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 2007; and authorize City Manager to execute a contract with the Downtown Long Beach Associates for the period of October 1, 2006 through September 30, 2007.
(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 each December. Annual parking revenue is shared as approved by City Council on June 21, 2005 (Item R35).
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 addresses DLBPBIA assessment revenue of $570,000 for the contract period of October 1,2006 through September 30,2007. The DLBA's 2006-2007 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 07 activities.
This letter was reviewed by Assistant City Attorney Heather Mahood on August 23, 2006, Budget Management Officer David Wodynski on September 8, 2006, and the City Treasurer's Office on August 30, 2006.
TIMING CONSIDERATIONS
The DLBA contract year began on October 1,2006. City Council action is requested on October 17, 2006 to renew the contract in a timely manner.
FISCAL IMPACT
Sufficient funding to cover the proposed budget of $570,000 is included in the FY 07 budget in the Parking and Business Improvement Fund (SR ...
Click here for full text