TITLE
Recommendation to receive and file Annual Report of the Downtown Long Beach Parking and Business Improvement Area; approve the proposed budget for Fiscal Year 2009 (FY 09); and authorize City Manager to execute a contract with the Downtown Long Beach Associates for the period of October 1, 2008 through September 30, 2009 in the amount of $620,000. (Districts 1,2)
DISCUSSION
Downtown Long Beach Associates (DLBA) has three routine sources of revenue that pass through the City to the organization. They are: business operator assessments, property owner assessments and downtown parking meter revenue sharing. This action relates to business operator assessment funds used to promote and market downtown Long Beach on behalf of businesses located in the Downtown Long Beach Parking and Business Improvement Area (DLBPBIA). The City Council approves the property owner assessment separately.
The proposed contract with DLBA requires the City to transmit all DLBPBIA assessment funds collected from downtown businesses to the DLBA every other month. This City Council action estimates DLBPBIA assessment revenue of $620,000 for the contract period of October 1, 2008 through September 30, 2009. The DLBA's 2009 Annual Budget and Management Report is attached. The DLBA will provide quarterly reports to the City on expenditures and submit an annual report summarizing FY 09 activities.
This letter was reviewed by Assistant City Attorney Heather Mahood on September 4, 2008, Budget Management Officer Victoria Bell on September 5, 2008, and the City Treasurer's Office on August 29, 2008.
TIMING CONSIDERATIONS
The DLBA contract year begins on October 1, 2008. City Council action is requested on September 23, 2008 to allow for timely contract renewal.
FISCAL IMPACT
Sufficient funds are included in the FY 09 Budget in the Parking and Business Area Improvement Fund (SR 132) in the Department of Community Development (CD). The FY 09 assessment revenue will fully offset the p...
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