HomeMy WebLinkAbout2002-12-02 Ordinance 4772ORDINANCE NO. 4772
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 2002-03 TO
PROVIDE AN APPROPRIATION OF $36,332 AS PAYMENT TO NORTH
AMERICAN TITLE COMPANY TO PROVIDE TITLE INSURANCE IN
CONJUNCTION WITH THE PURCHASE OF PORTIONS OF CUBBERLEY
PROPERTY AT 4000 MIDDLEFIELD ROAD AND THE TERMAN PROPERTY
AT 655 ARASTRADERO ROAD.
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June 17,
2002 did adopt a budget for fiscal year 2002-03; and
WHEREAS, on September 10,2001, the Council approved a Four-
Party Memorandum of Understanding (MOU) to resolve the Terman Middle
School issue, and to find a viable solution to the transferring of
the Terman Community portion of the site to PAUSD without creating a
financial hardship to either party; and
WHEREAS, the Land Exchange includes transferring all of the
buildings and 7.93 acres of the Terman site to PAUSD in exchange for
some of the buildings and 7.93 acres of the former Cubberly High
School site; and
WHEREAS, the value of each of the sites is estimated to be
$15,000,000; and
WHEREAS, to protect the City against any recorded claims
against the properties, staff recommends the purchase of title
insurance for each of the sites; and
WHEREAS, the North American Title Insurance Company will
provide title insurance on both sites for $36,322; and
WHEREAS, the additional appropriation of funds from the General
Fund Budget Stabilization Reserve is a one-time expense and no
future year resource impact to the General Fund Budget Stabilization
Reserve is anticipated.
NOW, THEREFORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. The sum of thirty six thousand and three hundred and
thirty two dollars ($36,332) is hereby appropriated to non-salary
expenses in the Property Management Functional, Area in the
Administrativ~ Services Department, and the Budget Stabilization
Reserve is correspondingly reduced.
SECTION 2. This transaction will reduce the Budget
Stabilization Reserve from $22,593,000 to $22,556,668
SECTION 3. As specified in Section 2.2B.OBO(a} of the Palo
Alto Municipal Code, a two-thirds vote of the City Council is
required to adopt this ordinance.
SECTION 4. A mitigated Negative Declaration for the project was
approved by Council on October 13, 199B. No further environmental
review for the project is necessary under the requirements of the
California Environmental Quality Act (CEQA).
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: DECEMBER 2, 2002
AYES:
NOES:
ABSTENTIONS:
ABSENT:
ATTEST:
City Clerk
APPROVED AS TO FORM:
Senior Asst. City Attorney
APPROVED:
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City Manager
Director 0 Administrative
Services /