HomeMy WebLinkAbout2015-06-22 Ordinance 5331DocuSign Envelope ID: B2836ED1-09A4-4779-8B6B-46893BCEA8C7
Ordinance No. 5331
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING THE BUDGET
FOR FISCAL YEAR 2015 IN THE COMMERCIAL HOUSING IN-LIEU FUND TO RECOGNIZE
$73,000 IN ADDITIONAL PROCEEDS FROM THE SALE OF PROPERTY LOCATED AT 1259
PINE STREET AND TRANSFER AN ADDITIONAL APPROPRIATION OF $375,000 FROM
THE COMMERICAL HOUSING IN-LIEU FUND TO BE TRANSFERRED TO THE
RESIDENTIAL HOUSING IN-LIEU FUND FOR AN INTER-FUND LOAN FOR A PERIOD OF
ONE-YEAR FOR USE BY THE PALO ALTO HOUSING CORPORATION TO REHABILITATE
AND DEED RESTRICT THREE UNITS LOCATED AT 110-130 ELDORADO
The Council of the City of Palo Alto does ORDAIN as follows:
SECTION 1. The Council of the City of Palo Alto finds and determines as follows:
A. Pursuant to the provisions of Section 12 of Article Ill of the Charter of the City of
Palo Alto, the Council on June 16, 2014 did adopt a budget for Fiscal Year 2015; and
B. The Palo Alto Housing Corporation is the owner of property located at 2811-
2825 Alma/110-130 El Dorado, that provides low-income housing to Palo Alto residents;
and
C. The City's Affordable Housing Fund Guidelines require that funds be used to
expand, preserve, or improve the supply of low and moderate income housing in the City as
defined by the City's comprehensive plan and this project will help the City meet its
Regional Housing Needs Allocation (RHNA) requirement as mandated by the State of
California; and
D. In 1980, the City sold a single-family home located at 1259 Pine Street to the
Palo Alto Housing Corporation (PAHC) for the express purpose as lower income housing, a
use that PAHC has continuously maintained since that time. Given the high property values
in Palo Alto, equity in the 1259 Pine Street property can be utilized more efficiently to
address affordable housing needs elsewhere in Palo Alto. The PAHC has requested
approval from the City to sell a single-family property located at 1259 Pine Street of which
$73,000 will be paid to the City upon the close of escrow; and
E. The City's proceeds from 1259 Pine Street ($73,000) in addition to a
supplemental appropriation of $302,000 from the Commercial Housing In-Lieu Fund, for a
total of $375,000, will be loaned to the Residential Housing In-Lieu Fund for the
rehabilitation and deed restricting of existing units located at 110-130 El Dorado.
SECTION 2. Therefore, the sum of Seventy Six Thousand Dollars ($73,000) is
hereby recognized in the Commercial Housing In-Lieu Fund as proceeds from the sale of
property located at 1259 Pine Street.
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SECTION 3. The sum of Three Hundred Seventy Five Thousand Dollars ($375,000) is
hereby appropriated in the Commercial Housing In-Lieu Fund as a transfer out to the
Residential Housing In-Lieu Fund as an inter-fund loan and the ending fund balance in the
Commercial Housing In-lieu Fund is decreased by Three Hundred Seventy Five Thousand
Dollars ($375,000).
SECTION 4. The sum of Three Hundred Seventy Five Thousand Dollars ($375,000) is
hereby transferred in to the Residential Housing In-lieu Fund.
SECTION 5. The sum of Three Hundred Seventy Five Thousand Dollars ($375,000) is
hereby appropriated in the Residential Housing In-Lieu Fund for the rehabilitation and deed
restriction of properties located at 110-130 El Dorado and the ending fund balance in the
Residential Housing In-Lieu Fund is decreased by Three Hundred Seventy Five Thousand
Dollars ($375,000).
SECTION 4. 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.
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Revised June 22, 2015
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SECTION 5. 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.
INTRODUCED AND PASSED: June 22, 2015
AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID,
WOLBACH
NOES:
ABSENT:
ABSTENTIONS:
NOT PARTICIPATING:
ATIEST:
~~/
City Clerk
APPROVED AS TO FORM:
(F''S1:r
C2CEDDB4ABC3429 ...
Senior Assistant City Attorney
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Mayor
APPROVED:
QDocuSigned by:
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City Manager
"DocuSigned by:
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Director of Administrative Services
Director of Planning Community and
Environment
Revised June 22, 2015
Envelope Number: B2836ED1 09A447798B6B46893BCEA8C7
Subject: Please DocuSign this document: BAO 5331 -PAHC Loan FINAL.pdf
Source Envelope:
Document Pages: 3
Certificate Pages: 5
AutoNav: Enabled
Envelopeld Stamping: Enabled
Status: Original
6/25/2015 4:10:25 PM PT
Cara Silver
cara.silver@cityofpaloalto.org
Senior Assistant City Attorney
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 6/25/2015 4:24:24 PM PT
ID: Od03597 4-8303-4418-b0c3-53624c48dd 12
Hillary Gitelman
Hillary. Gitelman@CityofPaloAito.org
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 6/26/2015 10:33:38 AM PT
ID: 7 a 7 cffc8-4033-4af7 -9213-d02d9ca5725e
Lalo Perez
Lalo.Perez@CityofPaloAito.org
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 6/26/2015 5:02:01 PM PT
ID: 6055d6a3-6dad-463d-bb07 -99219d457def
James Keene
james.keene@cityofpaloalto.org
City Manager
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 4/14/2015 5:40:07 PM PT
ID: 44fe333a-6a81-4cb 7 -b 7d4-925473ac82e3
Signatures: 4
Initials: 0
Holder: Kim Lunt
kimberly.lunt@cityofpaloalto.org
(F~"'sit:r
C2CEDD84ABC3429 ...
Using IP Address: 71.202.23.252
Using IP Address: 199.33.32.254
"DocuSigned by:
L.:'~ /)_..~
B2AOF35E07C5496 ...
Using IP Address: 162.232.168.58
Signed using mobile
0DocuSigned by:
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Using IP Address: 199.33.32.254
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Status: Completed
Envelope Originator:
Kim Lunt
250 Hamilton Ave
Palo Alto , CA 94301
kimberly.lunt@cityofpaloalto.org
IP Address: 199.33.32.254
Location: DocuSign
Sent: 6/25/2015 4:13:23 PM PT
Viewed: 6/25/2015 4:24:24 PM PT
Signed: 6/25/2015 4:24:34 PM PT
Sent: 6/25/2015 4:24:35 PM PT
Viewed: 6/26/2015 10:33:38 AM PT
Signed: 6/26/2015 10:33:49 AM PT
Sent: 6/26/201510:33:51 AM PT
Viewed: 6/26/2015 5:02:01 PM PT
Signed: 6/26/2015 5:05:19 PM PT
Sent: 6/26/2015 5:05:20 PM PT
Viewed: 6/29/2015 8:03:46 PM PT
Signed: 6/29/2015 8:03:59 PM PT