Resolution - 9097I
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RESOLUTION NO. 9097
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA CONFIRIWNG THE ANNUAL
REPORT FOR THE WEST COVINA AUTO PLAZA
BUSINESS IMPROVEMENT DISTRICT AREA FOR
FISCAL YEAR 1994-95
The City Council of the City of West Covina resolves as follows:
SECTION 1: The City Council proposes to levy and collect assessments within
the West Covina Auto Plaza Business Improvement District Area ("Area") for Fiscal Year
1994-95.
SECTION 2: On June 1, 1993, the City Council adopted Ordinance No. 1923,
which established the West Covina Auto Plaza Business Improvement District ("District's; for
purposes of levying an assessment within the designated Area. The proposed use of the
assessment revenue collected will be used for financing the, construction, operation, and
maintenance of an electronic readerboard sign located in the West Covina Auto Plaza
adjacent to the San Bernardino Interstate 10 freeway.
SECTION 3: The boundaries and location of the Area are set forth in Exhibit
"A" and incorporated herein by reference. The boundaries are not proposed to change. The
improvements and activities to be financed are set out in Exhibit "B."
SECTION 4: The Advisory Board for the District filed with the City Clerk an
Annual Report pursuant to the Parking and Business Improvement Area Law of 1989 (Streets
and Highways Code Section 36500, et seq.), which describes the proposed improvements and
activities authorized by Ordinance No. 1923. The Annual Report is attached as Exhibit "B"
and incorporated herein by reference.
SECTION 5: On May 17, 1994, the City Council adopted a Resolution of
Intention to levy assessments within the District for Fiscal Year 1994-95, and set the date
for a public hearing to be held on June 7, 1994.
SECTION 6. The Annual Report recommends an assessment of $1,474 for each
of the six auto dealerships within the District for Fiscal Year 1994-95.
SECTION 7. The City Council confirms the Annual Report for the District for
Fiscal Year 1994-95.
SECTION 8. The City Clerk shall give notice by mailing a complete copy of this
resolution by first-class mail to each business owner in the Area within seven (7) days after
the Council's adoption of this resolution.
SECTION 9. This resolution shall take effect immediately upon adoption.
SECTION 10. The City Clerk shall certify to the adoption of this resolution.
APPROVED AND ADOPTED by the City Council of the City of West Covina at a
regular meeting thereof held on the 7th day June 1994.
ATTEST:
City Clerk
Resolution No. 9097
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I HEREBY CERTIFY that the foregoing Resolution No. 9097 was duly adopted
by the City Council of the City of West Covina at a regular meeting thereof held on the 7th
day of June 1994, by the following vote:
AYES: Manners, Wong,, Herfert;`_McFaddeh
NOES: Touhey
ABSENT: None
ABSTAIN: None
City Clerk
APPROVED AS TO FORM:
C.x.y-.. •'
"—' City Attorney
ap1197jm.ms:6/94
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EXHIBIT "A"
WEST COVINA AUTO PLAZA
BUSINESS IMPROVEMENT DISTRICT BOUNDARIES
$ o SER-Na¢.ptµo Fw Y
N I44AO
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SITE
LAND USE
TAX ASSESSOR ID
LOT SIZE
1
WEST COVINA.TOYOTA
8478-007-25, 31
3.06 ± AC
2
WEST COVINA NISSAN
8478-007-28, 30, 34, 35, 38
8478-008-02, 11, 12, 14
4.42 ± AC
3
SATURN
8478-007-36, 37
2.23 ± AC
4
DODGE
8478-004-39
3.73 ± AC
5
1 SOUTM AND MOTORS
8478-004-40
4.16 ± AC
6
JOHNSON MOTORS
8478-004-26
3.72 ± AC
A
LARONDE APTSi(35 UNITS)::
8478404-27
0.94 ± AC
AP 187.DOC
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EXHIBIT "B"
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WEST COVINA AUTO PLAZA
BUSINESS IMPROVEMENT DISTRICT
ANNUAL REPORT
FOR
FISCAL YEAR 1994-95
1. Any proposed changes in the boundaries of the business improvement district
area.
None.
2. The improvements and activities to be provided for Fiscal Year 1994-95.
Financing the construction, operation and maintenance of an electronic
readerboard located in the West Covina Auto Plaza adjacent to the San Bernardino
Interstate 10 Freeway.
3. Estimate of the cost of providing the improvements and the activities for Fiscal
Year 1994-95.
Gross estimated annual cost for financing the construction cost of the sign,
insurance premium, maintenance, electricity, and programming is $44,757. A six
month reserve representing an additional $22,379 results in a grand total cost of
$67,136 (see Exhibit "1").
4. Method and basis of levying the assessment for Fiscal Year 1994-95.
The method and basis of levying the assessment will be pursuant to Ordinance No.
1923 which was adopted by the City Council on June 1, 1993.
5. Amount of any surplus or deficit revenues to be carried over from Fiscal Year
1993-94.
A surplus of $58, 292 will be carried over from Fiscal Year 1993-94 (see Exhibit
1
6. Amount of any contributions to be made from sources other than the
assessments levied.
None.
EXHIBIT "1"
WEST COVINA AUTO PLAZA BUSINESS IMPROVEMENT DISTRICT
FISCAL YEAR 1994-95 ANNUAL ASSESSMENT
SIGN PAYMENT
City Loan
is Balance*
FY 93-94 Payment
Balance"
INSURANCE PREMIUM
MAINTENANCE (first year free)
ELECTRICITY
PROGRAMMING
SIX MONTHS RESERVE FUND
FY 93-94 SURPLUS CARRIED OVER""
$236,000
$21,000
$215,000
SUBTOTAL
SUBTOTAL
$15,357
$ 2,400
$0
$ 24,000
$3,000
$44,757
$22,379
$ 67,136
($58,292)
INET ANNUAL COST $gam
NOTES.
Balance of $215,000 to be amortized over 14 years at 0% interest.
`• The Fiscal Year 1993-94 Assessment estimated $63,150 for insurance, maintenance, electricity,
and programming costs. Because the sign was installed and began operation the end of April,
only 2 months of insurance, maintenance, electricity, and programming costs will be incurred
in the Fiscal Year 1993-94. Using the adjusted cost estimates, $4,859 of the collected $63,150
will be used to pay for the 2 months of costs incurred in the FY 93-94 and the surplus amount
will be credited towards payment of the FY 94-96 estimated costs. See attached FY 93-94
surplus calculation worksheet.
AP187JM.XLS
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EXHIBIT " 1 if
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WEST COVINA AUTO PLAZA BUSINESS IMPROVEMENT DISTRICT
FISCAL YEAR 1994-95 ANNUAL ASSESSMENT
FY 93-94 SURPLUS CALCULATION
FY 93/94
INSURANCE PREMIUM
$3,150
MAINTENANCE
$ 20, 400
ELECTRICITY
$36,000
PROGRAMMING
$3,600
ANNUAL COST ESTIMATED S63,150
MONTHLY COST" $2,429
MONTHS IN SERVICE" 2
ANNUAL COST INCURRED 7478591)
NOTES:
" Monthly costs for FY 93-94 are based on FY 94-95 estimates except for insurance
premium which cost $2,151 for April 1994 through April 1995 coverage.
"" Sign installed and began operation last week of April 1994.
AP187JM.XLS