HomeMy WebLinkAbout2014-06-16 Ordinance 5253ORDINANCE NO. 5253
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR FISCAL YEAR 2014 TO
PROVIDE ADDITIONAL APPROPRIATION OF $200, 000 IN
THE RESIDENTIAL HOUSING IN-LIEU FEE FUND (FUND
233) FOR THE HOUSING TRUST SILICON VALLEY (HTSV)
AFFORDABLE HOUSING GRANT PROGRAM.
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
III of the Charter of the City of Palo Alto, the Council on
June 10, 2013 did adopt a budget for Fiscal Year 2014; and
B. The City's Housing Reserve Guidelines require that
funds be used to expand, preserve, or improve the supply of
low and moderate housing in the City as defined by the
City's Comprehensive Plan.
or improve
low and
C. The City desires to expand, preserve,
affordable housing for persons and families of
moderate income in the City of Palo Alto.
D. A contribution of $200,000 from the Residential
Housing In-Lieu Fee Fund balance will be granted to the
Housing Trust of Silicon Valley to provide financial
assistance for qualifying affordable housing projects
located within the City of Palo Alto.
SECTION 2. The sum of Two Hundred Thousand Dollars is
hereby appropriated to the Housing Trust of Silicon Valley
for affordable housing projects within the City of Palo Alto
and the ending fund balance in the Residential Housing In-
Lieu Fund is decreased by Two Hundred Thousand Dollars.
SECTION 3. As provided in Section 2.04.330 of the Palo
Alto Municipal Code, this ordinance shall become effective
upon adoption.
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:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
ATTEST:
BERMAN,
SCHARFF,
June 16, 2014
BURT, HOLMAN, KLEIN, KNISS, PRICE,
SCHMID, SHEPHERD
APPROVED:
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City Clerk 9c -
APPROVED AS TO FORM: