HomeMy WebLinkAbout2001-06-04 Ordinance 4704o.RDINANCE NO.. 4704
o.RDINANCE o.F THE Co.UNCIL o.F THE CITY o.F
PALO. ALTO. AMENDING THE BUDGET Fo.R THE
FISCAL YEAR 2000-01 TO. PRo.VIDE ADDITIo.NAL
APPRo.PRIATIo.NS TO. THE Do.WNTo.WN PARKING
STRUCTURES, CAPITAL. IMPRo.VEMENT PRo.JECT
NO.. 19530 AND TO. REIMBURSE THE GENERAL
FUND Fo.R ADVANCE PRo.JECT FUNDING
WHEREAS, pursuant to the provisions of Section 12 of
Article 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
WHE;REAS, the Downtown Parking Structures Capital
Improvement Project 19530 was established to assess options
for constructing parking structures in downtown Palo Alto,
including an environmental assessment, fiscal impacts, and
mixed use concepts; and
WHEREAS, Council approved in January 1998 the funding
of design costs to the 50 percent completion level, after
which time an assessment district was to be proposed and
potentially approved by a maj ori ty of downtown property in
accordance with the Municipal Improvement Act of 1913; and
WHEREAS, Council approved on January 2001, a resolution
to make acquisitions and improvements for .the proposed
parking structures; and a resolution preliminarily approving
the Engineer's Report to establish a University Avenue
Assessment District and conduct an assessment ballot
process; and
WHEREAS, the results from the ballot tabulation on
March 19, 2001 indicated approval of 73 percent of those
submitting ballots to establish an assessment district to
help to finance the new parking structures; and
WHEREAS, Council approved on March 19, 2001, a
. resolution adopting the engineer 1 s report, confirming the
proposed assessment, ordering work and directing actions
with respect to the assessment process; and
WHEREAS, Council has approved two financing phases for
the downtown parking structures project: the first to fund
final design work, acquisition costs, refund existing
Assessment District Bonds, and reimburse the General Fund
for advanced funding; and the second phase to fund
construction work; and
WHEREAS 1 Council approved on May 141 2001 1 a Resolution
Authorizing Issuance of Limited Obligation Improvement Bonds
for first phase financing; and
WHEREAS; as part of its bond financing obligations 1 the
City will establish an Agency Fund whereby the City will
collect all monies associated with the bond issuance and
annual assessments and make all payments associated with the
project and debt service requirements on behalf of the 2001
University Avenue Off Street Area Assessment District; and
WHEREAS 1 Capital Project Number 19530 1 Downtown Parking
Structures 1 needs to be increased to provide for completion
of acquisition l final design l architectural, management and
administrative and other project work; and
WHEREAS, University Avenue Parking In-Lieu funds must
be used solely for construction of public parking spaces
within the assessment district; and
WHEREAS, the City's General Fund has advanced funding
for parking structures expenses which are to be reimbursed
by bond proceeds; and
WHEREAS, design work related to the construction of the
non-parking area on the S/L te must be funded through the
City's General Fund; 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:
-=~==~~. The sum of $4,346,167 is hereby appropriated
to Capital Improvement Project No. 19530 from bond proceeds.
~~~~~. The sum of $144,754 is hereby appropriated
to CIP 19530 from paid Parking District assessments.
-=~~~~. The sum of $766,295 is hereby appropriated
to CIP 19530, and the In-Lieu Parking Fund is reduced by the
same amount.
~~~~~. The sum of $72,400 is hereby appropriated to
CIP 19530 from bond proceeds, and the budgeted appropriation
to Non-salary expenses in the Debt Issuance Functional Area
in the Administrative Services Department is hereby reduced .
by the same amount.
Section 5. The sum of $163,150 is hereby transferred
from the General Fund BSR to CIP 19530 to fund non-parking
related project costs.
Section 6. The sum of $532,048 is hereby appropriated
to the General Fund BSR from bond proceeds as reimbursement
for advance funding.
='-""-""-=-'=--'-' The transactions in 4 and 5 will increase
the BSR from $23,256,994 to $23,698,292.
Section 8. The transaction in 6 will .reduce the In Lieu
Fund from $971,371 to $205,076.
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 ordinanc'e.
SECTION 10. On December 20, 1999, the City Council
adopted a resolution certifying the adequacy of the
Environmental Impact Report (EIR) for the parking structure
project and made the required California Environmental
Quality Act (CEQA) findings.
As provided in Section 2.04.350 of the
Palo Alto Municipal Code, this ordinance shall become
effective upon adoption.
INTRODUCED AND PASSED: June 4, 2001
AYES: BURCH, EAKINS, KLEINBERG, LYTLE, MOSSAR, OJAKIAN
NOES:
NOT PARTICIPATING: BEECHAM
ABSENT: . FAZZINO, WHEELER
ATTEST:
~fff·~A City Cler
APPROVED AS TO FORM:
Senior Asst. City Attorney
-:;........:;---b--=----::.i:IfF'''-:----:-, -I+Hti-Beel;tME·NT IS CERTIFIED ~i£:jIW-~iIIoc:::_==Z!t=:'.!!~~:;;r..-===-
P1annl:Q.®ll'Md! DULY PASSED BY TH£:tijBm:H.0r
Environm~!h\ttl!: CITY OF PALO ALTOANDAdmini str Services
THEREAr fER POSTE I T OUNCIL
CHAMBERS ON (WITHIN
DAYS O~ ITS PASSAGE
"I certify (or declare) under penalty
of perjury that the foregoing is true ~ 7' d c;~ect.~ (lPftL .
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