ECONOMIC VITALITY COMMITTEE AGENDA PACKET

Page 4 of 6 City Council meeting. Economic Vitality Committee Recommendation The Economic Vitality Committee (EVC) received an overview of the feasibility process, draft service plan, and results at its December 19, 2024, meeting for a recommendation to the City Council on the formation of a PBID. The proposed schedule for Phase 2 PBID formation as presented to the EVC was approximately five months to complete. Based on the feasibility study results that noted additional education with property owners to reach a level of engagement necessary to generate majority support for PBID formation, the EVC voted to proceed with Phase 2 of the PBID feasibility comprising of two parts. The first part, Phase 2A – Outreach consists of additional education and engagement with the property owners which would include additional Open House events, Steering Committee meetings, and one-on-one stakeholder meetings. The Service Plan would also be finalized during this period. Phase 2A is recommended to take approximately four months to complete, at which point it will be determined if enough support has been generated for the PBID formation, which Civitas recommends being 30-40 percent of the assessed value from property owners. The second part, Phase 2B – Formation would take six months to complete and include the following steps: 1. Develop, review and approval of Management District Plan (MDP) The Steering Committee and City staff will use the finalized Service Plan as the basis for the MDP. The final MDP, Engineer’s Report and Petition will be approved. 2. Hold the Petition Drive The Petition Drive must obtain Greater than 50 percent in signatures, representing the assessment value to form the PBID. The City Council would sign the Petition and Ballot for City-owned properties. 3. Initial Hearing at City Council Meeting The City Council would adopt a Resolution of Intention to hold an initial hearing. The ballot and notice of Public Hearing would be mailed to all property owners. 4. Public Hearing and Resolution of Formation The City Council would hold a Public Hearing and adopt a Resolution of Formation, which must be held at least 45 days after notice and ballot is mailed. Based on the EVC’s recommendation to divide Phase 2 into two parts, a conservative timeline was recommended for the City Council to consider: the original ambitious timeline presented to the EVC outlined five months to complete the District renewal for the County tax roll in July 2025 to begin collection in January 2026. A EVC-proposed conservative timeline provides additional outreach and education and would take approximately 10 months. With the conservative timeline, the City could consider collecting the assessment for the first year and the County assessment could begin in January 2026, otherwise the assessment would not begin until January 2027 through the County tax roll. The Proposed Formation Timelines are