HomeMy WebLinkAbout2015-12-07 Ordinance 5365DocuSign Envelope ID: FAFC6C1 B-B01 D-4251-969A-4D50EF31 EEAO
Ordinance No. 5365
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING
THE BUDGET FOR FISCAL YEAR 2016 TO PROVIDE ADDDITIONAL
APPROPRIATION OF $203,561 FROM THE RESIDENTIAL HOUSING IN-LIEU
FUND FOR A LOAN OT THE PALO ALTO HOUSING CORPORATION (PAHC)
FOR THE COLORADO APARTMENTS REHABILITATION
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 15, 2015 did adopted a budget for Fiscal Year 2016; and
B. In 2014, the City Council approved a $200,000 loan to the Palo Alto Housing
Corporation (PAHC} for the rehabilitation of the Colorado Park Apartments from the
Residential Housing In-Lieu Fund (Fund 233}; and
C. The final loan agreement amount with the PAHC approved by the City Council in
2014 totaled $203,561; and
D. The terms of the loan include simple interest at 3% per annum to be paid from
residual receipts that exceed the project's net operating expenses, with no interest accrual
and no payments required until the completion of the rehabilitation work; and
E. $200,000 of the necessary funding was identified for this purpose and set aside
in the Residential Housing In-Lieu Fund in Fiscal Year 2015; and
F. The City Council's appropriation to support this work lapsed at the end of Fiscal
Year2015;and
G. The PAHC has proceeded with the rehabilitation and requested the processing of
the $203,5611oan;
SECTION 2. Therefore, the sum of two hundred three thousand five hundred and sixty-
one dollars ($203,561} is hereby appropriated in the Residential Housing In-Lieu Fund for
the rehabilitation of the Colorado Park Apartments, offset by a corresponding reduction to
ending fund balance in the Residential Housing In-Lieu of two hundred three thousand five
hundred and sixty-one dollars ($203,561}.
SECTION 3. As provided in Section 2.04.330 of the Palo Alto Municipal Code, this
ordinance shall become effective upon adoption.
1
6308/sg Revised November 5, 2015
DocuSign Envelope 10: FAFC6C1 B-B01 D-4251-969A-4050EF31 EEAO
SECTION 4. 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 : December 7, 2015
AYES: BERMAN, DUBOIS, FILSETH, HOLMAN, KNISS, SCHMID, WOLBACH
NOES:
ABSENT: BURT
ABSTENTIONS: SCHARFF
NOT PARTICIPATING:
ATIEST:
City Clerk
APPROVED AS TO FORM:
Senior Assistant City Attorney
2
6308/sg
I
Mayor
APPROVED:
QDocuSigned by:
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39E7298FB206408 ...
City Manager
Director of Planning & Community
Environment
"DocuSigned by:
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229154BC80A6476 ...
Director of Administrative Services
Revised November 5, 2015
(. < • -•. ertlflcat~ ,Qf Completion -. "' ' :. ~
Envelope ld: FAFC6C1 BB01D4251969A4D50EF31 EEAO
Subject: Please DocuSign this document: BAO 5365 -Colorado Park Apartments. pdf
Source Envelope:
Document Pages: 2
Certificate Pages: 5
AutoNav: Enabled
Envelopeld Stamping: Enabled
Signatures: 4
Initials: 0
Time Zone: (UTC-08:00) Pacific Time (US & Canada}
, .· ecord ir.acklng··
I• , . • .
Status: Original
12/9/2015 8:17:33 AM
~~~ner:·Events
Cara Silver
cara.silver@cityofpaloalto.org
Senior Assistant City Attorney
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 7/15/2015 5:07:16 PM
ID: 11910ed1-61d1-4ff3-9cf9-f4eb5a0768e2
Lalo Perez
Lalo.Perez@CityofPaloAito.org
Chief Financial Officer
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered
ID:
Hillary Gitelman
Hillary.Gitelman@CityofPaloAito.org
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered
ID:
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
I D: 44fe333a-6a81-4cb 7 -b 7 d4-9254 73ac82e3
Holder: Kim Lunt
kimberly.lunt@cityofpaloalto.org
. . -~ ~ ... Signature
''
Using IP Address: 73.170.33.28
GDocuSigned by:
f,t. PM~
229154BC60AS476 ...
Using IP Address: 199.33.32.254
Signed using mobile
Using IP Address: 199.33.32.254
00ocu5Jgned by:
~:2:t!
Using IP Address: 24.7.29.7
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il stCUIID
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: 12/9/2015 8:20:50 AM
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Signed: 12/9/2015 9:45:21 AM
Sent: 12/9/2015 9:45:23 AM
Viewed: 12/28/2015 8:39:15 AM
Signed: 12/28/2015 8:39:24 AM