1. Program Access Fund
The settlement shall include an annual commitment of $31 million per year for 30 years ($930 million), to be used for program access improvements and barrier removal, excluding new construction and alterations, commencing on the date the Judgement [sic] becomes final (the “Compliance Period”).
The City will have the discretion to determine the revenue sources it will use to meet the terms of this agreement.
The City will maintain the present value of the $31 million by adjusting the amount of the commitment by 15.3% every 5 years. The annual commitment will be as follows:
-
Years 1-5: $ 31,000,000 per year
-
Years 6-10: $ 35,743,000 per year
-
Years 11-15: $ 41,211,679 per year
-
Years 16-20: $ 47,517,066 per year
-
Years 21-25: $ 54,787,177 per year
-
Years 26-30: $ 63,169,615 per year
-
Grand Total: $ 1,367,142,684
During the 2014-15 Fiscal Year the City will spend $11 million to make Program Access Improvements (or for other expenditures to implement the Settlement Agreement). Therefore, the City may comply with its obligation for the first year by spending $20 million.
The amounts set forth are the targeted commitment of funds. If the total commitment is not met each year, the uncommitted portion of that year’s target will be utilized in subsequent years as soon as practical, but within no longer than the next three fiscal years. Excess commitments in any given year will be credited toward the target commitment in future years. In no fiscal year (other than the first year) shall the City spend less than $25 million as its Annual Commitment.
User Comments/Questions
Add Comment/Question