Item A: Expenditure Review Panel FY11 Report

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Attachment 1 Excerpts from Plan & Report BP Garages & Safety Improvements Downtown Urban Renewal Plan (June 25, 2010) Goal 1. b & c. Improve the function, condition, and appearance of the Plan Area through b) funding of critical parking assets and c) improved safety for visitors to locations and business within the Plan Area. (This project also contributes to Goals 2-4.) Objective 2. The Broadway Place Garages remain available and in good condition to support other development and redevelopment in downtown and, at the same time, to enable improvements to public safety downtown. Section 600 B. PUBLIC PARKING AND PUBLIC TRANSPORTATION FACILITIES: Broadway Place Garages & Public Safety Improvements Former Section 600 A.6 of the Plan authorized the Agency to participate in funding the acquisition and construction and enhancement of public parking and public transportation facilities within the renewal area. Prior to the 2010 Amendment, the Agency provided approximately $2.5 million of assistance for the construction of the Broadway Place Garages. After the effective date of the 2010 Amendment, the Agency will not use tax increment funds to initiate any public parking or transportation facilities funding except the funding for the Broadway Place Garages described in the next paragraph. After the 2010 Amendment, the Agency may spend up to $4.9 million of tax increment funds to pay the principal of City obligations issued to finance those garages, or of Agency obligations that are issued to refinance the City obligations, plus associated interest, premium and other costs, but only if the City agrees to a) continue to make the garages available for businesses and residents downtown and b) enhance public safety in the Plan Area. The proposed funding for the Broadway Place Garages serve and benefit the Plan Area because: (1) The Broadway Place Garages provide an essential public parking facility that directly serves the business, customer, and resident parking needs in the Plan Area, thereby supporting continued redevelopment in the Plan Area; (2) The Plan Area is a parking exempt zone, and the Broadway Place Garages relieve property owners in the Plan Area from the requirement to provide imbedded parking in new and redeveloped properties; and (3) The additional funding will allow the Broadway Place Garages to continue to provide these services to the Plan Area. Downtown Urban Renewal District Report (June 25, 2010) Chapter 5 item 2). The Plan Area is parking exempt, which means that property owners are not required to provide parking. Yet parking availability is critical to the economic success of downtown. As such, the Agency has participated in several projects to provide structured parking opportunities within the Plan Area. One such project was the Broadway Place Garages. Continued provision of Broadway Place parking will support new downtown campus project and other redevelopment along West Broadway, such as Lord Leebri property. Given City budgetary issues, continued operation and stability of the Broadway Place Garages will be enhanced by the Agency making payments on the debt for the garages. It would also make it possible for the parking fund to provide financial support for increased safety services. 11