Surrey BYL_BIA_21043.pdf

10. 11. “City” meansthe City of Surrey. “City Council” means the Councilofthe City of Surrey. “Newton Business Improvement Area” meansthe area of the City designated by Section 3 of this Bylaw. “Taxable Property” meansland or improvements,or both,that fall within Class 5 or 6 of the AssessmentAct- Prescribed Classes of Property Regulation, B.C. Regulation 438/81. City Council hereby designates for a term of four (4) years those lands shownin heavy outline on Schedule “A”attached hereto and formingpart of this Bylaw as Newton Business Improvement Area. City Council hereby approvesa grant to the Association of an amount not exceedingfive hundred and ninety-one thousand ($591,000) in Year 1 (2024). For the subsequent three remaining years, the amount granted on a peryearbasis will be as follows: (a) Year 2 2025 $620,550 (b) Year3 2026 $651,578 (c) Year 4 2027 $684,157 Monies granted to the Association under this Bylaw must be expendedonly by the Association and in accordancewith the conditions and limitations set out in this Bylaw and for the planning and implementation of a Business Promotion Scheme. Moniesgrantedto the Association pursuantto this Bylaw shall be for projects provided for in the annual budget submitted by the Association and approved by City Council pursuant to Section 9 of this Bylaw. All of the money granted to the Association pursuantto this Bylaw shall be recovered within the Newton Business Improvement Area from the owners of land or improvements, or both,or from persons from whom chargesprovided in the Community Charter, S.B.C. 2003, C.323, as amended, maybecollected in the Newton Business ImprovementArea. For the purpose of recovering the monies grantedto the Association an annualtax shall be imposed on the Taxable Property within the Newton Business Improvement Area and such tax shall be based on theassessed value of the land, improvements,or both. The Association shall submit annually to the City Council for approval, on or before April 1* in each year, a budgetfor the purpose of the Business Promotion Schemebased on a fiscal year commencing April 1* which contains information sufficient in detail to describeall anticipated expenses and revenues and which have been approved by a majority of the memberspresentat the annual general meeting of the Association. The Association shall keep separate from any other accounts, the account used for money granted to the Association by the City pursuantto this Bylaw, and shall cause the revenue and expenditures resulting from the use of that separate account to be an audited scheduleto the financial statements of the Association and reported separately as required by Section 19 of this Bylaw. The Association shall not carry out any borrowingthat results in indebtednessor other obligation as to money grantedto it by the City pursuantto this Bylaw which extends beyondthefiscal year in which the moneywasgranted.

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