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ORDINANCE NO. 2014 -21 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH, CALIFORNIA AMENDING NEWPORT <br />BEACH MUNICIPAL CODE SECTIONS 12.44.025 AND 12.44.027 <br />AND ADDING SECTION 12.44.029 RELATING TO PARKING <br />FUNDS (PA2014 -016) <br />WHEREAS, it has been a long- standing goal of the City of Newport Beach ( "City') to <br />revitalize Balboa Village and to expand its vibrant commercial village serving both visitors and <br />residents; <br />WHEREAS, in 2012, the City evaluated the area to establish policies and programs to <br />spur economic activity and manage existing parking, which resulted in the adoption of the <br />Balboa Village Master Plan; <br />WHEREAS, the Balboa Village Master Plan established a comprehensive parking <br />strategy to better manage existing parking resources before resorting to the construction of <br />new parking, and proposed the establishment of a parking benefit district to provide funding for <br />improvements to Balboa Village; <br />WHEREAS, Pursuant to the authority provided in Section 1113 of the City Charter, the <br />City created the Off - Street Parking Facilities Fund and the Neighborhood Enhancement <br />Reserve in Newport Beach Municipal Code ( "NBMC ") Sections 12.44.025 and 12.44.027; <br />WHEREAS, the reserve funds are inviolate so that the funds currently deposited into the <br />reserves are utilized for the express purposes provided in NBMC Sections 12.44.025 and <br />12.44.027; however, additional parking meter revenue may be deposited into these funds by <br />resolution: and <br />WHEREAS, the City desires to create a new fund, entitled the Area Benefit District <br />Reserve which will encompass the purposes of both the Off - Street Parking Facilities Fund and <br />the Neighborhood Enhancement Reserve while also supporting broader transportation- related <br />improvements and services in Balboa Village. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH <br />DOES HEREBY ORDAIN AS FOLLOWS: <br />Section 1: Section 12.44.025 of the Newport Beach Municipal Code is hereby <br />amended to read as follows: <br />12.44.025 Creation of Off - Street Parking Facilities Fund. <br />Pursuant to the authority contained in Section 1113 of the City Charter, a <br />special capital improvement fund to be known as the Off - Street Parking <br />Facilities Fund is created. By resolution, the City Council may direct <br />revenue into the Off - Street Parking Facilities Fund. <br />