HomeMy WebLinkAbout2009-03-02 Ordinance 5030ORDINANCE NO. 5030
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 2008-09 TO
PROVIDE AN APPROPRIATION OF $2,000,000 FOR THE ACQUISTION
OF RESIDENTIAL PROPERTY IN ACCORDANCE WITH THE HOUSING
ASSISTANCE PROVISION OF THE CITY MANAGER'S EMPLOYMENT
AGREEMENT
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June 09,
2008 did adopt a budget for fiscal year 2008-09; and
WHEREAS, in accordance with the City Manager's employment
agreement, the City is provide up to $1,500,000 towards the purchase
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home's equity in proportion to the cost of the home and the City's
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WHEREAS, in addition, in accordance with the City Manager's
employment agreement, the City will provide a $500,000 loan to the
City Manager with a 30 year term, with an interest rate of %5.5
percent or the sum of the City's portfolio rate plus one-quarter
percent, whichever is lower.
WHEREAS, the City Charter and the City Manager's employment
agreement require the City Manager to live within the City of Palo
Al to. The City Manager is currently exploring several housing
options that meet the parameters of the housing requirement.
WHEREAS, City Council authorization is needed to amend the
2008-09 budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. The sum of Two Million Dollars ($2,000,000) is
hereby appropriated to non-salary expenses in the Property
Management Functional Area of the Administrative Services
Department, and the Budget Stabilization Reserve is correspondingly
reduced.
SECTION 2. This transaction will reduce the Budget
Stabilization Reserve from $22,926,089 to $20,926,089.
SECTION 3. 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 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.
SECTION 5. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: March 02, 2009
AYES: BARTON, BURT, DREKMEIER, ESPINOSA, KISHIMOTO, KLEIN,
MORON, SCHMID, YEH
NOES:
ABSTENTIONS:
ABSENT:
;;;a;~Cf ~Jw City Clerk
ttorney
APPROVED:
Mayor
Di
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