the businesses on Ventura Boulevard between Rhodes Avenue and Laurelgrove Avenue. This block is included in the BID to provide the parking for those businesses. Ventura Court between Rhodes Avenue and Whitsett Avenue does not have this unique parking situation. The PBID boundaries do not extend northward on Laurel Canyon Boulevard beyond Valleyheart Drive because the commercial area ends at Valleyheart Drive. Parcels located on Laurel Canyon Boulevard north of Valleyheart Drive are residential and not included in the PBID. The PBID boundaries end at Radford Avenue and Valleyheart Drive because parcels northwest of Valley heart Drive are single family homes. The PBID boundaries south of Ventura Boulevard at Vantage A venue end where the commercial area ends. Parcels located south of the boundary are single family homes. Also, the PBID boundaries extend further south on the southeast intersection of V antage Avenue and Ventura Boulevard because the commercial parcels are larger. On Laurel Canyon Boulevard south of Ventura Boulevard, the PBID boundaries coincide with commercial shopping centers. The two shopping centers located at the southeast parcels at Ventura Boulevard and Laurel Canyon Boulevard naturally define the boundaries. The PBID eastern boundary along Ventura Boulevard has been slightly extended to include the two parcels located on the northeast and southeast parcels at the intersection of Ventura Boulevard and Carpenter Avenue. These two parcels were added in order to provide services to the entire intersection of Carpenter Avenue and Ventura Boulevard. The area of expansion includes two parcels with frontage on Ventura Blvd. at the intersection of Carpenter Avenue and Ventura Boulevard. The two parcels in the expansion area are located at the intersection of Carpenter Avenue and Ventura Boulevard at the northeast ( ) and southeast comers ( ). The expansion of these two parcels is necessary to provide maintenance to the entire intersection of Ventura Boulevard and Carpenter Avenue. The Studio City BID has installed several decorative crosswalks throughout the district. By having the entire intersection of Carpenter Avenue and Ventura Boulevard located within the BID boundaries, this will allow the Studio City BID to pursue a possible intersection enhancement. The public elementary school located on Carpenter Avenue just south of Ventura Boulevard creates additional foot traffic and trash at the intersection. The addition of the eastern parcels will allow the maintenance personnel to maintain the entire intersection, not only the parcels located on the west side. The PBID will also explore other improvements to that intersection. There are no parcels within the boundaries of the District that are zoned solely residential or agricultural. Zone 1 is classified as all parcels fronting Ventura Boulevard, Laurel Canyon Boulevard, Ventura Place, or Vantage Avenue. All other parcels are Zone 2. Zone 2 will receive the following services: sidewalk sweeping, weed removal, sidewalk pressure washing, trash pickup, tree trimming. In addition, they will receive a website presence. Zone 1 will receive all of the benefits of Zone 2 plus the following Page 15

6 maintenance services: palm tree trimming, median maintenance, tree-well watering, and tree well maintenance. In addition, Zone 1 funds will be allocated towards streetscape enhancements, parking security, capital improvement projects and marketing, Zone 1 and 2 will share the Advocacy and Administration expense proportionately with their assessments in Zone 1 paying 9% and Zone 2 paying 11%. The service area includes approximately 202 parcels and 134 parcel owners. The map on the next page illustrates the Management District boundary. A larger map is attached as Appendix 2. Studio City Map Studio City Property Business Improvement Studio City Improvement Association 4024 Radford Avenue Studio City, CA91604 (818) District (Proposed Boundar,ies) B,I,D, PROPERTIES{PROPERTVBAsED) ZONE ONE {n _UD, PROPERTIES(PROPERTY BASED) ZONETWO (21 ~ lrpanslon P.r.:,1s NOTE: A full page version of the above map is attached to this plan as Appendix 2 IV. CREATION OF THE PROPERTY AND BUSINESS IMPROVEMENT DISTRICT RENEWAL PLAN This will provide an extensive maintenance program, marketing and promotion services, and streetscape and capital projects above and beyond those currently provided by the City of Los Angeles. In addition, the PBID Owners Association will work with the District businesses to resolve issues related to parking and parking security. Working together, Studio City Improvement Association (SCIA), the owner's association currently responsible for the operations of the District, and Downtown Resources prepared this Management. Page 16

7 Beginning in August 2008, the SCIA began an extensive outreach effort to the property owners. From November 2008 to February 2009, property owners were invited to property owner meetings and presentations to provide feedback on the existing program and to provide input as to what programs and services they would like to see over the next five years. In addition, the SCIA conducted a mail survey to ask property owners what services were the most important. Downtown Resources and the SCIA jointly provided information about the PBID renewal and property owners were asked to provide input into the next five-year plan. Numerous one-on-one meetings were also conducted with property owners. Through property owner meetings and written surveys, property owners indicated that continued maintenance, promotion of property owner and business interests, and marketing were the most important elements of the program. Property owners also expressed their support of streetscape and capital improvement projects. These elements have all been incorporated into this plan. V. SERVICE PLAN The Studio City Service Plan provides for an extensive maintenance program in the PBID, a marketing program to promote the image of the District and increase its pedestrian traffic, a streetscape and capital projects program to continue to build long-lasting enhancements to the District; and continued promotion business and property owner interests and allow the business community to speak with one clear voice. All services will only be provided to the individual assessed parcels within the Studio City PBID boundaries, no services will be provided outside of the Studio City PBID boundaries, and therefore parcels outside of the boundaries will not specially benefit from these services. All benefits to parcels shall be provided based onthe amount paid into the District. For a more detailed discussion of the assessments, please see the attached Engineer's Report. Descriptions and budgets of proposed Management District programs are provided in the following pages. In order to identify the aspects of the District that needed additional services, several property owner meetings were conducted. In addition, numerous meetings were held with City of Los Angeles staff, property owners, and business owners. Based on the information and opinions collected during this process, service priorities were identified. The information from each step of this process was integrated and this Service Plan was developed. The following are some key aspects of the Service Plan budget:. 1. Maintenance The District maintenance program will continue to deliver an extensive maintenance program that will provide services aimed to retain and increase building occupancy as well as encourage new business development for individual parcels and properties located within the Studio City PBID boundaries. No maintenance services will be provided outside the PBID boundaries. This special benefit provided for each parcel or property in the District includes the following services: Maintenance Personnel: Maintenance personnel will collect and remove litter, including sidewalk and gutter weed removal. They will sweep the sidewalks and gutters in front of each Page 17

8 parcel in the District. In addition, they will remove weeds that grow in the tree wells and in the sidewalk. All parcels located within the boundaries of the District will receive these services. Trash Disposal: The District maintains trash receptacles in the district. The receptacles will be serviced by the owner's association. Keeping the District clean involves not only sweeping, but an adequate number of trash receptacles to encourage cleanliness throughout the District. The trash receptacles are located on the sidewalk throughout the District and will benefit all of the parcels within the boundaries of the District. Many of the trash receptacles are located near the new Pay Station machines since customers using the meters will need to pass near the trash receptacle in order to pay for parking. Sidewalk Cleaning: Sidewalks will be pressure washed on a schedule set by the owner's association (historically SCIA). All of the parcels in the District are pressure washed. Only parcels within the boundaries of the District receive this special service. There will also be ongoing spot removal throughout the District, as needed. Tree Trimming and Maintenance: Palm trees will be trimmed and maintained to ensure that businesses are visible and that the business environment is free from trash and debris caused by falling limbs and leaves. All parcels fronting Ventura Boulevard between Whitsett Avenue and Carpenter Avenue and Ventura Place will benefit from the palm tree trimming. All parcels on Ventura Boulevard, Ventura Place, Radford Avenue and Laurel Canyon Boulevard in the District will benefit from the tree trimming. Parcels located outside the boundaries of the District will not receive this service. Other trees will be maintained and watered as needed. Tree-Well Maintenance: The District will continue to maintain the plantings in the tree wells as part of its maintenance program. Several hundred day lilies were planted in the tree wells on Ventura Boulevard and Ventura Place by the Studio City Improvement Association as part of its streetscape program. All parcels in Zone 1 will benefit from this streetscape improvement and will continue to receive maintenance and watering services. Parcels in Zone 2 and parcels located outside the boundaries of the District will not receive this service. Median Maintenance: The District will continue to provide maintenance for the Ventura Boulevard medians. Two medians are located near the western boundary of the District on Ventura Boulevard; one is located between Whitsett Avenue and Rhodes Avenue and the other is located between Rhodes Avenue and Laurelgrove Avenue. These medians create a "sense of place" for the entire District. On the eastern boundary of the District, a third median will define this "sense of place" for the eastern boundary of the district. This median will be located on Ventura Boulevard between Carpenter Avenue and Radford Avenue. All Zone 1 parcels on V entura Boulevard will benefit from these medians as they create an entry and exit to the District. Zone 2 does not have medians and will not directly benefit from this service. Graffiti Removal: The District will continue to maintain a graffiti-free environment in the District. Maintenance personnel provide graffiti removal service to trash bins, benches, and other areas not provided by the City. The owner's association will arrange for the removal of the graffiti throughout the District. All parcels within the PBID will receive this benefit. Parcels located outside the PBID boundaries do not receive this service. Page 18

9 2. Marketing Program The Plan calls for marketing program to promote the image of properties of the District, increase pedestrian traffic and promote the use of the Studio City Public Parking Structure. This marketing program creates a special benefit of new business development to each individual parcel within the BID as the services used under the marketing plan will not be provided for any parcels located outside the District. Various methods may be used to promote the District including advertising, website, holiday banners and decorations, and other promotions. Only parcels in Zone 1 of the District will receive the benefits of marketing. Parcels in Zone 2 will not receive holiday banners and decorations. They will also not benefit from the owner's association marketing efforts of the Studio City parking garage. However, they will be included in the website and other marketing promotions. Parcels located outside the boundaries of the District will not receive these marketing benefits. The renewed Management District will operate a unified advocacy and marketing program that will work in collaboration with the properties within the District. It is the intent of this program to allow the public to view the area as a single destination with a rich collection of attractions, events, and services. These programs will include marketing, promotions, and business advocacy. Goals of this program include increased customer traffic, sales, and enhances image. The PBID Owners Association will continue to use its website to promote business. This site will continue to include the Studio City Walk of Fame to draw more business in from out of the area. 3. Streetscape and Capital Projects By incorporating streets cape and capital projects, the District continues to build long-lasting aesthetic enhancements to the District. Capital improvement projects will benefit parcels in Zone 1 of the District. This plan does not include capital improvement projects for Zone 2. Parcels in Zone 2 and parcels located outside of the District will not benefit from this service. Over time, this constantly improves the area because the District is not only being maintained; it is building on a foundation SCIA started ten years ago. These aesthetic enhancements create a special benefit for individual parcels within the BID by encouraging new business development and growth since these enhancements are only to be located within the District boundaries. There is a need for an on-going maintenance for any streetscape and capital improvements done in the public right of way. Both Zone 1 and Zone 2 will benefit from streetscape improvements. Some of these improvements will be maintenance of the center medians on Ventura Boulevard, tree trimming, tree well watering, landscape maintenance, and weed removal throughout the District. The Owners Association will also work with property and business owners to resolve issues related to employees parking in unauthorized parking areas. Potential solutions may require hiring a parking security officer to monitor the parking area or subsidizing parking permits. These services will be provided to parcels located in Zone 1 of the District. Parcels located in Zone 2 and parcels located outside of the District will not benefit by this service. 4. Administration The Owners Association will continue its administration efforts on behalf of the property owners. This effort encompasses protecting property owner's rights, ensuring that the District is receiving all general benefits that it is entitled to, and pursuing opportunities that may result in additional funding for the District (i.e., grants) or coordinating joint projects with other organizations within the District using BID funds and other available funds. 5. Contingency Page 19

10 A contingency fund of 5% will be utilized to account for any District expenses related to the services in this Management, promotions, administration, or consulting fees. The table on page 8 outlines the District's annual budget. The table on page 8 also reflects possible 3% increases each year. The decision of whether to implement an assessment increase of up to 3% shall be made each year by the Owner's Association. Determination of Special versus General Benefits California Constitution Article XIII D (Proposition 218) states that while assessment district programs may confer a combination of general and special benefits to properties, only the special property-related benefits can be funded through assessments. The law provides that the expenses of the district shall be apportioned in proportion to the benefit received by each parcel. In addition, Proposition 218 requires that a parcel's assessment may not exceed the reasonable cost of the proportional special benefit conferred on that parcel. Only special benefits are assessable, and the City must separate the general benefits from the special benefits conferred on a parcel. A special benefit is a particular and distinct benefit over and above general benefits conferred on the public at large, including real property within the District. Conversely, a general benefit is a benefit to properties in the area and in the surrounding community or a benefit to the public in general resulting from the improvement, activity, or service to be provided by the assessment levied. Many general benefits to the public at large are conveyed by municipal services such as fire protection, police services, and public transit services. These services are targeted to serve the public at large and do not confer special benefits on particular parcels. The services in this Management are designed to provide targeted services to the individual parcels paying the assessment. These services are tailored not to serve the general public, but rather the individual parcels of the District. For example, the proposed security program is specifically targeted to protect individual parcels in the District. The security detail shall focus on parcel specific services and shall not be utilized for the benefit of the general public. Similarly, the proposed Maintenance program is focused on individual parcels in the District. This maintenance program includes trash removal, graffiti cleanup, and cleaning targeted at individual properties. These services will directly benefit each of the individual parcels adjacent to the streets being maintained. The proposed Marketing programs will improve economic development within the District, by promoting the commercial parcels within the District. The proposed parking program will improve management of existing parking resources benefiting individual parcels. All of the above programs contribute to a special enhancement of each of the parcels within the District (although, as discussed above, the City-owned parcels do not benefit to the same extent as the privatelyowned parcels). The services paid for from assessment revenue are parcel services creating special benefit to the parcels. In addition, these services are not for the benefit of the general public and do not provide general benefit as defined above. The special benefit character of these District services is further enhanced by the fact that the Los Angeles River forms a natural border along the northern edge of the District. This natural border helps to confine benefits conferred by the District to the assessmentpaying parcels within the District boundaries and thereby reduces the possibility of "spillover" benefits accruing outside the District. The services provide special benefits, and all benefits derived from P age 110

11 assessments outlined in this document, go only for services directly benefiting the property owners. All general benefits (if any) to the properties in the area, and to the surrounding community and general public are intangible and unquantifiable. It is appropriate that these special property-related benefits be funded through assessments. Studio City PBID Service Plan Multi-Year Budget reflecting possible 3% increase each year. Approx. Budget Item % Year 1 Year 2 Year 3 Year 4 Year 5 Maintenance 50% $143, $147, $151, $156, $161, Streetscape/Capital Improvements/Parking Security 15% $43, $44, $45, $47, $48, Marketing 10% $28, $29, $30, $31, $32, Administration 20% $57, $59, $60, $62, $64, Contingency 5% $14, $14, $15, $15, $16, Total Budget 100% I $286,561 I $295, $304, $313, Note: The Studio City PBID will not issue any bonds Page 111

12 Studio City Business Improvement Proposed 2010 to 2014 Annual Budget District (Approx. Services for Services Provided %) Cost Zone 1 Services for Zone 1 Zone 2 Zone 2 Sidewalk Zone 2 services plus sweeping, weed Palm Tree removal, pressure Trimming, Median washing, trash Maintenance, Tree- pickup, tree well watering, tree- trimming, website Maintenance 50% $143, $127, well maintenance, $15, presence Streetscape Zone 1 will receive Enhancements, all these benefits. Streetscape/Parking Parking Security, Zone 2 will receive Security/Capital and Capital streetscape Improvements 15% $43, $38, Improvements $4, benefits only website and limited marketing Marketing 10% $28, $25, $3, presence only Advocacy and Admin istration 20% $57, $50, Zone 1 and 2 $6, Included Contincencv 5% $14, $12, Zone 1 and 2 $1, Included Total Bud~et 100% $286,561 $254, $31, $286,561 Total Budget % 89% 11% Annual Service Plans and budgets shall be developed and approved by the Board. Each year, surplus of the remaining budget is carried forward to the next year's operating budget. Accrued interest and delinquent payments may be expended in the budgeted categories. Surplus revenue may be used for renewal activities if the Studio city PBID decides to pursue renewal for another term. The Studio City PBID will not issue bonds. Assessment Formula For each parcel in Zone I, the assessment formula is: $0.035 times parcel square feet plus $19.24 times linear front feet on Ventura Blvd. plus $5.77 times linear front feet on any other street. Note that a Zone 1 parcel will have frontage on a street other than Ventura Blvd. if it is a comer lot with frontage on Ventura Blvd. and on a side street. For each parcel in Zone 2, the assessment formula is: $0.018 times parcel square feet plus $1.99 times linear front feet on any street. Assessments on City Parcels Page 112

13 There are three City-owned parcels in the District. Two of the parcels make up the Studio City Parking Structure at APN's and Parcel is a City owned drive way used for the Studio City Parking Structure. These parcels will benefit from the services provided in the District because these services are aimed at attracting new customers and new businesses to the District, thereby increasing the traffic and revenue to the parking structures, The City-owned parcels will generate greater revenue and experience benefit from attracting new customers or businesses to the District, as well as, benefit from increased security and cleanup. In the District's first renewal year the assessments on these City parcels are as follows: Zone 1 Zone 1 Parcel Zone 1 Ventura Zone 1 Other Zone 2 Legal Parcel Sqft Ventura Frontage Other Frontage Zone 2 Frontage Assessment APN Name zone Sqft Rate Frontage Rate Frontage Rate Frontage Rate Total LA CITY $ $ $ $1.99 $ LA CITY $ $ $ $1.99 $1, LA CITY $ $ $ $1.99 $ Assessment Notice An assessment notice shall be sent to owners of each parcel in the Management District. The assessment notice provides an estimated assessment based upon the parcel linear front footage and parcel square footage of each parcel. The final assessment for a parcel may change, up or down, if the actual parcel linear front footage or parcel square footage differs from those found on the assessment notice. And as a result of continued development, the District may experience the addition or subtraction of assessable commercial footage for parcels included and assessed within the BID boundaries. The modification of parcel improvements assessed within the District may then change upwards or downwards the amount of total footage assessment for these parcels. In future years, the assessments for the special benefits bestowed upon the included BID parcels may change in accordance with the assessment methodology formula listed in this Management and the accompanying Engineer's Report provided that the assessment formula does not change. If the assessment formula changes, then a Proposition 218 ballot will be required for approval of the formula changes. A list of parcels to be included in the Studio City District is provided in Appendix 1. Time and Manner for Collecting Assessments The Studio City Property and Business Improvement District assessment shall appear as a separate line item on annual Property Tax bills prepared by the County of Los Angeles. Property tax bills are generally distributed in the fall, and payment is expected by lump sum or installment. The County of Los Angeles shall distribute funds collected to the City of Los Angeles. Then the City shall disburse the funds to the District, pursuant to the authorization of the Studio City Property and Business Improvement District assessment plan. Existing laws for enforcement and appeal of property taxes apply to the Studio City District assessments. Additionally, assessments may be billed directly by the Office of the City Clerk for the first year of the Studio City BID. Page 113

14 VI. DISTRICT GOVERNANCE Owner's Association An Owners Association will administer the Studio City PBID services. The Studio City Improvement Association (SCIA) has been the administrator of services since initial BID adoption and intends to be responsible for the day-to-day operations of the renewed Management District for However, if SCIA disbands or decides to cease administration (or is otherwise terminated from its contract with the City of Los Angeles to provide administration services) to the Management District, the stakeholders will identify or create a new Owners Association organization which shall contract with the City of Los Angeles for administration of services pursuant to Section of the California Streets and Highways Code. Page 114

15 APPENDIX 1: LIST OF PROPERTIES TO BE ASSESSED BY APN Government Owned Parcels Privately Owned Parcels Page ~018~ ~ ~ ~O18~ ~O18~ ~ ~002~ ~002~ ~002~ ~002~ ~003~ ~003~ ~003~ ~003~ ~004~ ~004~ ~004~ ~004~ ~ ~ ~ ~ ~ ~ ~ ~ ~

16 P age 116

17 APPENDIX 2: LARGE DISTRICT MAP Map 1.0. Numbers APN MaD " Page

18 P age 118

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