AgdaPkt 2020-12-21 Amended Joint SA PFA

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6.E. - Page 6 of 272 $1,295,000 for the project. Future years of the ongoing monthly costs will need to be budgeted in the Parking Operations budget going forward. After the initial 3 -year warranty and software services term, at the City's discretion, the City may opt for extended services and warranty on a yearly basis. The annual cost for the additional year is $193,513 ($1,354,588.94 for 7 years) will be paid by parking revenue generated by the on -street parking and by the garages. The City may terminate these services after giving 30 days' notice and the City will be refunded a pro -rata portion of the costs of services for the period that service was not provided. The current Redwood City Parking Fund was adopted in 2006 and faces a deficit at this time. Significant steps have been made to eliminate that deficit, but it remains and has been impacted heavily from the COVID-19 pandemic. While these measures have reduced the deficit, any remaining expenses at the end of the fiscal year will be paid by using the proceeds from the 2013 sale of the Block Two property (formerly the Middlefield parking lot) and from the over $8 million the City has received from parking in -lieu fees from downtown development. These funds could also be used to fund the parking guidance system should parking revenues be insufficient to cover ongoing costs. This subsidy is expected to continue while the downtown business community recovers from the pandemic. ENVIRONMENTAL REVIEW As the lead agency, the City has determined that the proposed parking guidance system and all its elements meets the CEQA exemption criteria as set forth in, the new parking guidance system is categorically exempt from the requirements of CEQA Guidelines Section 15303 Class 3 "New Construction or Conversion of Small Structures" for the construction and location of new, small facilities or structures; installation of small new equipment and facilities in small structures which is further clarified by subsection (d) "Water main, sewage, electrical, gas, and other utility extensions" and subsection (e) "Accessory (appurtenant) structures." PUBLIC NOTICE Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 hours prior to the meeting. ALTERNATIVES The City Council may choose not to approve the agreement or direct staff to modify the agreement based on specific direction. In addition, the Council may decide to only approve the base system, covering the downtown garages and parking lots, and instruct staff to look into the integration of on -street parking at a future date. Page 6 of 7 .,A . City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 160