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Staff is exploring the possibility of using the combination of HUD Section 108 Loan and BEDI <br />grant money for the Whole Foods Development Project as an optional strategy. In order to move <br />this project forward, however, it will be assumed in the financing strategy and any associated <br />budget requests that the project will be funded using urban renewal revenue bonds and Facility <br />Reserve funds. In the event that staff would recommend the use of the optional financing <br />strategy using the HUD Section 108 Loan and BEDI grant, council approval would be required. <br /> <br />Operating and Maintenance Costs <br /> <br />Although not part of the plan for financing the capital costs, it is important to consider how the <br />City will pay for the operating and maintenance costs of the new garage. In general, given the <br />current parking rate structure and the payment to the General Fund, the revenues collected from <br />the users of parking garages in the City have been sufficient to cover only the operating and <br />maintenance costs for the garages. Those revenues and costs are accounted for in the parking <br />enterprise funds. It is anticipated that this will also be the case for the City’s portion of the <br />garage connected to the Whole Foods development, and there will not be any significant funds <br />available from parking revenues to pay for the costs of purchasing the garage. <br /> <br /> <br /> <br /> <br /> <br />L:\CMO\2006 Council Agendas\M060208\S060208B.doc <br />