TITLE
Recommendation to authorize City Manager to execute any and all documents for the Operation of Belmont Shore Parking Meter Cash Key Program Agreement (City Agreement No. 27783) between the City of Long Beach and Farmers and Merchants Bank for the collection of parking meter funds through the sale of electronic cash keys for use in the Belmont Shore area, for a term of one year with an annual extension at the discretion of the City Manager. (District 3)
DISCUSSION
The Belmont Shore Parking Advisory Commission (BSPAC) was established on October 27, 1988, for the purpose of advising the City Council on the use of parking meter revenue collected in the Belmont Shore area. In March 2001, the BSPAC recommended City staff make Cash Keys available for electronic payment of parking meter fees in the Belmont Shore Commercial District.
Electronic meters are located along 2nd Street and in the adjacent lots. Cash Keys are similar to a car key and can be carried on a key chain for convenience. Parking credit is electronically applied to the keys when purchased, and additional credit can be purchased when needed.
In April 2002, the City Council authorized an Agreement for Operation of Belmont Shore Parking Meter Cash Keys Program (Program) with Farmers and Merchants Bank (F&M) for the sale of Cash Keys at its 4827 East Second Street branch. Under this agreement, the City provided a laptop computer, Cash Keys, a programmer and an account for deposit of sales revenue, at which F&M has agreed to provide their services at no charge to the City or to the customers. The Agreement had three options to extend, in which all options have been exhausted.
Since 2001, F&M has sold approximately 700 Cash Keys for use in Belmont Shore parking meters. An estimated $40,000 in parking value has been recorded.
In an effort to continue the Operation of the Program, a new Agreement has been negotiated. The new proposed Program Agreement contains the following major provisions and spe...
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