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has heard and considered all oral and written protests or other comments regarding the proposed <br />• District, and written protests from businesses in the proposed area paying a majority of the <br />• <br />proposed assessment have not been received. The City Council finds, based on all evidence <br />presented, that businesses within the District will be benefited by the expenditure of funds raised <br />by the assessments to be levied. <br />SECTION 2. Establishment of Area. A parking and business improvement area to be <br />known as the "Corona del Mar Business Improvement District' (the "District') is hereby <br />established pursuant to the Act. The boundaries of the District generally include those properties <br />along East Coast Highway from Hazel Drive to Avocado Avenue as set forth with greater <br />specificity in the map attached as Exhibit A and incorporated herein. <br />SECTION 3. Boundary Modification. The City Council may modify the boundaries or <br />assessments established by this ordinance pursuant to the requirements of the Act, but no <br />assessment shall be modified which would impair the ability of the District to meet the <br />obligation of a contract to be paid from the revenues derived from the levy of assessments. <br />SECTION 4. Benefit Assessment. The City Council hereby levies and orders the <br />collection of a benefit assessment upon persons conducting business in the District. Such benefit <br />assessment shall be as follows: <br />A. Banks and financial institutions that are exempt from City business license <br />• regulations shall be assessed $500 per year. <br />Ordinance 97 -24 <br />Corona del Mar Business Improvement District <br />Page 2 <br />