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Resolution - 2014-30RESOLUTION NO.2014-30 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA CONFIRMING THE ANNUAL REPORT FOR THE WEST COVINA AUTO PLAZA BUSINESS IMPROVEMENT DISTRICT AREA FOR FISCAL YEAR 2014-2015 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 2014-15. SECTION 2: On June 1, 1993, the City Council adopted Ordinance No. 1923, which established the West Covina Auto Plaza Business Improvement District ("District") for purposes of levying an assessment within the designated Area. The proposed use of the assessment revenue collected is 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 as well as financing of the operation and maintenance costs for the entry statement to the Auto Plaza, which includes the sign and landscaping located at the southwest corner of Azusa Avenue and Garvey Avenue South. SECTION 3: The boundaries are not proposed to change and are highlighted in Exhibit 0 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 June 3, 2014, the City Council adopted a Resolution of Intention to levy assessments within the District for Fiscal Year 2014-15, and set the date for a public hearing to be held on June 17, 2014. SECTION 6: The Annual Report recommends an assessment of $9,625.00 for each of the six auto dealerships within the District for Fiscal Year 2014-15. SECTION 7: The City Council confirms the Annual Report for the District for Fiscal Year 2014-15. SECTION 8: This resolution shall take effect immediately upon adoption. SECTION 9: 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 meeting thereof held on the 171" day of June 2014. APPROVED AND ADOPTED on this 17t" day of June 2014. Resolution No. 2014-30 Page 2 I, NICKOLAS S. LEWIS, CITY CLERK of the City of West Covina, California, do hereby certify that the foregoing resolution was duly adopted by the City Council of the City of West Covina, California, at a regular meeting held thereof on the 17t" day of June 2014 by the following vote of the City Council: AYES: Sykes, Toma, Warshaw, Herfert NOES: None ABSENT: Spence ABSTAIN: None City Clerk N kolas S. Lewis APPROVED AS TO FORM: Ci Attorney Amol . Alvarez-Glasman Attachments: -Exhibit A - West Covina Auto Plaza Business Improvement District Boundaries -Exhibit B - West Covina Auto Plaza Business Improvement District Annual Report r t0 Ovn N N N y W ti�mmmmmm 1� s"NI M I� N M N d rt !.u7 N N M M v. 0. -co IO: O co i` fc co y;_ chi m; O V 00 o v O� d loo d7 O (� CD N CO 000ooc0000 0 0 0 0 W; CD 00 q C O cCD00coco co CD, �n tn' a 0 CL 1:3m 'o U) S� O m o U o m N L Y O.z=Uc�jn n. "'IFFIUhl Y/ uw ILL Q z O Lm r V_N r C H z w 2 w O w IL 2 CO) m z m Resolution No. 2014-30 EXHIBIT B WEST COVINA AUTO PLAZA BUSINESS IMPROVEMENT DISTRICT ANNUAL REPORT FOR FISCAL YEAR 2014-2015 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 2014-2015. Financing the operation and maintenance of an electronic readerboard located in the West Covina Auto Plaza adjacent to the San Bernardino Interstate 10 Freeway as well as financing of the operation and maintenance costs for the entry statement to the Auto Plaza, which includes the sign and landscaping located at the southwest corner of Azusa Avenue and Garvey Avenue South. Financing also includes landscape maintenance along Interstate 10 Freeway immediately facing and parallel to the Auto Plaza Dealerships. 3. Estimate of the cost of providing the improvements and the activities for Fiscal Year 2014-2015. Gross estimated annual cost for programming, maintenance, electricity, and insurance for readerboard sign, seasonal color (landscape materials), landscape maintenance, taxes and preparation costs is $46,200. The association decided to establish a three month reserve adding $11,550 to the annual budget. The total annual budget for the Fiscal year 2014- 2015 is $57,750. An assessment of $9,625 for each of the six sites in the business improvement district will be placed on the tax rolls by the County of Los Angeles Department of Auditor -Controller. 4. Method and basis of levying the assessment for Fiscal Year 2014-2015. 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 2013- 2014. The total amount of surplus to be carried over from Fiscal Year 2013-2014 is $1,289.56 6. Amount of any contributions to be made from sources other than the assessments levied. None. West Covina Auto Plaza Business Improvement District 2014.2015 2007.2008 2008-2009 2009-2010 2010.2011 20172012 2012.2013 2013-2014 (83% of YearComplete) FY2014-2015 Actual Actual Actual Actual Actual Actual Adopted Budget As of4/29/14 %Budget Projected Estimated Fund Balance Beginning Balance as of July 1 $ 121,841.40 $ 66,308.00 $ S0A63.05 $ 37,284.03 $ 38,933.41 $ S8,614,81 $ 32,911:19 $ 29,686.35 $ 29,686.35 I$ 1,289.56 Revenues . $ 32535.56 $ 57,441.00 $ 19,600.40 $ 29,026.27 $ 53,993.68 $ 11,071.00 $ 4,323.84 $ � 2,161.92 $ 296.42 $ 7,079.73 $. 163.71 $ 113.86 $ 37,259.40 $ 59,602.92 $ 19,896.82 $ 36,106.00 $ 54,157.39 $ 11,184.86 $ 159,100.80 $ 125,930.92 $ 69,959,87 $ 73,390.03 $ 93,090.60. $ 69,799.67 $ 12,000.00 $ 9,586.65 79.89% $ 12,000.00 $ 100.00 $ 25.58 25.58% $ 164.51 $ 12,100.00 $ 9,612.23 $ 12,164.51 $ 45,011.14 $ 39,29&58 $ 41,850.B6 Revenues from Assessments $ 57,750.00 Interest Income/Other - 11 $ 100.00 Total Revenues _ $ 57,850.Do .Total FUNDAMOUNT - $59,139.56 Exoend(tures Professional Services (EMI -Programming) . Accounting and Auditing (LA Co, CPA, public notices, taxes) Appraisals, Titles, Escrow Electricity Telephone Other Services Equipment M & R (EMI -Maintenance) Insurance Project Improvements (Landscape) Admin and Overhead Capital Improvement Projects (Sign Repayment) TO( TAL EXPENDITUREAMOUNT _ _ ���.�? RESERVE FUND (6 monrl* cre%cting expo,^,Ses)' $ 5.362.08 $ 3.120.00 $ 2,860,00 $ 3,983.60 $ 3,173.50 $ 4,064.32 $ 15,363.72 $ 5,855.00 $ 3,057.69 $ 866.56 $ 3,177.79 $ 1,656.18 $ $ $ $ $ $ $ 9,231.97 $ 10,521.00 $ 89341P20 $ 10,736.45 $ 9.506.87 $ 11,237.77 $ . 51&16 $ 475.00 $ 499.95 $ 501.68 $ 514.22 $ 556.15 $ 12,116.00 $ 12,719.00 $ 12,116.00 $ 11,856.00 $ 11,856.00 $ 11,8%.00 $ 3,450.00 $ 3,450.00 $ 3,450.00 $ 3,450.00 $ 3,664.37 $ 3,804.00 $ 26.272.00 $ 1,064.00 $ $ $ 750.00 $ 1,500.00 $ 5,122.00 $ 3,591.00 $ 2,351.00 $ 2,686.00 $ 3,194.00 $ 5,325.04 $ .15,357.00 $ 15,357.00 $ - $ 376.33 $ .- $ - ;. $ 92,792.93 $_ 56,152.00 $.: 32,67524( $ 34AS6.62= $ .- 35,836:75 .$ ` 39,999.46 $ 46,396.47 28,076.00 5 '16;337 92 $ 17,228.31 S '17,918.38 $ 20.335..00 $ 3,200.00 $ 2,860.00 89% $ 3,120.00 $ 4,000.00 $ 3,114.03 78% $ 3.114.03 $ 12,500.00 S 9.970.20 80% $ 12,500.00 $ 550.00 $ 394.92 72% $ 550.00 $ 12,000.00 $ 10,868.00 91% $ 11,856.00 $ 3,900.00 $ 3S94.00 102% $ 3,994.00 $ 3,000.00 $ 750.00 25% $ 1,920.27 $ 3,000.00 $ 3,507.00 117% $ 3,507.00 $ $ $ 42,150.00 r$ 35,458.15 <94% $ 40,561.30 $ 3,500.00 $ 4,000.00 $ 13,000.60 $ 000.00 $ 12,500.00 $ 4,200.00 $ 3,000.00 $ 5,500.00 $ $-46,200.00' $ 11,550.00 - PROJECTED YEAR-END BALANCE $ 66,307.87 $ 69,758.92 $ 37,284.03 $ 38,933.41 $ 57,254.05 $ 29,800,2 $$2,961.19 1 $3,840.43 $ 1,289.56 $ 12,939.56 SURPLUS (over/under budget) $ 19,911.41 $ 3,450.92 1 $ (12,779.02)1 $ 1,649.38 1 $ 18,320.64 1 $ (28.814,6 )) $ (30,050.00) $ (25,845.92) $ (28,396.797) $ 11,650.00 ASSESSMENT PER DEALER (6) $ SA99,26 $ 9,573.50 $ 4,912.67 $ 5,262.82 $ 8,99R.95 $ 2,000.00 $ 2,000.00 $ 9,625.00 -For FY14-15 the Auto Plaza BID voted to keep a 3-month reserve of operating expenses. - - - -