Common use of Permit Parking Program Clause in Contracts

Permit Parking Program. XXX-2 (Exhibit C, Section 5) dedicated 36.9% of the parking tax collected by the City to certain transportation projects and related costs. Amendment #4 to XXX-2, Section B, eliminated this specific allocation moving forward, and established a joint process to identify projects for the remainder of these Parking Tax funds. The Port releases to the City in full any interest or claim in these remaining parking tax funds, estimated to be $3.85 million. It is the City’s intent to utilize these remaining funds for supporting the initiation, implementation and ongoing operation of the Permit Parking Program and related transportation improvements. The City agrees that this contribution by the Port represents the appropriate level of participation in the design, capital costs and ongoing operations of the Permit Parking program for the term of this Agreement.

Permit Parking Program. ‌ XXX-2 (Exhibit C, Section 5) dedicated 36.9% of the parking tax collected by the City to certain transportation projects and related costs. Amendment #4 to XXX-2, Section B, eliminated this specific allocation moving forward, and established a joint process to identify projects for the remainder of these Parking Tax funds. The Port releases to the City in full any interest or claim in these remaining parking tax funds, estimated to be $3.85 million. It is the City’s intent to utilize these remaining funds for supporting the initiation, implementation and ongoing operation of the Permit Parking Program and related transportation improvements. The City agrees that this contribution by the Port represents the appropriate level of participation in the design, capital costs and ongoing operations of the Permit Parking program for the term of this Agreement.