HomeMy WebLinkAbout2001-06-11 Ordinance 4707ORDINANCE NO. 4707
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 $1,500,000 FOR THE
ACQUISTION OF RESIDENTIAL PROPERTY IN ACCORDANCE WITH THE
HOUSING ASSISTANCE PROVISION OF THE CITY MANAGER'S
EMPLOYMENT AGREEMENT
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
WHEREAS, Council approved on May 30, 2001, an amendment to the
Housing Assistance Provision of the City Manager's Employment
Agreement that increased the housing assistance amount from $1.2
million to $1.5 million; and .
WHEREAS, in accordance with this agreement, the City will
provide a $500,000 loan to the City Manager with a 30 year term,
retain a $900,00 equity share, and provide $100,000 for closing
costs; and
WHEREAS, the City Manager has found suitable housing in Palo
Alto and an escrow has been opened on the property; and
WHEREAS, an additional appropriation is needed for the
acquisition of the property; and
WHEREAS, the additional appropriation of funds from the
General Fund Budget Stabilization Reserve is 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 Million Five Hundred Thousand
Dollars ($1,500,000) is hereby appropriated to non-salary expenses
in the Property Management Functional Area of the Administrative
Services Department, and the Budget Stabilization Reserve is
correspondingly reduced.
SECTION 2. This transaction will reduce the Budget
Stabilization Reserve from $23,672,469 to $22,172,469.
SECTION 3. 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 4. 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.
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: June 11, 2001
AYES: Burch, Eakins, Kleinberg, Lytle, Mossar, Ojakian, Wheeler
NOES:
ABSTENTIONS:
ABSENT: Beecham, Fazzino
APPROVED:
APPROVED AS TO FORM: ~ C~
~.;.,tN(~~_
$enior Asst. City Attorney
THIS DOCUMENT IS CERTIFIED TO BE AN
ORDINANCE DULY PASSED BVTHE COUNCIL
OF THE CITY OF PALO ALTO AND
THEREAl-rEf! POST~i"Wf COUNCIL
CHAMBERS ON IJJ (WITHIN 15
DAVS OF ITS PASSA E)
"I certify (or declare) under pen~lty
of perJury that the foregoing is true
an correctf) 111\~ ~ tt a. 01 n U'JUt).; ~ ..
Signa re
Administrative