HomeMy WebLinkAboutRESO 9442RESOLUTION NO. 9442
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
DECLARING INTENTION TO REIMBURSE EXPENDITURES
FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS
TO BE ISSUED BY THE CITY
A. The City proposes to undertake the project referenced below, to issue, execute
and deliver a financing lease, either on a private placement basis or using certificates of
participation, on a tax-exempt basis (the "Lease") to finance such project, and use a portion of
the proceeds of the Lease to reimburse expenditures made for the project prior to the issuance
of the Lease.
B. United States Income Tax Regulations section 1.150-2 provides generally that
proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for
reimbursement of expenditures made prior to the date of issuance of such debt unless certain
procedures are followed, one ofwhich is a requirement that prior to the payment of any such
expenditure, the issuer declares an intention to reimburse such expenditure.
C. It is in the public interest and for the public benefit that the City declares its official
intent to reimburse the expenditures referenced herein.
NOW, THEREFORE, the Council of the City of Palo Alto does hereby RESOLVE, as follows:
SECTION 1. The City intends to cause the Lease to be executed and delivered for the
purpose of paying the costs of the Palo Alto Municipal Golf Course Reconfiguration Project,
more particularly described in Exhibit A (the "Project").
SECTION 2. The City hereby declares that it reasonably expects (i) to pay certain costs of
the Project prior to the date of exec~ution and delivery of the Lease, and (ii) to use a portion of
the proceeds of the Lease for reimbursement of expenditures for the Project that are paid
before the date of execution and delivery of the Lease.
SECTION 3. The maximum principal amount of the Lease is expected to be Seven Million
dollars ($7,000,000).
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SECTION 4. The Council finds that the adoption of this resolution does not constitute a
project under the California Environmental Quality Act and CEQA Guidelines, and therefore, no
environmental assessment is required.
INTRODUCED AND PASSED: June 23, 2014
AYES: BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF, SCHMID, SHEPHERD
NOES:
ABSENT:
ABSTENTIONS:
APPROVED AS TO FORM: APPROVED:
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Senior Asst. City Attorney
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wOirector, Administrative Services
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EXHIBIT A
Project Description
The Palo Alto· Municipal Golf Course Reconfiguration Project (Project) will reconfigure the entire
Golf Course to an 18-hole, par 71, regulation-length course measuring 6,685 yards from the
back tees. Following the designation of approximately 10.5 acres of the existing Golf Course for
a future recreation facility and the loss of,7.4 acres to be incorporated into a widened San
Francisquito Creek, the resultant area of the reconfigured Golf Course will be reduced to
approximately 156 acres. The existing driving range will be expanded to the north by
approximately 8,000 square feet to accommodate six new driving stations. A new Youth Golf
Area including elements designed to attract young people to the game of golf will be
established along Embarcadero Road south of the existing driving range. At the far western end
of this area will be a practice putting green with sand bunkers. The Project will include new 6.5-
foot-wide concrete golf cart paths, concrete footpaths at the practice putting green area, and
compacted gravel maintenance path connections between the concrete cart paths. The Project
will also include a new 300 square foot restroom building located on the Golf Course.
The Project will reduce the Golf Course managed turf area by 40 percent from 135 acres to 81
acres. During replacement, nonnative plants and trees will be replaced with native grasses, and
low:lying Baylands zones will be planted with indigenous halophyte plants (i.e., plants that
survive in saline soil). The Golf Course will include three types of vegetated zones: managed
turf area, non-turf native grass zones, and Baylands native zones. The Project will also include a
dramatic increase in topographic variability throughout the course, including buffer mounds
which will act as a visual and acoustical barrier between the Golf Course and the future
recreation area. The buffer mounds will be 15 to 25 feet tall. Of the 711 trees on the existing
Golf Course site, 123 trees will remain, and 588 will be removed. The loss of trees will be
mitigated through a combination of new 300 native trees to be planted on the course as part of
the Project, the protection of 500 naturally-occurring oak saplings on the Arastradero Preserve,
and the restoration of two acres of native bay ecosystem habitat at a site in Byxbee Park near
the Golf Course.
The Project will replace the existing Golf Course irrigation system with a new high-density
polyethylene (HDPE) pipe system with limited metal components to eliminate corrosion and
leaks. The sprinkler heads will be individually controlled and adjustable to provide full or part
circle coverage. The Project will also include underground soil sensor units which will monitor
soil moisture levels to prevent overwatering. Overall water usage for Golf Course irrigation is
expected to be reduced by at least 30 percent.
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