AGENDA #4L

MEMORANDUM

TO:	Roger L. Stancil, Town Manager
FROM:	Loris Colclough, Interim Finance Director
SUBJECT:	Budget Ordinance Amendment for the Downtown Parking Study
DATE:	November 7, 2007

PURPOSE

The purpose of this memorandum is to appropriate in accordance with North Carolina General Statutes an amount necessary for a downtown parking study in conjunction with the Chapel Hill Downtown Partnership.  Enactment of the attached budget ordinance would appropriate an additional $27,025 contracted services for payment to the Chapel Hill Downtown Partnership for the downtown parking study from fund balance of the Downtown Service District Fund.

BACKGROUND

The Downtown Service District Fund was established to assist with programs and capital improvements for downtown Chapel Hill. The fund accounts for a special district property tax at the current rate of 9.0 cents.

DISCUSSION

The Chapel Hill Downtown Partnership has received a proposal from Rich Associates to perform a downtown parking study with the work to begin in November 2008.  The accompanying budget ordinance amendment will allocate an additional $27,025 to the Chapel Hill Downtown Partnership for this purpose.

RECOMMENDATION

That Council enact the attached budget ordinance amendment to appropriate $27,025 of fund balance in the Downtown Service District Fund to pay for the cost of a downtown parking study that will be conducted under a consulting agreement between Rich & Associates and the Chapel Hill Downtown Partnership.