SR-410-001 (35)
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AUG 12 1986
C/ED:EDD:EF:mb
Council Meeting 8/12/86
Santa Monica, California
TO:
Mayor and city Council
FROM:
City Staff
SUBJECT: Recommendation to Authorize the city Manager to Nego-
tiate and Execute the FY 1986-87 Third Street Develop-
ment Corporation (TSDC) Contract
INTRODUCTION
This report transmits the FY 1986-87 Third Street Development
Corporation contract (Attachment 1) for City Council review and
authorization for the City Manager to negotiate and execute the
attached agreement.
BACKGROUND
During the FY 1986-87 City Budget adoption process, City Council
allocated $315,516 of General Funds for services to be provided
by the Third Street Development Corporation in connection with
the Third Street Mall revitalization effort for FY 1986-87.
Since that time, staff has prepared the attached contract for
review by the city Council.
DISCUSSION
The FY 1986-87 TSDC contract has been reviewed ~y the Department
of Community and Economic Development, and approved as to form by
the City Attorney's Office. The TSDC Workplan (Exhibit A) was
developed by the TSDC and is based on the approved FY 1986-87
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AUG 1 2 1986
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budget.
The Budget (Exhibit B) has been developed by the TSDC
and is pursuant to the approved City Council budget allocation.
It is anticipated that within three (3) months the TSDC will
present the City with a proposed multi-year service agreement
which will supersede this contract and delineate the long-term
role, responsibilities and obligations of the Corporation and the
City. city staff has prepared the attached contract in order to
maintain program continuity and a method for the disbursement of
approved funds.
BUDGET/FISCAL IMPACT
The amount of funding for the Third street Development Corpora-
tion was previously approved by City Council in account number
15-200-263-000-707 in the amount of $315,516, therefore no addi-
tional budgetary action is necessary at this time.
RECOMMENDATION
It is respectfully recommended that the City Council authorize
the city Manager to negotiate and execute the attached FY 1986-87
Third street Development Corporation contract.
Prepared by: Ernesto R. Flores, Manager
Economic Development Division
Community and Economic Development Department
Attachments
tsdc86sr
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