The Mall Assessment district secures the bonded indebtedness which paid for the 1989 improvements which transformed what was formerly the Santa Monica Mall (known as "The Old Mall"), into the Third Street Promenade and surrounding Bayside District. The improvements funded included additional parking, and certain alley, signage, and circulation improvements.  The Parking Developer Fee, passed concurrently, creates a fund for additional parking improvements as new square footage is added if that new square footage does not include parking to meet the demand generated thereby.

Boundaries: Second Street, Fourth Street, and the Third Street Promenade between Wilshire Blvd. and Broadway Ave.  The District is broken into three zones of benefit:
     Zone 1 = Properties bordering on the Third St. Promenade between Second Court and Third Court and between Wilshire and Broadway.
 
     Zone 2 = Properties on the east side of Second Street and properties on the west side of Fourth Street; between Wilshire and Broadway.
 
     Zone 3 = Properties on the west side of Second Street and properties on the east side of Fourth Street; between Wilshire and Broadway.

Date Established: 1986

Term:  30 years or the final maturity of any Certificates of Participation or indebtedness issued to fund the improvements undertaken in 1989 which created the Third St. Promenade, additional parking, and alley & circulation improvements..

Formula for Mall Assessment District:  Differs depending on Zone of Benefit in which property is located and the square footage of buildings within that district. Bond requirement amounts, reserves, and anticipated rebates also affect the sq. ft. calculation. For the 1999 Property Tax Year (1999/2000), the costs were as follows:   Zone 1 = $0.8096 per building s.f.; Zone 2 = $0.3346 per building s.f.; and Zone 3 = $0.2342 per building s.f.

Formula for Parking Developer Fee:  For each new square foot of building space in the district added after 1986 for which parking is not provided, $1.50 per s.f. per year.  This fee is not required if additional parking is provided for the new square footage equivalent to the parking demand it generates. The fee also does not infer approval of development without parking.

Credits (must be applied for annually):  
(1)   Any property owned or held in trust by a non-profit corporation or entity and used exclusively for religious purposes and/or the care or education of children shall be given a credit equal to 6/7 (85.71%) of their annual assessment;

(2)  Under certain conditions, any property which provides and maintains off-street parking facilities shall be given a credit against the parking portion of the annual assessment; 

(3)  Any property which has all or a portion of the square footage reserved for residential uses shall be entitled to a 50% credit against the parking portion of the annual assessment.

How Funds are Collected:  The amounts due appear on and are collected with the owner's property tax bill from the County Assessor's Office.

Who Administers the Fund:  The Treasurer of the City of Santa Monica

Approximate Size of Fund: $1,000,000 annually

Uses for Funds: To secure the bonded indebtedness which financed the improvements described above.

This page was last modified on 01/30/2007