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<br /> <br />CITY OF RIVERSIDE <br /> <br />Riverside <br />~ <br />Ail-America City <br /> <br />, I II I,' <br /> <br />AGENCY MEMORANDUM <br /> <br />People Serving <br />People <br /> <br />1998 <br /> <br />HONORABLE MAYOR AND AGENCY MEMBERS <br /> <br />DATE: February 5, 2002 <br /> <br />ITEM NO: 4 <br /> <br />SUBJECT: <br /> <br />REQUEST TO AMEND DOWNTOWN PARKING RATE AND HOUR SCHEDULE <br />FOR DOWNTOWN PUBLIC PARKING FACILITIES <br /> <br />BACKGROUND: <br /> <br />For the past five years, the Orange Blossom Festival (OBF) has participated in the Agency's Special- <br />Event-Parking Program, which requires after-hour manning of public parking facilities. The Agency has <br />received an average of $2,100 in revenues every year for this event. Each year, the OBF sponsor <br />submits a parking plan to the Agency's parking operator, outlining which public parking facilities will be <br />used. Based on the information submitted, the staffing level and cost are determined based on the actual <br />hourly rate charged by the parking operator. Once the costs have been determined, the OBF sponsor <br />will be required to guarantee that costs are recovered. Once costs are recovered, any profits are split <br />between the Parking Authority and OBF, with the Parking Authority receiving 40%, and OBF receiving <br />60% of the profits. <br /> <br />CURRENT ISSUE: <br /> <br />The Orange Blossom Festival (OBF) has requested that the Redevelopment Agency establish a $6 <br />special-event-parking rate for designated public parking facilities. This proposed change would only <br />apply to those parking facilities identified annually in OBF's outline of the festival. Currently the special- <br />event-parking rate is $5. <br /> <br />The Downtown Parking Committee (DPC), at their meeting on October 11, 2001, considered this request <br />from OBF, and approved forwarding this request to the Agency Board for approval. <br /> <br />ALTERNATIVES: <br /> <br />The Agency may choose not to approve the increase for the special-event-parking rate for OBF. <br />However, by approving the recommendation, OBF may capture an increased volume of business during <br />this special event, which would increase the revenues to the Parking Authority. <br /> <br />FISCAL IMPACT: <br /> <br />Since these revenues pass through to the OBF, there is no fiscal impact to the City. <br /> <br />COMMITTEE RECOMMENDATIONS: <br /> <br />Staff presented this item to the Finance Committee on January 14, 2002. All three Committee members <br />were present and concurred in the suggested recommendations and then moved this item forward for <br />consideration by the Agency Board. <br /> <br />4-1 <br />