HomeMy WebLinkAbout2012-11-19 Ordinance 5171ORDINANCE NO. 5171
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR FISCAL YEAR 2013 TO
PROVIDE ADDITIONAL APPROPRIATION OF $400,000 FROM
THE COMMERCIAL HOUSING IN-LIEU FUND AND
ADDITIONAL APPROPRIATION OF $720,220 FROM THE
STANFORD UNIVERSITY MEDICAL CENTER (SUMC)
INFRASTRUCTURE, SUSTAINABLE NEIGHBORHOODS AND
COMMUNITIES, AND AFFODABLE HOUSING FUND TO BE
LOANED 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 Al to 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. The City desires to make a long-term loan to the Palo
Al to Housing Corporation for the acquisition of two parcels,
located at 567-595 Maybell Avenue for the purpose of developing
the site into a 60-uni t affordable rental housing proj ect for
extremely-low and very-low and low income seniors and a 15 unit
market rate single family residential subdivision; and
C. The loan totals Three Million Two Hundred Twenty
Thousand Two Hundred Twenty Dollars ($3,220,220); and
D. The 2011 Stanford University Medical Center (SUMC)
Development Agreement provided funds for use in connection with
infrastructure, sustainable neighborhoods and communi ties, and
affordable housing; and
E. Available balance in the Affordable Housing portion of
the Infrastructure, Sustainable Neighborhoods and Communities,
and Affordable Housing Fund is Seven Hundred Twenty Thousand
Four Hundred Eighty-eight dollars ($720,488); and
F. One Million Dollars ($1,000,000) has already been
appropriated by Council in the Residential Housing In-Lieu Fund;
and
G. One Million One Hundred Dollars ($1,100,000) has been
appropriated by Council in the Commerc:i,al Housing In-Lieu Fundi
and
H. An additional appropriation of Four Hundred Thousand
Dollars ($400,000) is needed for the Commercial Housing In-Lieu
Fundi and
I. An appropriation in the amount of Seven Hundred Twenty
Thousand Two Hundred Twenty Dollars ($720,220) is needed for the
SUMC Fund to be transferred to the Residential Housing In-Lieu
Fund for the loan to Palo Alto Housing Corporation (PAHC)i and
J. A summary of the funding needed is shown in the table
below
Source of funds Already Needs Total to project
budgeted appropriation
Residential
Housing In-Lieu
$1,000,000 $0 $1,000,000
Commercial
Housing In-Lieu $1,100,000 $400,000 $1,500,000
SUMC affordable
housing only $720,220 $720,220
Total loan $3,220,220
iand
K. City Council authorization is needed to amend the Fiscal
Year 2013 Operating Budget as hereinafter set forth.
SECTION 2. The sum of Four Hundred Thousand Dollars
($400,000) is hereby appropriated to Grants and Subsidies in the
Commercial Housing In-Lieu budget and the available balance of
the Commercial Housing In-Lieu Fund is hereby reduced to Eighty-
one Thousand Six Dollars ($81,006).
SECTION 3. The sum of Seven Hundred Twenty Thousand Two
Hundred Twenty Dollars ($720,220) 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 Communi ties, and Affordable
Housing balance is reduced to Two Hundred Sixty-eight Dollars
($268)
SECTION 4. As specified in Section 2.2S.0S0(a) of the Palo
Alto Municipal Code, a two~thirds vote of the City Council is
required to ~dopt this ordinance.
SECTION 5. As provided in Section 2.04.330 of the Palo Alto
Municipal Code, this ordinance shall become effective upon
adoption.
SECTION 6. 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: November 19, 2012
AYES: BURT, ESPINOSA,
SHEPHERD, YEH
HOLMAN, KLEIN, PRICE,
NOES:
ABSTENTIONS:
ABSENT: SCHARFF
APPROVED AS TO FORM:
f ,
\ ..
APPROVED:
Marir¥= 1-~4~ ~~ity Manager
~~ Director of Planning and
Communit Environment
SCHMID,