HomeMy WebLinkAbout1996-10-07 Ordinance 4375ORDINANCE NO. 4375
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1996-97 TO
RECEIVE FUNDS FROM THE SALE OF REAL PROPERTY, MEADOWS
WELL SITE, 3896 DLUNCAN PLACE
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June
24, 1996 did adopt a budget for fiscal year 1996-97; and
WHEREAS, on June 10, 1996, Council approved a Request fur Bid
Proposals (RFBP) for the sale of the Meadows Well site; and
WHEREAS, staff recommends that Council accept the high bid in
the amount of $329,025 for the purchase of the .,ice, an;
{WHEREAS, Council directed that 25 percent of the purchase price
for the Meadows Well site be placed in the City's Residential
Mousing In -Lieu Fund; and
WHEREAS, City Council authorization is needed to amend ti:e
1996-97 budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. Sale of Property revenue in the General Fund is
increased by the sum of Two Hundred Forty Six Thousand Seven Hundred
Sixty Nine Dollars ($246,769), and the Budget Stabilization Reserve
is correspondingly increased.
$ECTION 2. This transaction will increase the Budget
Stabilization Reserve from $15,839,622 to $16,086,391.
SECTION 3. Sale of Property revenue in the Residential Housing
In -lieu Fund is increased by the sum of Eighty Two Thousand Two
Hundred Fifty Six Dollars ($82,256), and the Housing In -Lieu Fund
Reserve is correspondingly increased.
SECTION 4. This transaction will repay the loan from the
Commercial Housing In -Lieu reserve to the Residential Housing In -
Lieu reserve and the Residential In -Lieu Reserve balance will be
$30,814. The overall Housing In -Lieu Reserves will increase from
$524,172 to $606,428.
SECTION 5. As specified in Section 2.28.080(a) of the Palo
Alto Municipal Code, a two-thirds vote of the City Council is
required to adopt this ordinance.
SECTION 6,. The Council of the City of Palo Alto hereby finds
that the enactment of this ordinance is not a project under the
California Environmental Quality Act and, therefore, no
environmental impact assessment is necessary.
SECTION 7. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: October 7, 1996
AYES: ANDERSEN, FAZZINO, HUBER, KNISS, MCCOWN, ROSENBAUM, SCIUVEI➢ER, WHEELER
NOES:
ABSTENTIONS:
ABSENT : SIMITIAN
ATTEST:
APPROVED AS TO FORM:
c -ate _ t i .
Senior Asst. City Attorney
THIS DOCUMENT IS CERTIFIED TO SE AN
^IJLY PASSEL, BY THE COJ'JCIL
CF T.. .. :,r Pos., ALTO AND
TFi :' .'OSTEL' T' GQ U 'CIL.
Cf,C_. )N _/O Jtib (WITHIN 19
DAAYt •,f ITS PA: JA E)
"I cart,N for dccl4re) under penalty
of per{urY t + r the foregoing us true
4,1 correct"
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Slgaatatn
At PROVED:
or
y Manager
Deputy City
Administrative
Department
4-0
Manager,
Services