HomeMy WebLinkAbout2001-01-22 Ordinance 4678ORDINANCE NO. 4678
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING
THE BUDGET FOR THE FISCAL YEAR 2000-01 TO PROVIDE AN
ADDITIONAL APPROPRIATION OF $130,000 FOR PRESERVATION OF A
BELOW MARKET RATE UNIT AT 2464 WEST BAYSHORE ROAD, UNIT #1
WHEREAS, pursuant to the provisions of Section 12 of Artic
III of the Charter of the City of Palo Alto, the Council on June 19,
2000 did adopt a budget for fiscal year 2000-01; and
WHEREAS, acquisition of the Below Market Rate (BMR) housing
unit at 2464 West Bayshore Road, Unit #1 has been approved by the
Superior Court pursuant to the terms of a settlement agreement
dated October 27, 2000; and
WHEREAS, funds in the amount of $130,000 are needed from the
Housing In-Lieu Residential Fund to complete the purchase of the
unit and the transfer to the City; and
WHEREAS, sufficient funds are available in the Residential
Housing-In-Lieu Fund; and
WHEREAS, the additional appropriation of funds requested
from the Residential Housing-In-Lieu Fund is for a one-time cost
and no future year General fund ongoing costs are anticipated;
and
WHEREAS, City Council authorization is needed to amend the
2000-01 budget as hereinafter set forth.
NOW, THEREFORE, THE Council of the City of Palo Alto does
ordain as follows:
SECTION 1. The sum of One Hundred Thirty Thousand Dollars
($130,000) is hereby appropriated to non-salary expenses in the
Residential Housing In-Lieu Fund ..
This transaction will reduce the Residential
Housing In-Lieu Fund reserve from $1,436,491 to $1,306,491.
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. 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 5. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon
adoption.
INTRODUCED AND PASSED: January 22, 2001
AYES: Beecham, Burch, Eakins, Fazzino, Kleinberg, Lytle, Mossar,
Ojakian
NOES:
ABSTENTIONS:
ABSENT:
ATTEST:
APPROVED AS TO FORM;
~dC{;Je~
Senior Asst. City Attorney
APPROVED:
~""tJ~ Mayo~
~
Director
Services
THIS DOCUMENT IS CERTIFIED TO BE AN
OROINANCf: DULY PASSED BY THE COUNCIL m r~L.· "lTV OF PALO ALTO AND
n';:' ":~R PO~ 20UNCIL
CHi .:' :::;;i ON (WITHIN 15
D/W:c.' ,IS PASSJ1GE)
"I certHy (or dec!!lre) undor penalty
of perjury thai the foregoing is true
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