Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 7, 2014 <br />TITLE: <br />AMENDMENT TO BUSINESS IMPROVEMENT <br />DISTRICT OPERATING AGREEMENTS <br />CITY MANAGER <br />I:7- 010Tilt►i1:L1 h1:4�7_ «�[�7�I <br />CLERK OF COUNCIL USE ONLY: <br />/G1=090=1�7 <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and the Clerk of the Council to execute the attached Amended and <br />Restated Operating Agreement with Downtown Inc. and with the Santa Ana Business Council <br />Inc., to establish a "revolving fund" account in the amount of $20,000 for each entity, subject to <br />non - substantive changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />On September 16, 2013, the City executed operating agreements with Downtown Inc. and the <br />Santa Ana Business Council Inc., for the programming and distribution of the Downtown Santa <br />Ana Business Improvement District (BID) assessment funds. The agreements contain provisions <br />to ensure proper administration and distribution of the funds, such as those pertaining to the <br />annual budget, financial record keeping, fund distribution, and board composition and meeting <br />requirements. <br />The amendment establishes a "revolving fund" account in the amount of $20,000 in order to <br />finance the organizations' day -to -day operations. This revolving fund account shall be subject to <br />the constraints of NS -1715 and may be replenished upon providing documentation that the funds <br />in the account have been properly expended. The other amendment is reducing the Fidelity <br />Bonding requirement from $1,000,000 to $500,000. There are no other changes to the operating <br />agreements. <br />The terms of these Operating Agreements commenced on September 17, 2013 and terminate on <br />September 17, 2016, unless terminated sooner due to any violations of the provisions in the <br />Agreement, or if the BID is not approved in any given year. The Agreements will be renewed <br />automatically in one year renewal terms, unless either party gives at least two months' notice of <br />termination. <br />25J -1 <br />