HomeMy WebLinkAbout2014-09-08 Ordinance 5269ORDINANCE NO. 5269
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR FISCAL YEAR 2015 TO PROVIDE
ADDITIONAL APPROPRIATION OF $200,000 FROM THE
RESIDENTIAL HOUSING IN-LIEU FUND FOR A LOAN TO 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 III
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
operator of the Colorado Apartments, located at
Avenue, that has provided low-income housing
seniors for over forty-years; and
the owner and
1141 Colorado
to Palo Alto
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
meets its Regional Housing Needs Allocation (RHNA) requirement
as mandated by the State of California; and
D. A loan of $200,000 from the Residential Housing In-Lieu
Fee Fund balance will be committed to the Palo Alto Housing
Corporation for the rehabilitation of the Colorado Apartments.
SECTION 2. The sum of Two Hundred Thousand
($200,000) is hereby appropriated to the Palo Alto
Corporation for the Colorado Apartments Rehabilitation
and the ending fund balance in the Residential Housing
Fund is hereby decreased by Two Hundred Thousand
($200, 000)
Dollars
Housing
Project
In-Lieu
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 proposed rehabilitation project is for
repair and maintenance of an existing structure and is exempt
from review under the California Environmental Quality Act
pursuant to CEQA Guidelines section 15301.
INTRODUCED AND PASSED: September 8, 2014
AYES:
NOES:
BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF,
SCHMID, SHEPHERD
ABSTENTIONS:
ABSENT.:
APPROVED AS