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• <br /> 109 <br /> • <br /> o <br /> AGENDA (continued) ACTION TAKEN (continued) <br /> VPUBLIC HEARINGS (continued) PUBLIC HEARINGS (continued) • <br /> Item no. 2 (continued) arrangements for the very large volume of <br /> traffic which occurs occasionally. <br /> Mario Biagi invited anyone else who wished to <br /> speak to do so. No one wished to speak. <br /> M/S: Leipzig/Stangel to close the public <br /> hearing. <br /> Carried unanimously by voice vote. <br /> Public Hearing closed at 9:50 p.m. <br /> ORDINANCE ADDING SEC. 60.4.4 TO Title read. M/S: Leipzig/Bury <br /> ORDINANCE NO. 1130, THE REDWOOD CITY ORDINANCE approved unanimously <br /> ZONING ORDINANCE, REZONING PROPERTY AT by roll call vote. <br /> 791 FIFTH AVENUE <br /> REPORTS OF BOARDS AND COMMISSIONS REPORTS OF BOARDS AND COMMISSIONS <br /> None None <br /> • <br /> REPORTS OF CITY MANAGER REPORTS OF CITY MANAGER <br /> 3. Parking District Debt Service and Report of City Manager 7/9/81 <br /> Maintenance requirements - parking Report of Director of Finance 6/9/81 <br /> !s" meter rate increase Report of City Attorney 6/19/81 <br /> Report of Director of Public Works 6/8/81 <br /> awl In response to question, Assistant City <br /> Manager Smith reported that the $300,300 <br /> balance in the bond construction fund is <br /> there as the result of sale of the Bradfod <br /> Street parking lot and part of the <br /> Middlefield lot; that it is not proposed that <br /> the estimated $156,000 needed for repairs be <br /> taken from the balance because of concern <br /> about the substantial city investment and the <br /> need to face the fact that parking meter <br /> revenues are not sufficient to cover bond <br /> service and maintenance of the lots. <br /> In response to questions as to use of the <br /> balance to pay off the bonds, Director of <br /> Finance Ference observed that funds are <br /> needed for construction work to maintain <br /> the lots in acceptable condition, noting <br /> there is a bond prepayment penalty and <br /> $469,467 is owing. Mr. Ference said if some <br /> additional funds were available and. the <br /> balance used, the City could get out of the <br /> • parking meter business and possibly let the <br /> merchants operate and maintain the lots. <br /> Discussion followed and Mr. Smith and Mr. <br /> Ference commented and replied to questions <br /> concerning the very high cost of providing <br /> parking space; that one space costs <br /> $8-10,000; the need for a long range solution <br /> to the parking problem; the inadequacy of <br /> funds to allow reasonable future planning; <br /> whether an increase in meter cost and parking <br /> Reg.Mtg. I <br /> 7/13/81 <br /> Page 5 <br /> • <br /> _ I{ <br />