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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />0 <br />Parking rate adjustments shall be calculated by means of the following formula: <br />R = A x (B/C) <br />Where R = Adjusted parking rate <br />A = The parking rate which is subject to adjustment <br />B = Monthly index for the fourth month prior to the month in which the <br />adjustment is to become effective <br />C = Monthly index for the fourth month prior to the month in which the <br />most recent previous adjustment became effective <br />In the event the Consumer Price Index is not issued or published for the period for <br />which an adjustment is required, or the Bureau of Labor Statistics should cease to <br />publish said index figures, then any similar index published by any other branch or <br />department of the United States Government shall be used and, if none is so <br />published, then another index generally recognized as authoritative shall be used <br />by agreement between CITY and COUNTY. <br />All hourly adjustment made pursuant to the above formula shall be rounded to the <br />nearest five cents ($0.05). All daily adjustments shall be rounded to the nearest <br />twenty-five cents ($0.25). All monthly adjustments shall be rounded to the nearest <br />one dollar ($1.90). <br />Prior to implementation of any CPI Adjustment the Director will conduct a market <br />survey of parking rates for comparable facilities. The Director and the City <br />Manager will review the market survey and said CPI adjustment. Upon the Director <br />and the City Manager each finding that said adjusted parking rates are <br />representative of the range of rates in the market survey, the CPI Adjustment will <br />be implemented as provided for in this paragraph 25. <br />In the event that the Director and the City Manager mutually agree that the parking <br />rates for any Phase 1 parking facility are not competitive with other parking <br />facilities in the Civic Center area, then the Director and the City Manager may by <br />mutual written agreement lower the parking rates for such Phase 1 facility to <br />levels that are competitive in the Civic Center. Also, the Director and City <br />Manager may by mutual written agreement adjust the monthly parking rate charged for <br />County and City employee parking in the Site 2 Parking Structurg to a level below <br />the monthly parking rate charged to others, but not lower than the monthly parking <br />rate for parking in the Site 1 Parking Structure. <br />Notwithstanding the foregoing, Civic Center parking rates may be adjusted at other <br />times and/or by other methods by mutual written agreement of CITY and COUNTY. <br />VI. Delete in its entirety paragraph 30 of said Development Agreement and <br />substitute the following: <br />DA:nd:lmc:sw <br />3795w-5 <br />7-25-91 <br />-5- <br />