(Added by Ordinance No. 189374, effective April 8, 2019.)
A. The Central Eastside Industrial District contractor’s Board of Directors may recommend that the annual 2.3 percent escalator adjustment be set to an amount lower than 2.3 percent for a particular license year.
1. The Board must pass a resolution during a regular board meeting and submit the resolution, any minutes from the meeting and the results of the vote to the Revenue Division no later than March 10th. The resolution must contain the following information:
a. The reason why the Board is requesting the annual escalator adjustment be set at a rate that is lower than 2.3 percent;
b. What the Board recommends as the appropriate escalator amount for the license year;
c. The impact on the upcoming budget that will result if a lower escalator adjustment is made, specifically as it relates to contract employee wages and contract service levels; and
d. The impact to District services.
2. The Revenue Division will review the information from the Central Eastside Industrial District contractor’s Board of Directors and evaluate impacts to contract employee wages to ensure wages for these employees do not decrease inappropriately as a result of a lower escalator adjustment. The Revenue Division will make a recommendation to City Council if a lower escalator adjustment is warranted for the upcoming license year.
3. City Council must approve a lower escalator adjustment prior to April 1st.
4. An approved lower escalator adjustment will apply to the next license year that begins on July 1st.
B. City Council’s approval to decrease the annual escalator for any given year has no effect on future years, and the District contractor’s Board must follow the process outlined in Subsection A.1. of this Section for each year it wishes to recommend a rate lower than the prescribed 2.3 percent escalator.