HomeMy WebLinkAbout2009-03-02 Ordinance 5031i
ORDINANCE NO. 5031
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 2008-09 TO
PROVIDE AN ADDITIONAL APPROPRIATION OF $300,000 FROM
THE RESIDENTIAL HOUSING FUND FOR THE ACQUISITION OF
488 WEST CHARLESTON ROAD AND THE DEVELOPMENT OF THE
SITE INTO AN AFFORDABLE HOUSING PROJECT.
WHEREAS, pursuant to the provisions of Section 12 of
Article III of the Charter of the City Palo Alto, the Council on
June 9, 2008 did adopt a budget for fiscal year 2008-09; and
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Development Block Grant (CDBG) Funds and $1,000,000 in
Residential Housing Funds for the acquisition by Palo Alto
Housing Corporation of 488 West Charleston Road in the 2008-09
Budget for the purpose of developing the site into a 3 5-uni t
housing project affordable to extremely-low and very-low income
households; and
WHEREAS, additional funding in the amount of $300,000 is
needed from the unallocated Residential Housing Fund balance to
the project to complete the purchase of the 488 West Charleston
Road property; and
WHEREAS, the appropriation of additional funds from the
Residential Housing Fund is for one-time cost and no future
ongoing costs are anticipated; and
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 Three Hundred Thousand Dollars
($300,000) is hereby transferred from the unallocated
Residential Housing Fund balance to appropriate non-salary
expense in Residential Housing Fund Account 60233022-33460.
SECTION 2. This transaction will reduce the unallocated
Residential Housing Fund balance from $927,458 to $627,458.
SECTION 3. The unallocated Residential Housing Fund
balance will be replenished with Three Hundred Thousand Dollars
($300,000) of FY 2009-10 CDBG funds after the U. S. Department
of Housing and Urban Development approves the City's 2009 10
CDBG Annual Action plan.
SECTION 4. As specified Section 2.28.080 (a) of
Palo Alto Municipal Code, a two-thirds vote of the City Council
1S red to adopt this ordinance.
provided Section 2.04. 330 of the Palo
Al ordinance shall become effective
adoption.
INTRODUCED AND PASSED: March 02, 2009
AYES: BARTON, BURT, DREKMEIER, ESPINOSA, KISHIMOTO,
KLEIN, MORTON, SCHMID, YEH
NOES:
ABSTENTIONS:
ABSENT:
APPROVED:
rkD~
Mayor
APPROVED AS TO FORM:
Interim Planning
and Community Environment