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Res. 98 -16 <br />2 <br />Section 2: The City Council hereby declares its intention to renew the <br />• Business Improvement District for the fiscal year April 1, 1998 to March 31, 1999 <br />pursuant to the Act. <br />Section 3: The location of the District will remain the same: generally <br />located on the Balboa Peninsula between Adams Street and Coronado Street, as set forth <br />with greater specificity in the map attached as Exhibit A and incorporated herein. <br />Section 4: The City Council hereby declares its intention to levy and <br />impose and order the collection of a benefit assessment upon persons conducting business <br />in the District. Such benefit assessment shall be as follows: <br />A. Banks and financial institutions that are exempt from City business <br />license regulations shall be assessed $500 per year. <br />• B. Insurance agencies that are exempt from City business license <br />regulations shall be assessed $250 per year. <br />C. Persons operating one of the following types of businesses as an <br />independent contractor in an establishment owned by another person shall be exempt <br />from this assessment: <br />1. Hair stylists <br />2. Nail technicians <br />3. Real estate agents <br />D. The assessment for all other businesses within the District shall be 100 <br />percent of the annual business license tax as established pursuant to Chapter 5.08 of the <br />Municipal Code. <br />• Section 5: The benefit assessments shall be collected by the City in one <br />annual installment, with collections for new businesses in the District on the day of the <br />