PLEASANTON DOWNTOWN ASSOCIATION - DOWNTOWN PLEASANTON BUSINESS IMPROVEMENT DISTRICT

5 the Association from sources other than the revenue received pursuant to this Agreement (e.g., contributions, events). (b) City staff will meet at the beginning and end of each fiscal year, and as necessary, with the Executive Director and the Executive Committee to ensure funding is spent as authorized by the City Council. 7. FINANCIAL REPORTS. The Association, upon request by the City, shall submit to the City Economic Development Manager, City Finance Director, or designee, a monthly income statement and an updated balance sheet indicating the Association’s current financial position. Said reports may be provided as part of the Association’s monthly Board of Directors meeting materials. 8. PAYMENTS. (a) The City Finance Director is authorized to establish a mutually acceptable schedule for partial payments or advances to the Association based on anticipated revenues. (b) If any provision stated herein is not satisfied by the Association, the City reserves the right to withhold payment to the Association, and if necessary, to take action to terminate this Agreement. 9. INDEPENDENT AUDIT. The Association shall maintain all records regarding this Agreement. The Association shall employ, at its sole expense, the services of a qualified independent Certified Public Accountant who shall annually examine the books, records, inventories and reports of the Association and its officers and employees who receive, handle, or disburse finds obtained by the Association from City pursuant to this Agreement. A review may be performed, rather than a full audit; however, a minimum of one (1) full audit shall be performed every five (5) years, or sooner as requested by the City Finance Director. The first full audit shall be performed for the year ending December 31, 2024. Should the City Finance Director determine a full audit is necessary, the City Finance Director shall request the Association to conduct a full audit at the Association’s sole expense. A copy of any review/audit undertaken by the Association shall be submitted to the City Economic Development Manager and City Finance Director no later than June 30 of each year. 10. SPECIAL EVENTS AND STREET CLOSURES. Special events can be of mutual benefit to the community at large and to the Association, but too many special events can become a burden for downtown residents and surrounding property owners. To continue the cooperative working relationship between the Association and its surrounding neighbors, street closures by the Association shall be limited to no more than five per calendar year. Promotion companies may be used for special events subject to the mutual approval the Parties. Docusign Envelope ID: F8FB1108-2F99-4460-9D5D-2DB9B012961BDocusign Envelope ID: C41547DB-5DA5-405A-B67D-AAB02BFAF329