Agmt20 Redwood City Improvement Association-CBID Operating Agreement

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to mitigation of parking from new construction projects that will be occurring predominantly in the Zone 2 area for at least the next 5 years. Therefore, there will be two distinct level of Zone parking management services based upon the special benefit needs of Zone 1, Zone 2 or their common need for overall parking management services throughout the CBID. Examples of these special benefit services and costs include, but are not limited to: ■ District parking valet program (Funded by Benefit Zone 1 property owners) ■ Rental of private parking lots within Benefit Zone 1 (Funded by Benefit Zone 1 property owners) ■ Possible shuttle to peripheral parking structures (provided to property owners in both Benefit Zones and funded by linear frontage in both Benefit Zones); * ■ Parking management services district wide, including a shuttle, leased parking (provided to property owners in both Benefit Zones and funded by linear frontage assessments in both Benefit Zones); * ADMINISTRATION AND CORPORATE OPERATIONS: 15% These are overhead expenses to oversee the implementation of programs and activities in the 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 that account for collection costs and non-payment of assessments in the CBIDDelinquencies ■ City and County collection fees ■ Reserves ■ Special projects Fifteen -Year Operating Budget: A projected fifteen year operating budget for the Downtown Redwood City CBID is provided. The projections are based upon the following assumptions: • Increases will be determined by the District Management Corporation and in no case shall annual increases exceed 5% per year. The budget for specific programs may be reallocated within the categories by up to 10% of each budget category. The District Management Corporation Board may alter the budget based upon service needs and such changes shall be included in the Annual report and submitted to the City Council. 17