Laserfiche WebLink
Resolution of Intention to Establish <br />Management District in the Downtown <br />October 6, 2008 <br />Page 3 <br />District assessments are collected by the County as part of the regular <br />property tax collections. The County returns the assessment funds to <br />the City which then forwards the funds to the owners association for <br />administration of the district programs and activities. <br />Downtown Incorporated, a new nonprofit corporation, filed Articles of <br />Incorporation with the Secretary of State on August 5, 2008 (endorsed <br />and certified August 7, 2008). Downtown Incorporated is the owners <br />association formed to manage the district. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. There will be, <br />however, a financial impact in the form of assessments levied on City <br />and Agency properties at such time as the district is formed. The <br />combined total of City and Agency assessments is projected at $114,000 <br />annually. <br />Cynthia J. Nel on <br />Deputy City Manager for Development Services <br />Community Development Agency <br />CJN/TE/kg <br />55B-3 <br />