HomeMy WebLinkAboutExhibit 8Approval of BID Formation Budget (7-18-06)
On May 31, 2006, the Bid Formation Subcommittee, acting as a BIC committee as a
whole, unanimously approved the following BID formation plan (referred to as "Plan B")
with attached budget numbers.
It is now necessary to approve the necessary $75, 000 funding to implement the
unanimously approved action. The source of the funds for this motion will be the
Parking Waiver Fund reserve funds —within the guidelines of fund usage.
Previously Approved Plan (5-31-06)
Working with several qualified consultants, divide the five task elements of the Business
Plan into components:
• National consultant #1 to work with the BIC and stakeholders to identify
and prioritize: a) needed services & improvements, b) budget, and c)
geographical service area. (up to $15,000)
• National consultant #2 to work with the BIC and stakeholders to: a)
determine assessment funding mechanism, b) determine other sources of
funding, c) coordinate campaign with property owners for vote, and d)
develop BID governance. (up to $15,000)
• Local consultant #3 with experience in BID area to: a) coordinate between
two national consultants, BIC, BIC stet and the public to ensure
everyone is on same page as we convey the business plan to the marketing
agency and move forward with a campaign for BID formation. ($5,000)
• Data Research for tax base, owner contact identification. ($10,000-
15,000)
• PR assistant or pr firm to develop public relations materials for campaign.
($10,000 - $15,000)
• Print budget for campaign. ($10,000 -$15,000)
• Outside legal counsel, as needed ($10,000 — 15,000)
Total cost range: up to $75,000 to-$95,000