CITY COUNCIL REGULAR MEETING AGENDA PACKET

Page 4 of 5 City staff will meet with the PDA Executive Director and Executive Committee at the beginning and end of the fiscal year, with additional meetings as necessary, to ensure funding is spent as authorized by the terms of the agreement. A full financial audit will be required in preparation for developing and executing a new agreement. On October 20, 2020, the City Council approved a temporary deferral of rent payments for one year for the PDA’s use of the City-owned building at 333 Division Street in downtown Pleasanton. The temporary deferral was due to the reduced revenue from temporary restrictions due to the COVID-19 pandemic. On October 19, 2021, the City Council approved an extension of the temporary deferral of rent payments for an additional 14 months through December 2022, after which PDA was to begin paying the deferred amount of $27,580.34, which includes a Consumer Price Index (CPI) adjustment, over 26 months. The 2025 budget reflects a total monthly rent payment of $1,492.45, which includes the deferred monthly payment of $383.06 and the regular monthly rent payment of $1,109.39. Intent to Levy BID assessment for 2025 Adoption of the resolution included as Attachment 2 will accept the Downtown Pleasanton BID Advisory Board 2024 Annual Report and 2025 PDA Budget and set November 19, 2024, as the date of the public hearing to levy the BID assessment for 2024. EQUITY AND SUSTAINABILITY No outreach was conducted, as this item is a routine matter of City business. OUTREACH No outreach was conducted, as this item is a routine matter of City business. STRATEGIC PLAN ALIGNMENT Approval of this action advances the ONE Pleasanton strategic plan goal of Building a Community Where Everyone Belongs by ensuring the vibrancy of Pleasanton’s downtown as prioritized in the City's Economic Development Strategic Plan. FISCAL IMPACT The current agreement between the Downtown Pleasanton Business Improvement District and the City requires the City to match the annual assessments paid by businesses in the BID. In 2024, the City match from the General Fund is estimated to be approximately $80,000. While staff anticipates the 2025 annual assessments will similarly be around $80,000, the full amount of the City's matching funds will be considered based on future financial constraints. The current agreement expires on December 31, 2024; an updated agreement will be presented for the City Council's consideration in early 2025 in alignment with the property and business improvement district (PBID) feasibility study results. In addition to the direct City contribution, the City provides a significant amount in indirect funding which includes staff time to administer the PDA assessments and contract, assistance and support for events, as well as the cost to facilitate street closures, maintain downtown planters and parking lots, cleaning sidewalks, and additional garbage pickup. Page 13 of 218