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7.3.B. - Page 24 <br /> to mitigation of parking from new construction projects that will be occurring predominantly in <br /> the Zone 2 area for at least the next 5 years. Therefore, there will be two distinct level of Zone <br /> parking management services based upon the special benefit needs of Zone 1, Zone 2 or their <br /> common need for overall parking management services throughout the CBID. Examples of <br /> these special benefit services and costs include, but are not limited to: <br /> § District parking valet program (Funded by Benefit Zone 1 property owners) <br /> § Rental of private parking lots within Benefit Zone 1 (Funded by Benefit Zone 1 property <br /> owners) <br /> § Possible shuttle to peripheral parking structures (provided to property owners in both <br /> Benefit Zones and funded by linear frontage in both Benefit Zones); * <br /> § Parking management services district wide, including a shuttle, leased parking (provided <br /> to property owners in both Benefit Zones and funded by linear frontage assessments in <br /> both Benefit Zones); * <br /> ADMINISTRATION AND CORPORATE OPERATIONS: 15% <br /> These are overhead expenses to oversee the implementation of programs and activities in the <br /> CBID. <br /> § Staff and administrative costs <br /> § Directors and Officers insurance, general liability insurance <br /> § Office related expenses, equipment, rent <br /> § Financial reporting, accounting <br /> § Legal work <br /> CONTINGENCY /CITY AND COUNTY FEES /RESERVE: 4% <br /> § These are overhead expenses that account for collection costs and non - payment of <br /> assessments in the CBIDDelinquencies <br /> § City and County collection fees <br /> § Reserves <br /> § Special projects <br /> Fifteen -Year Operating Budget: <br /> A projected fifteen year operating budget for the Downtown Redwood City CBID is provided. <br /> The projections are based upon the following assumptions: <br /> • Increases will be determined by the District Management Corporation and in no case <br /> shall annual increases exceed 5% per year. <br /> The budget for specific programs may be reallocated within the categories by up to 10% of each <br /> budget category. The District Management Corporation Board may alter the budget based <br /> upon service needs and such changes shall be included in the Annual report and submitted to <br /> the City Council. <br /> 16 <br />