Laserfiche WebLink
7.1.V. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> July 27, 2015 <br /> SUBJECT <br /> Update for the Downtown Redwood City Community Benefits Improvement District <br /> RECOMMENDATION <br /> Review for informational purposes. <br /> BACKGROUND <br /> The Downtown Redwood City Community Benefits Improvement District ( "DT RWC <br /> CBID ") was voted on by property owners within the District and was approved by the <br /> margin on 75% to 25% on July 28, 2014. The City filled all the appropriate paperwork <br /> with the County of San Mateo to enact the District and 15 -year assessment which <br /> commenced with FY 2014 -15. In its inaugural year, the District assessment was <br /> approximately $788,937 and comprised of the following components: <br /> First Year Downtown Redwood City <br /> Community Benefit Improvement District Service Budget <br /> (Figures are rounded) <br /> PROGRAM OR ACTIVITY FUNDED BY THE <br /> APPROXIMATE% OF FIRST <br /> DOWNTOWN REDWOOD CITY ESTIMATED ANNUAL COSTS <br /> YEAR ANNUAL BUDGET <br /> COMMUNITY BENEFIT IMPROVEMENT DISTRICT <br /> Sidewalk Operations and Beautification 54% $ 423,000.00 <br /> District Identity and Signage 20% $ 160,000.00 <br /> Parking Management 7% $54,000.00 <br /> Administration /Corporate Operations 15% $ 120,000.00 <br /> Contingency /City and County Fees /Reserves 4% $ 31,937.00 <br /> TOTAL 100% $ 788,937.00 <br />