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. CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: November 7, 2000 4 Subject: Request to Amend Rate and Operating Hour Schedule for Downtown Parking Facilities Current Issue The Riverside Downtown Partnership Marketing Committee is requesting that the Redevelopment Agency establish free parking in designated downtown parking facilities for shoppers and those dining after five o'clock. This action would only apply to those arriving in the parking facilities after five 0' clock. This proposed change would occur in Garages One, Two and Three. Garage Five will not be included in this proposal. The downtown businesses have indicated that they would advertise in their cable commercials that free parking is available after five o'clock in downtown facilities. Analysis At their meeting on October 12, 2000, the Downtown Parking Committee (DPC) considered the Marketing Committee's request to establish free parking in downtown parking facilities after five o'clock. The DPC agreed on a trial basis to es~ablish free parking during the holiday season, beginning the day before Thanksgiving through January 5, 2001. Fiscal Impact The Agency may see a nominal decrease in revenues in the specified parking facilities. The information provided by the revenue control equipment has revealed an average of $13.73 received per day after five p.m. for all three facilities. The DPC will review the report from Agency staff on the affects of the proposed changes if approved. Alternatives The Agency may choose not to approve staff's recommendations. However, by approving the recommendation, businesses may capture an increased volume of business during the holiday season. Committee Action Staff presented this item to the Finance Committee on October 23, 2000. All three Committee members were present and concurred in the suggested recommendation and then moved this item forward for consideration by the Agency Board. Recommendation That the Redevelopment Agency adopt the attached resolution revising the Downtown Parking Rate and Hour Schedule for the specified downtown parking facilities to include the proposed changes as outlined in the report. Prepared by: pd /' Robert C. Wales, P.E. Executive Director Arlene Armendariz Project Assistant 4-1