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Home My WebLink About2014-10-27 Ordinance 5278ORDINANCE NO. 5278 ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING THE BUDGET FOR FISCAL YEAR 2015 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 PROGRM. 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 16, 2014 did adopt a budget for Fiscal Year 2015; 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. C. The City desires to expand, preserve, or improve affordable housing for persons and families of low and moderate income in the City of Palo Alto. D. On June 16, 2014 the City Council voted to amend the Fiscal Year 2014 budget for this action but due to a clerical error the funds were not encumbered and the appropriation was not utilized before the end of the fiscal year, resulting in the appropriation returning to fund balance. E. A contribution of $200,000 from the Residential Housing In-Lieu Fee Fund balance will be transferred 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 ($200,000) 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 ($200,000). 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: October 27, 2014 AYES: BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF, SCHMID, SHEPHERD NOES: ABSENT: ABSTENTIONS: NOT PARTICIPATING: ATTEST: ~-a:k 1J "' ~ CityClerk ~ APPROVED AST . APPROVED: