HomeMy WebLinkAboutORD 3493• ORIGINAL
ORDINANCE NO~ 3493
ORDINA.NCE OF THE COUNCIL OF' THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1983-84 TO
PROVIDE ADDITIONAL FUNDING TO THE LONG TERM DEBT
RETIREMENT FUND FOR TERMAN SCHOOL SITE ACQUISITION:
TO ESTABLISH fi,ND PP.OV!DE FUNDING l''OR CAPITAL
IMPROVEMENT PROJEC'r NO. 8 3-25 "TER~tAN OF F-SI'fE
HOUSING H1PROVC:MENT"; AND •ro PROVIDE FOR RECEIPT
OF REVENUE FROM THE r.rERMAN P, ... SSOCIA'I'ES
WHEREAS, pursuant to the provisions of Section 12 of Article III
of the Charter of the City of Palo Alto, the Council on June 27, 1983,
did adopt a budget for fiscal year 1983-84~ and
WHEREAS, the 1983-84 adopted budget ~~ovided $421,000 in appropri
ations to the Long Term Debt Ret: i r.ement Fund for payment of the 198 3
principal installment due for the Termarl School Site Acquisition~ and
WHEREAS 1 Counci 1 has detf:t:'mi.ned that an additional $441,7 50 is
required to ex ere ise an opt ion for the development of housing at the
Terman School Site1 and
WHEREAS, Community Development Block Grant Funds were used in the
amount of 29.6 pErcent of the City~ s cost; to purchase the housing
portion of ttle site, which funds are required to be returned to the
Reserve for Communi t.y Development Block Grant Funds upon subsequent
sale of the site~ and
WHEREASe Council desires to provide funding for off~site housing
improvements at Ter.man up to a maximum of $120,000; and
WHEREAS, the City shi'\ll ,receive payments from the Terman Associ
ates related to the ex.t:rcise of the option and construction of new
housing~
NOW, THEREFORE, the Ccuncil of the City of Palo Alto does ORDAIN
as follows:
SECTION 1. The sum of Four Hundred Forty-one Thousand Seven
Hundred Fifty Dollars ($441,750) is appropriated to t~e Long Term Debt
Retirement Fund for Terman School Site Acquisition, and thb Reserve for
Term.an Debt Retirement is cort'espondingly deca·eased.
SECTION 2... Estimated revenue is incl'eased to reflect receipt of
revenue from the Terman Associates in the amount of Nine Hundred 'rwenty
Thousand Dollars ($920,000) and reserves are ihcreased as follows: The
Reserve for Capital Projects is increased by Six Hundred Fcrty-seven
Thousand Six Hundred Eighty Dollars ( $647,680) and the Reserve for
Community Development Block Grant Funds is increased by T'IYO Hundred
Seventy-two Thousand Three Hundred Twenty Dollars ($272,320)~
• •
SECTION 3. Capital Improvement Project Noc 83-25 is hereby estab
lished for Terman Off-Site Housing Improvements~
SECTION 4. The sum of One Hundred Twenty Thousand Dollars
($120,000) is appropriated to Capital Improvement Project No, 83-25
MTerman Off-Site Housing Improvements" and the Reserve fo.r Community
Development Block Grant Funds is correspondingly decreased.
SEC'riON 5. Revenue from interest earnings shall be adjusted to
reflect the above-noted changes in Reserve Funds.
SECTION 6. An environmental impact assessment has been previously
pe:-fo-rmed-and· ·council finds that this project will have no significant
adverse environmental impact.
SEC'I'ION 7.. This ordinance shall become effective immediately as
provide;.r-fnsection 12 of Article III of the Charter and Section
2~04.375 of the Palo Alto Municipal Code.
INTRODUCED AND PASSED: December 5, 1983
AYES~ Bechte"!, Cobb, Eyerly, Fazzino, Fletchet~, Klein, Levyj Renze·l,
Witherspoon
N0.8S ~ Nr, ne
ABSTEN'l'IUNS: None
ABSENT: None
83/4-02