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CITY OF RIVERSIDE <br /> REDEVELOPMENT AGENCY MEMORANDUM <br /> <br />Honorable Mayor & Agency Members <br /> <br /> Date: March 21, 2000 <br />Item No.: 6 <br /> <br />Subject: 2000 Riverside Airshow - Financial Sponsorship Request <br /> <br />Background <br /> <br />On March 17, 1998, the City Council authorized a Memorandum of Understanding (MOU) between the City and <br />the Non-profit Riverside Airport Open House Corporation, that spelled out the use of the Airport property by the <br />Corporation for the purpose of conducting an annual airshow. The MOU clarified the responsibility of the <br />Corporation concerning paying applicable costs and the cost of the City's liability insurance for the program. At the <br />same time the MOU was executed, the Redevelopment Agency agreed to an annual sponsorship of $7,600 to assist <br />with operating costs. <br /> <br />Current Issue <br /> <br />The Airport Open House Committee has requested the Agency to sponsor $7,600 towards operating costs for their <br />2000 Airshow. The request is consistent with last year' s funding support from the Agency. Staff recommends <br />continued support for the Airshow program, as it is a popular family event, attracting over 50,000 individuals to the <br />Riverside Municipal Airport and can be viewed as a major economic development promotion of the Airport area. <br /> <br />Fiscal Impact <br /> <br />Funds are available in the Downtown/Airport Professional Services Account #281500-421000 (Economic <br />Development Professional Services) for this purpose. The current balance in the account is approximately $50,000. <br /> <br />Alternatives <br /> <br />The Redevelopment Agency can choose to NOT participate as a sponsor for 2000, or participate at a lower level of <br />funding support. <br /> <br />Committee Action <br /> <br />Staff presented this item to the Finance Committee on March 13, 2000. The Committee concurred in the suggested <br />recommendation and then moved this item forward for consideration by the Agency Board. <br /> <br />Recommendations <br /> <br />That the Redevelopment Agency: <br /> <br />1. Approve sponsorship in the amount of $7,600 for the 2000 Airport Airshow; and <br /> <br />2. Authorize the expenditure of $7,600 from the Downtown/Airport Professional Services Account 281500- <br /> 421000 for this purpose. <br /> <br />Conrad Guzkowski <br />Redevelopment Program Manager <br /> <br /> Approved by: <br />~les, PE <br /> <br />Executive Director <br /> <br />6-1 <br /> <br /> <br />