TITLE
Recommendation to receive and file the Downtown Long Beach Parking and Business Improvement Area; approve the proposed budget for Fiscal Year 2015 (FY 15); and authorize City Manager to execute a contract with the Downtown Long Beach Associates for the period of October 1, 2014 through September 30, 2015. (Districts 1,2)
DISCUSSION
Downtown Long Beach Associates (DLBA) has three established sources of revenue that pass through the City to the organization. These include business operator assessments, property owner assessments and downtown parking meter revenue sharing. This recommended action relates to business operator assessment funds that are 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 $604,006 for the contract period of October 1, 2014 through September 30, 2015 (attached). The DLBA Board voted on April 16, 2014 to raise assessment rates one and one-half percent (1.5%) per the allowed CPI adjustment. The DLBA will provide quarterly reports to the City on expenditures and submit an annual report summarizing FY 15 activities.
This matter was reviewed by Deputy City Attorney Amy Webber on September 18, 2014 and Budget Management Officer Victoria Bell on September 30, 2014.
TIMING CONSIDERATIONS
The DLBA contract year begins on October 1, 2014. City Council action is requested on October 21, 2014 to allow FY 15 assessment transfers to be made in accordance with the City’s contract with DLBA.
FISCAL IMPACT
It is estimated that the DLBPBIA will generate $604,006 through the continuation of the existing assessment. Sufficient funds are budgeted ...
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