AgdaPkt 2014-07-28 Closed, Special and Joint SA

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THE DOWNTOWN REDWOOD CITY CBID — ENGINEER'S REPORT 8.A. - Page 63 • District parking valet program and related management (Funded only by Benefit Zone 1 property owners through higher building assessments, excluding tax exempt building square footage) • Rental of private parking lots within Benefit Zone 1 and related management (Funded only by Benefit Zone 1 property owners through higher building assessments, excluding tax exempt building square footage) • Possible shuttle to peripheral parking structures (provided to property owners in both Benefit Zones and funded by street frontage assessments in both Benefit Zones, as funding prioritization permits); * • Parking management services district wide for a shuttle, (provided to property owners in both Benefit Zones and funded by street frontage assessments in both Benefit Zones, as funding prioritization permits); * ADMINISTRATION AND CORPORATE OPERATIONS: 15% These are overhead expenses to oversee the implementation of programs and activities in the CBID are allocated through the lot or parcel size assessment CBID wide. The costs are apportioned equally to the lot size of all parcel owners, regardless of Benefit Zone, since all individual parcels within the CBID are presumed to benefit equally from the district wide administration of all programs in the new CBID. • Staff and administrative costs • Directors and Officers insurance, general liability insurance • Office related expenses, equipment, rent • Financial reporting, accounting • Legal work CONTINGENCY /CITY AND COUNTY FEES /RESERVE: 5% These are overhead expenses are apportioned equally to the lot size assessments of all parcel owners, regardless of Benefit Zone, since all individual parcels within the CBID are presumed to benefit equally from the overhead costs of all programs in the new CBID. These are overhead expenses that account for collection costs and non - payment of assessments in the CBID Delinquencies: • City and County collection fees • Reserves • Special projects In summary, relative to the CBID funded work program, all of the above areas of programs, services and improvements work together to create a more pleasing environment for each and every assessed parcel within the district that is conducive to strengthening the current and future economic vitality of each and every assessed parcel through the attraction and retention of new business, increased commerce and attraction of higher volume of pedestrian commercial activities. The programs, improvements and services and related overhead expenses are designed to specifically benefit identified parcels within the CBID boundaries. The proposed CBID assessments will only be levied on identified parcels 16