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RESOLUTION NO. 2021-40 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF NEWPORT BEACH, CALIFORNIA, DECLARING ITS <br />INTENTION TO DISESTABLISH THE CORONA DEL MAR <br />BUSINESS IMPROVEMENT DISTRICT AND FIX THE <br />TIME AND PLACE OF A PUBLIC HEARING <br />WHEREAS, the Parking and Business Improvement Area Law of 1989 (California <br />Streets and Highways Code Section 36500 et seq.) ("Act") authorizes cities to establish <br />parking and business improvement areas for the purpose of imposing assessments on <br />businesses for certain activities; <br />WHEREAS, on July 14, 1997, the City Council of the City of Newport Beach ("City") <br />adopted Ordinance No. 97-24 establishing the Corona del Mar Business Improvement <br />District ("CdM BID"), <br />WHEREAS, the assessments collected on behalf of the CdM BID have enabled <br />the CdM BID to provide promotion, marketing and advertising opportunities along with <br />general public area improvements and maintenance programs within the CdM BID; <br />WHEREAS, the Act requires that each year, the activities, boundaries, and <br />assessments of the CdM BID be reviewed by the CdM BID's advisory board ("Advisory <br />Board") for purposes of making recommendations to the City Council, and an annual <br />report be filed and approved by the City Council for each fiscal year; <br />WHEREAS, on March 25, 2021, the Advisory Board voted to recommend that the <br />City Council disestablish the CdM BID due to its having completed the projects under its <br />Vision Plan and having fulfilled its original mission; and <br />WHEREAS, the Advisory Board has prepared an annual report for the 2020-2021 <br />fiscal year and has included a proposal for the disposal of the CdM BID's assets upon <br />disestablishment, which report is on file in the City Clerk's Office ("Annual Report"). <br />NOW, THEREFORE, the City Council of the City of Newport Beach resolves as <br />follows: <br />Section 1: The City Council hereby approves the Annual Report. <br />