75B - PH - VEHICLE INCENTIVE PROGRAM

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Resident Vehicle Incentive Program (VIP) Agreement March 19, 2019 Page 5 and shall remain available to the public and posted on the City's website until the end date of the economic development subsidy. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #3 Economic Development, Objective #3, (Promote a solutions -based customer focus in all efforts to facilitate development and investment in the community), Strategy C (Explore opportunities to encourage a business friendly environment within the city through the reduction of non-essential regulatory requirements, improved coordination between agencies for development review and addition of monetary incentives). FISCAL IMPACT Upon approval of the appropriation adjustment, estimated funds in the amount of $440,000 for the first three months of this agreement will be available in the Sales Tax Rebate Agreement, Contract Services account (no. 01118825-62300) for expenditure in FY 2018-19. Of this total, $425,000 is the estimated amount of the sales tax rebate and $15,000 for the initial administration of the program. Any unspent balances from these estimates will be carried forward for expenditure in FY 2019-20. Funds for the agreement period will be budgeted in future fiscal years as follows: Fiscal Year Account Amount 2018-19 01118825-62300 $ 440,000 2019-20 01118825-62300 $1,725,000 2020-21 01118825-62300 $1,725,000 2021-22 01118825-62300 $1,725,000 2022-23 01118825-62300 $1,725,000 2023-24 01118825-62300 $1,285,000 Total $8,625,000 Steven A. Mendoza Executive Director Community Development Agency APPROVED AS TO FUNDS AND ACCOUNTS: Kathryn Downs, CPA Executive Director Finance and Management Services Agency Exhibits: 1. Agreement with Franchised Dealerships 2. Economic Subsidy Report 3. Program Guidelines 75B-5