The purpose of this chapter is to enhance the ability of the City and businesses therein to establish business improvement districts pursuant to the Property and Business Improvement District Law of 1994 (Streets & Highways Code Section 36600 et seq.) by: (1) reducing the percentage of property owners whose signatures are required to initiate formation of a Property Business Improvement District ("Property BID") from 50%, as authorized by the Property and Business Improvement District Law of 1994, to 30%; and (2) extending the period for which a Property BID may exist from five years, as authorized by the Property and Business Improvement District Law of 1994, to ten years. (Ord. 6616-NS § 1, 2001)