Agenda Item Wording:
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Town-Center Business Improvement Area (TCBIA) Annual Report - Accept and approve the Annual TCBIA Report, and renew the TCBIA Management Agreement with Downtown Visalians, Inc.
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Deadline for Action: 6/3/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Melody Murch, 559-713-4379, melody.murch@visalia.city
Department Recommendation:
That Council accept and approve the Annual Report for the Town-Center Business Improvement Area (TCBIA), renewing the TCBIA Management Agreement with Downtown Visalians, Inc. for an additional one-year term to commence July 1, 2024.
Background Discussion:
Summary:
Business owners located in the Town-Center Business Improvement Area (TCBIA) have voluntarily voted to pay a surcharge on their Business Tax (BT) for the purpose of providing parking, decorations, music, and promotion of public events and Downtown business. The revenue from this surcharge is collected during the City's BT billing process, and administered by Downtown Visalians, Inc. (DTV) through a management agreement with the City. This agreement requires submission of an Annual Operations Report (Report) of all matters covered under the agreement for the preceding fiscal year. Approval of the Report triggers renewal of the management agreement for another year. The Calendar Year 2023 Report which was submitted to the City for review on May 8, 2024, is provided as Attachment A to this agenda item.
The current TCBIA Management Agreement was approved in May 2023, and runs for a one-year term from July 1, 2023, to June 30, 2024. The agreement is renewable annually, and according to the agreement terms, acceptance and approval of the annual report constitutes renewal for an additional one-year term, commencing on the following July 1st. Acceptance and approval of the annual TCBIA 2023 report will renew the management agreement for a term which will run from July 1, 2024, to J...
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