HomeMy WebLinkAbout2014-12-08 Ordinance 5288Ordinance No. 5288
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING THE
BUDGET FOR FISCAL YEAR 2015 TO PROVIDE ADDITIONAL APPROPRIATION OF
$600,000 FROM THE RESIDENTIAL HOUSING IN-LIEU FUND FOR A lOAN TO THE
PALO ALTO HOUSING CORPORATION (PAHC) FOR PROPERTY AT 2811-2825 ALMA
STREET
The Counc.il 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 Palo Alto Housing Corporation is the owner of property located at 2811-2925
Alma Street, that provides low-income housing to Palo Alto residents; and
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. Due to funding constraints in 2011, the City was unable to provide the Palo Alto
Housing Corporation with the full amount requested for the purchase· of 2811-2925 which
required PAHC to secure supplementary financing from the Santa Clara Opportunity Fund in the
amount of $600,000 on an interim basis to purchase the property located at 2811-2925 Alma
Street; and
E. A loan of $600,000 from the Residential Housing In-Lieu Fund balance will be
committed to the Palo Alto Housing Corporation to offset the supplementary financing secured
from the Opportunity Fund.
SECTION 2. Therefore, the sum of Six Hundred Thousand Dollars ($600,000) is hereby
appropriated in the Residential Housing In-Lieu Fund for property at 2811-2825 Alma Street and
the ending fund balance in the Residential Housing In-Lieu Fund is decreased by Six Hundred
Dollars ($600,000).
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.
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5197/mb Revised September 20, 2013
INTRODUCED AND PASSED: December 8, 2014
AVES: BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF, SCHMID, SHEPHERD
NOES:
ABSENT:
ABSTENTIONS:
NOT PARTICIPATING:
ATIEST:
~
~ CityClerk
rney
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5197/mb Revised September 20, 2013