HomeMy WebLinkAbout1996-11-04 Ordinance 4386. •
ORDINANCE NO.
4386
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING
THE BUDGET FOR THE FISCAL YEAR 1996-97 TO PROVIDE AN
ADDITIONAL APPROPRIATION FOR PRESERVATION OF A BELOW MARKET
RATE UNIT AT 922 BAUTISTA COURT
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, the BMR unit at 922 Bautista Court has been over -financed
by the owner and is in danger of foreclosure; and
WHEREAS, in order to retain the unit in the BMR program, the City
must expend $130,000 to acquire and repair such unit, and then sell the
unit with BMR deed restrictions; and
WHEREAS, the City will recoup this cost through sale of the uni
and
WHEREAS, this funding will come from the Residential Housing -In -
Lieu Fund, which will require a loan of $100,000 from the Commercial
Housing -In -Lieu Fund to be repaid in full at a later date plus $30,000
from the Housing -In -Lieu Residential Reserve; and
WHEREAS, City Council authorization is needed to amend the 1996-97
budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Alto does ORDAIN
as follows:
SECTION 1. The sum of One Hundred Thousand Dollars ($100,000) is
hereby transferred from the Commercial Housing -In -Lieu Fund Reserve to
the Residential Housing -In -Lieu Fund, a receivable is established in
the Commercial Housing -In -Lieu Fund, and a loan payable is established
in the Residential Housing -In -Lieu Fund. This transaction will
decrease the Commercial Housing -In -Lieu Reserve and correspondingly
increase the Reserve for Notes Receivable for said fund.
SECTION 2. This transaction will reduce the Housing -In -Lieu
Commercial Fund reserve from $396,102 to $296,102.
,SECTION 3. The sum of One Hundred Thirty Thousand Dollars
($130,000) is hereby appropriated to nonsalary expenses in the Housing -
In -Lieu Residential Fund, of which no more than $10,000 is authorized
to be spent on repair and maintenance, and the remainder is authorized
APPROVED:
Depu y City
Administrative
Department
anager,
Services
•
-1444,446-e S,Jvutig_
Director of Planning and
Community Environment
to be spent as needed to acquire the property. The Residential
Housing -In -Lieu reserve is reduced by $30,000.
,SECTION 4. This transaction will reduce the Housing -In -Lieu
Residential Fund reserve from $30,813 to $813.
SECTION 5. As specified in Section 2.28.080(a) o
Municipal Code, a two-thirds vote of the City Council
adopt this ordinance.
the Palo Alto
s required to
SE TION 6. The Council of the City of Palo Alto hereby finds that
this 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.
TN
RODUCED AND PASSED: November 4, 1996
AYES: ANDERSEN, HUBER, KNISS, MCCOWN, ROSZNRAUM, SCHNEIDER, SIMITIAN, WHEELER
NOES:
ABSTENTIONS
ABSENT: FAZZINO
ATTEST:
C' v erk
APPROVED AS TO FORM:
11111-1A...0-4,",
nior Asst. City Attorney
OR�D4P .10E A� TIS CERMED HE AN
OF Tit: CITY OF PALO ALTO ANO
T}tERr=rp. iER POST D IN
CHAtS11 =_ r: ^ DN
DAYS PASSAGE)
"1 certityter declare) under penalty
al perjury that the foregoing is true
coeroct."