HomeMy WebLinkAbout2013-03-04 Ordinance 5188ORDINANCE NO. 5188
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR FISCAL YEAR 2013 TO
PROVIDE ADDITIONAL APPROPRIATION OF $2,600,000
FROM THE STANFORD UNIVERSITY MEDICAL CENTER
(SUMC) INFRASTRUCTURE, SUSTAINABLE NEIGHBORHOODS
AND COMMUNITIES, AND AFFODABLE HOUSING FUND TO
AMEND AND INCREASE THE EXISTING LOAN TO PALO ALTO
HOUSING CORPORATION FOR THE ACQUISITION OF TWO
PARCELS
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 18, 2012 did adopt a budget for Fiscal Year 2013; and
B. On November 18, 2012, the Council authorized the
Ci ty Ma:nager to issue a long-term loan for Three Million
Two Hundred Twenty Thousand Two Hundred Twenty Dollars
($3,220,220) to the Palo Alto Housing Corporation for the
acquisition of two parcels, located at 567~595 Maybell
Avenue for the purpose of developing the site into a 60-
unit affordable rental housing project for extremely-low
and very-low and low income seniors and a 15 unit market
rate single family residential subdivision; and
C. An additional short-term loan of Two Million Six
Hundred Thousand Dollars ($2,600,000) is needed to complete
the project; and
D. The 2011 Stanford University Medical Center (SUMC)
Development Agreement provided funds for use in connection
wi th infrastructure, sustainable neighborhoods and
communities, and affordable housing; and
E. The available balance in the
Sustainable Neighborhoods and Communities,
Infrastructure,
and Affordable
· Housing Fund is tourteen Million One Hundred Seventy Eight
Thousand Eighty-Seven Dollars ($14,178,087); and
F., City Council authorization is needed to amend the
Fiscal Year 2013 Operating Budget as hereinafter set forth.
SECTION 2. The sum of Two Million Six Hundred Thousand
Dollars ($2,600,000) i~ hereby appropriated to General
Expense in the Planning and Community Environment budget for
the purposes of increasing the existing loan and the
available balance of the SUMC Infrastructure, Sustainable
Neighborhoods and Communi ties, and Affordable Housing Fund
is hereby reduced to Eleven Million Five Hundred Seventy
Eight Thousand Eighty-Seven Dollars ($11,578,087).
SECTION 3, As specified in Section 2.28.080 (a) of the
Palo Alto Municipal Code, a two-thirds vote of the City
Council is required to adopt this ordinance.
SECTION 4. As provided in Section 2.04.330 of the Palo
Alto Municipal Code, this ordinance shall become effective
upon adoption.
SECTION 5. The Council of the City of Palo Al to
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: March 4, 2013
AYES: BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF,
SCHMID, SHEPHERD
NOES:
ABSTENTIONS:
APPROVED AS TO FORM:
APPROVED: ;J-.~
Mayor
Ci&~a~/~
~W:qr~VJ
Director of Planning and
Community Environment
Di
Services