§ 12-6-3. PARKING BENEFIT DISTRICT REQUIREMENTS.

(A)

A district must include at least 96 paid parking spaces, the minimum number of spaces required to pay for the expenses of maintaining and operating parking pay stations and meters in the district.

(B)

At the time that a district is created, the required paid parking spaces may include both existing and new spaces.

(C)

Fifty-one percent of the funds from the paid parking spaces within the district that is in excess of the cost of maintaining and operating parking pay stations and meters shall be set aside to pay for improvements within the district.

(D)

Funds from the paid parking spaces may be used in conjunction with other city funds available for neighborhood improvements within the district.

(E)

The director shall determine the timing and order in which the improvements identified in the ordinance creating the district will be initiated.

(F)

Unless terminated earlier by Council, a district shall remain in existence until each improvement identified in the ordinance creating the district is complete.

(G)

The City may terminate a district if paid parking spaces do not generate more than the amount needed to pay all annual expenses.

Source: Ord. 20111006-053.