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-C'ITO'OF SAN BERNARDIt:jl - REQUI:6T FOR COUNCIL AC'OON
From: E. George Webster. Chairman
Parking place Commission
Subject: PARKING DISTRICT ASSESSMENTS
Date: April 7. 1988
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Dept:
Synopsis of Previous Council action:
11/17/88 Council adopted Resolution #87-403 increasing the assessment
for the repayment of amounts due to the General Fund from the Parking
District Fund.
Recommended motion:
That a public hearing be set for 10:00 a.m. on May 2, 1988 to consider
the annual payback arrangement established for the parking district
secondary assessment roll and that all affected property owners be
notified of this hearing.
cc: Fred Wilson
John Wilson
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Signature
E. George Webster
Phone:
889-0231
1
Contact penon:
Suppor,lng data atteched:
yes
Ward:
FUNDING REQUIREMENTS:
Amoun':
Source: (ACCT. NO.)
(ACCT. DESCRIPTION)
Finance:
Council Notel:
}S.02U
Agenda Item No.
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9
C'IT9'OF SAN BERNARDI.Q - REQUEQ- FOR COUNCIL AC,Q.N
STAFF REPORT
At the March 31, 1988 meeting of
Place Commission, the issue of
schedule for the Parking District
was discussed.
the Central city parking
the accelerated repayment
secondary assessment roll
As background to this issue, it is the commission's
understanding that in 1979 the City loaned the parking
District approximately $800,000 to fund an expansion project
which created 383 additional parking spaces in the downtown
parking district lots. The loan was to be repaid through
an additional property assessment of approximately 30% of the
1978 primary assessment roll which amounted to $30,300
annually. This assessment has been collected since 1979.
The city Council at their November 16,1987 meeting, revised
the repayment schedule in order to retire the outstanding
portion of the loan in seven years. They directed that the
outstanding balance be retired through an increase in the
secondary assessment and that an interest rate of 9% be
charged on the unpaid balance. They further directed that
all the interest income generated on the unpaid balance be
reserved in a capital improvement development account which
would be reserved to fund future parking needs of the
downtown community.
The net impact of the Council Action to repay the loan in the
7-year period will be an increase in the secondary assessment
for all owners of real property in the parking district.
Although the exact amount of the increase will not be known
until July 1988, it is estimated at approximately three times
the 1986 rate. The increase in the assessment only applies
to the secondary assessment and will be reflected on the 88-
89 tax bills.
certain members of the commission as well as other owners of
real property in the parking district have expressed concern
over the accelerated repayment schedule. In response to this
concern, we respectfully request that the Mayor and Council
set a public hearing to reconsider this issue.
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E. GEORGE WEBSTER, Chairman
Central City Parking Place Commission
EGW/md
75-0264