HomeMy WebLinkAbout2005-04-11 Ordinance 4867ORDINANCE NO. 4867
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING
THE BUDGET FOR THE FISCAL YEAR 2004-05 TO PROVIDE AN
ADDITIONAL APPROPRIATION OF $266,900 FOR PRESERVATION OF TWO
BELOW MARKET RATE UNITS AT 777 SAN ANTONIO ROAD, UNIT 57 AND
444 SAN ANTONIO ROAD, UNIT 1D
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 28, 2004
did adopt a budget for fiscal year 2004-05; and
B. The acquisition of the Below Market Rate (BMR) housing units
at 777 San Antonio Road, Unit 57 which was approved by Council on
February 7, 2005 and 444 San Antonio Road, Unit 1D which was
scheduled for Council review on March 21, 2005;
C. A transfer of funds in the amount of $266,900 is needed
from the Residential Housing In-Lieu Fund to the Emergency BMR
Fund to complete the purchase of the units and the transfers to
the City; and
D. City Council authorization is needed to amend the 2004-05
budget as hereinafter set forth.
SECTION 2. The sum of Two Hundred Sixty-Six Thousand Nine
Hundred Dollars ($266,900) is hereby transferred from the
Residential Housing In-Lieu Fund 233 to BMR Emergency Fund 230 to
appropriate non-salary expense in the BMR Emergency Fund.
SECTION 3. This transaction will reduce the Residential In-
Lieu Fund 233 from $2,625,000 to $2,358,100 and increase the BMR
Emergency Reserve Fund 230 from $163,043 to $429,943.
SECTION 4. 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 5. The Council of the City of Palo Alto hereby
finds that this project is exempt from the provisions of the
California Environmental Quality Act, and therefore, no
environmental impact assessment is necessary.
SECTION 6. As provided in Section 2.04.330 of the Palo Alto
Municipal Code, this ordinance shall become effective upon
adoption.
INTRODUCED AND PASSED: April II, 2005
AYES: BEECHAM, BURCH, CORDELL, FREEMAN, KISHIMOTO, KLEINBERG,
MORTON, MOSSAR, OJAKIAN
NOES:
ABSTENTIONS:
ABSENT:
ATTEST:
Ikvu~,~ City Clerk
APPROVED AS TO FORM:
~~
Senior Asst. City Attorney
APPROVED:
~
Director
Services
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