Resolution approving a management agreement with the nonprofit Owners' Association for administration/management of the established property-based Community Benefit District known as the “Ocean Avenue Community Benefit District,” pursuant to California Streets and Highways Code, Section 36651, for a period commencing upon Board approval, through December 31, 2040.

This resolution approves a management agreement between the City and the nonprofit Ocean Avenue Association for the administration and management of the Ocean Avenue Community Benefit District (CBD). The agreement is effective upon Board approval and runs through December 31, 2040. The Ocean Avenue CBD was previously established in 2010 and has now been renewed and expanded. The agreement outlines the responsibilities of the Ocean Avenue Association, which will use assessment revenues to fund property-related services, improvements, and activities within the district as detailed in the Management District Plan. The City, through its Office of Economic and Workforce Development (OEWD), will oversee the agreement. The Association must comply with various reporting requirements, including annual and mid-year reports, and adhere to public access laws like the Ralph M. Brown Act and the California Public Records Act. The agreement also details financial management, audit requirements, and remedies for default.

This agreement formalizes the management of the Ocean Avenue Community Benefit District, which is funded by property assessments. Residents and property owners within the district will continue to see services and improvements funded by these assessments, managed by the Ocean Avenue Association through 2040. The agreement ensures transparency and accountability in the use of these funds.

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