On August 21, 2012, the Mayor and City Council adopted Resolution No. 4120-08-2012 establishing the Sun Valley Public Improvement District (PID).
State law requires an annual report on the proposed budget and Five-Year Service Plan for the PID, which is attached. The general nature of the proposed improvements and/or services to be provided in the PID include:
- Supplemental security services;
- A Capital Improvement Program consisting of security-enhancing lighting, signage, and other improvements;
- Marketing activities that include web site development and maintenance; and
- A Management Program to provide for the administration, management, and operation of the PID.
On February 13, 2018, the City Council adopted a Revised Policy for Operating Public Improvement Districts (Resolution 4905-02-2018), which sets forth the City's administrative fee structure for all PIDs. The City's administrative fee is set at the greater of: (1) two percent (2%) of the projected externally generated revenue for that year, to include special assessments and any City contributions; or (2) $2,000.00.
The proposed 2018 assessment rate on property subject to assessment in the PID is $0.26 per each $100.00 of valuation. The proposed 2018 Assessment Roll for the PID will be filed with the City Secretary and available for public inspection during normal business hours at any time prior to the August 21, 2018 Public Benefit Hearing. The Sun Valley PID is located in COUNCIL DISTRICT 5.This M&C does not request approval of a contract with a business entity.
For fiscal year 2018 (tax year 2017) PID 15 levied an assessment rate of $0.27 per $100.00 of property value. The PID experienced growth in net taxable value equal to 20.6%, or $6,075,965.00 allowing for the assessment rate to be reduced by $0.01. Thus the recommended fiscal year 2019 (tax year 2018) assessment rate is $0.26 per $100.00 of taxable property value. Even with the lower assessment rate, revenue growth year over year is $3,003 or 3.4%.