HomeMy WebLinkAbout2012-11-05 Ordinance 5170ORDINANCE NO. 5170
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR FISCAL YEAR 2013 TO
PRQVIDE ADDITIONAL APPROPRIATION OF $1,000,000
FROM THE STANFORD UNIVERSITY MEDICAL CENTER
(SUMC) INFRASTRUCTURE, SUSTAINABLE NEIGHBORHOODS
AND COMMUNITIES, AND AFFORDABLE HOUSING FUND FOR
A LOAN COMMITMENT FOR STEVENSON HOUSE
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 Cite¥' of Palo Alto, the Council on
June 18, 2012 did adopt a budget for Fisca~ Year 2013; and
B. The 2011 Stanford University Medical Center (SUMC)
Development Agreement ~provided funds for use in connection
and with infrastructure, sustainable neighborhoods and
communities, and affordable housing; and
C. Available balance in the Infrastructure,
Sustainable Neighborhoods and Communi ties, and Affordable
Housing Fund is Seven Million Five Hundred Eighty~three
Thousand, Three Hundred Thirty-three Dollars ($7,583,333);
and
D. An amount of One Million Seven Hundred Twenty
Thousand Four Hundred Eighty-eight Dollars ($1,720,488) was
specifically identified in the agreement to be used in the
same manner as fund~ collected by the City pursuant to its
housing fee ordinance; and
E. An allocation in the amount of One Million Dollars
($1,000,000) is needed for a loan commitment to Palo Alto
Senior Housing Project, Inc. (PASHPI); and
F. Funding for the loan will be transferred to the
Residential Housing In-Lieu Furid; and
G. City Council authorization is needed to amend the
Fiscal Year 2013 Operating Budget as hereinafter set forth.
SECTION 2. The sum of One Million Dollars ($1,000,000)
is hereby appropriated to Grants and Subsidies in the
Residential Housing In-Lieu Fund and the Affordable Housing
portion of the SUMC Infrastructure, .Sustainable
Neighborhoods and Communities, and Affordable Housing
balance is reduced by One Million Dollars ($1,000,000).
SECTION 3. The Affordable Housing portion of the SUMC
Development Agreement Fund is hereby reduced by One' Million
Dollars ($1,000,000) to Seven Hundred Twenty Thousand Four
Hundred Eighty-eight Dollars ($720,488).
SECTION 4. The balance of the Infrastructure,
Sustainable Neighborhood and Communities, and Affordable
Housing portion of the SUMC Development Agreement Fund is
reduced to Six Million Five Hundred Eighty-three Thousand
Three Hundred Thirty-three Dollars ($6,583,333).
SECTION 5. As specified in Section 2.28.080(a) of the
Palo Al to Municipal Code, a two-thirds vote of the City
Council is required to adopt this ordinance.
SECTION 6. As provided in Section 2.04.330 of the Palo
Alto Municipal Code, this ordinance shall become effective
upon adoption.
SECTION 7. 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: November 5, 2012
AYES: Burt, Espinosa, Holman, Klein, Price, Scharff, Schmid,
Shepherd, Yeh
NOES:
ABSTE~TIONS:
ABSENT:
ATTEST: APPROVED:
APPROVED AS TO FORM:
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Senior Dep~rney