75B - PH - VEHICLE INCENTIVE PROGRAM

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EXHIBIT 3 Program Term The first term of the Resident Vehicle Incentive Program shall be for two years from April 1, 2019 to April 1, 2021. After the first 2 -year period, City staff will evaluate the effectiveness of the program and make a recommendation to continue with 1 two-year extension and one additional 1 -year extension for a total of 5 years. The City Manager and/or City Council would have authority to extend the program beyond the 5 years. Program Administration Within 5 business days of receipt of documentation from dealerships, the City of Santa Ana's Economic Development Division of the City's Community Development Agency will review the rebate applications and all supporting documentation. If documentation is missing, staff will request additional documentation from the dealerships. This will delay the processing of payment until all required documentation is received. Upon approval of documentation, Economic Development Division staff will forward to the City of Santa Ana's Finance Agency for processing and reimbursement. The City of Santa Ana's Finance Agency will be responsible for issuing checks to dealerships within 30 days of receipt of approved rebate forms. Program Funding The Program budget shall be limited to $1,700,000 for reimbursements and $25,000 for City marketing and administration of the program on an annual basis. Dealerships have also agreed to promote the Vehicle Incentive Program with a minimum value of $25,000 annually in their marketing efforts. Program Evaluation Economic Development Division staff will evaluate the effectiveness of the program biannually by determining if the incentive has increased or kept stable the number of new and used car sales and leases for Santa Ana residents. Staff will also consider factors like the change in the economy and new dealerships opening outside of the City borders. A report to City Council will be provided on a quarterly basis on the status of VIP Program. 75B-17