According to the Culver City Website, “Culver City is now at a critical juncture. Unless City revenues are increased, City leaders will need to make further significant cuts to public safety and other essential City services.
Measure Y will assist in raising such revenues through a temporary one-half cent sales tax that will generate nearly $8 million annuall.
Sounds like a start. It would mean a half-cent sales tax increase that goes directly to Culver City for 10 years. If State Measure 30 passes, then we would have another ¼ cent tax increase statewide, for four years, to fund schools. Culver Sales tax would then be 9.50%.
What assets have Culver City not utilized to generate over $2 million a year since 2010? Parking.
Will Downtown Culver City have $60 million in taxable sales in one year?
If Measure Y passes then $300,000 would be generated from $60 million in sales.
Will Downtown Culver City have $30 million in taxable sales in six months?
If Measure Y passes then $150,000 would be generated from $30 million in sales.
The same $150,000 has been lost since the suspension of Downtown extended meter hours for the last six months.
Will Downtown Culver City have $5,000,000 in taxable sales in one month?
If Measure Y passes then $25,000 would be generated from $5 million in sales.
The same $25,000 per month has been lost since the suspension of extended meter hours Downtown six months ago.
A special interest group complained to the City in March about the meter hours and in April got the City to cut the meter hours until July 10, 2012.
The suspension of extended meter hours was required by resolution to expire on July 10. It has not.
A $100 dinner and drinks would generate 50 cents in Measure Y sales tax. A parking meter generates the same 50 cents in 20 minutes.
Two hours of meter parking generates $3. It would take $600 of dinner and drinks if Measure Y passes, to make the same $3!
Besides the $300,000 annual extended meter hour revenue, Culver City has had the potential to generate $1.8 million additional annual revenue from the Downtown parking structures since 2010. Charge market rate for the asset. Chase Bank, across from Kirk Douglas Theatre, just started charging parking rates (after 6:30PM) that start at $2 for 30 minutes with a $15 maximum! Add the City Meters and City Structures together and you get $2.1 million in new revenue for Culver City from just Downtown!
To put it in perspective it would take $420 million in taxable sales (under Measure Y) in Downtown to generate the same $2.1 million from parking!