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 2008 (FY 08); and authorize City Manager to execute a contract with the Downtown Long Beach Associates for the period of October 1, 2007 through September 30, 2008 in the amount of $585,000. (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 (DLB-PBIA). The City Council approves the property owner assessment separately.
The proposed contract with DLBA requires the City to transmit all DLB-PBIA assessment funds collected from downtown businesses to the DLBA every other month. This City Council action estimates DLB-PBIA assessment revenue of $585,000 for the contract period of October 1, 2007 through September 30, 2008. The DLBA's 20072008 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 08 activities.
This letter was reviewed by Assistant City Attorney Heather Mahood on September 13, 2007, Budget and Performance Management Bureau Manager David Wodynski on September 21,2007, and the City Treasurer's Office on September 17, 2007.
TIMING CONSIDERATIONS
The DLBA contract year began on October 1, 2007. City Council action is requested on October 2, 2007 to renew the contract in a timely manner.
FISCAL IMPACT
Sufficient funds are included in the FY 08 Proposed Budget in the Parking and Business Improvement Area Fund (SR 132) in the Department of Community Development (CD).
FY 08 as...
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