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Home My WebLink AboutRESO 4385VJWL: ICIJ: mf 1:3/70 25c extent that RESOLUTION NO. 4385 ORIGINAL A RESOLUTION OF INT I ION TO LEVY ASSESSMENTS TO MAKE RENTAL PAYMENTS UNIVERSITY AVENUE DISTRICT B YANT STREET OFFSTREET PARKING PROJECT ASSESSMENT DISTRICT RESOLVED, by the Council of the City of Palo Alto, California, as follows: 1. That it intends to order the following work to be done, acquisitions and-- 3mprovements:to be made, to wit: A three -level undergound pubiic.offatreet motor vehicle parking garage ',structure in the blocks bounded by Univzrstty, : AVenue, Lytton Avenue, :Florence Street and •Rk.:,:. =-Street; together with any buildings or structures necessary. for the :.proper operation thereof, .and the . mak- ing of all acquisitions and the cMnstructtng ;of improvements and the performance of 'ail .work `auxilt ► .I•: � eta ands necessary . to complete the same as `offetreet motor vehicle 'parking facilities. 2..'.A14--of-said blocks, : streets- and alleys herein mentioned are' shown on maps of record 'in the office of the County .Recorder of -Santa Clara County= State ; of calitoraa, and shall :be Shown -on the 'plane herein referred to and -to'101e tiled. with the City Clerk of - said City. 3. iihenever. between two :publite, tions of the public ways referred work shall be ahoy oo►n• the Plane to be -doh here 4. All of said wort and impro,ewts. are to,telle constructed at the places and � in the l aations, -of , sizes, dimens ions and skaerials, at .the limas greys..;grodee..and eievat ione as shown and deal ated -*Von the, pis profiles end sPeolifip&tions to be made therefor, as hereinafter `2 provided. 5. There is to be excepted from the work abo -described'any of such work already done to line and ode and eked excepted or shown not to be done on Said plate, profiles Ond speeificati 'refittedto as running r, U-. , intersec. Oa. • 6. Said Council does hereby adopt and establish as the offi- cial grades for said work the grades and elevations to be shown upon said plans, profiles and specifications. All such grrades and elevations are to be in feet and decimals thereof with reference to the datum plane of the City of Palo Alto. 7. Notice is hereby given of the fact that in many cases said work and improvement will bring the finished work to a grade different from that formerly existing, and that to said extent said grades are hereby changed and that said work will be done to said changed grades. 8. The descriptions of the acquisitions and improvements and the termini of the work contained in this resolution are general in nature. All items of _ mork do not necessarily extend for the full length of the description thereof. The plans and profiles of the work and the snaps and. descriptions of the acquisitions, as contained in the sneer's report, shall be controlling as to the correct and detailed description thereof. -9. Saidcontemplated acquisitions and improvements are to be, provided on a site chic is nom occupied in,patt-brorclitreatt.stotor vehicle parking spaces, which -1 danced; by an assessment district (identified as the "University. Avexsue District,:. -Off -Street Parking Project No.. 52-14* contomMatOCpUrtinent to.Reeelution of Intention _No. 2425, adopted April.3,3, ] 3). In order to;co ensate said 52- 14 assessment district (mac .district has ,sinceibeen consolidated and merged with the-aSsalinelat district . identified as 'diversity Avenue District Oft -Street Pard,ng Project. No. 52-13," cox summated pursuant to Resolution of Intention $0. 2411, adopted March 2, 1953, which two assessment districts, together with certain additional territories sub'equently ' ennexed, comprise the assessment' district proposed herein) .for ; the lc es of said spaces, this Coei ncil hereby determines to contribute toward the octet and expenses of said acqu- sitions the amount of. $108,350, repre ting that portion -of the value of the proposed garage site now occupied by said parking spaces. Said, contribution shall be payable solely from the proceeds of sale of the project site. 10. The Council, acting as the City of Palo Alto Parking Authority under -the provisions of Section 13.12.080 of the Palo Alto Municipal Code, proposes to issue bonds in the total estimated prin- cipal amount of $3,540,000 for the purpose of financing the balance of the cost of said acquisitions and improvements; to lease said completed facilities to the City; -and, acting as governing body of the City, to pay rentals payable under said lease to the Park- ing Authority froc.revennues derived from the operation of --said acquisitions and improvements, from the proceeds of annual assess- ments levied as herein provided, and from. any other funds legally available therefor, as provided in Section 13.12.0 of said Code. • Said annual assessments are hereb=`made chargeable upen an assess- ment district, the exterior bo ndsriea of which are described and shown -on the map identified as *pnivercity Avenue District Bunt Street 0f fstreet parkir4 Project Asreesaent nistrictie on file in the office of the City Clerk, :104..tdh indicates -by a hOendarY line extent of the: territory 2udded wi in 'tom am t district and which shallgovern for, all detail, a r t id district. 11. Said con i fufther;.4ee1ax'e �.11 p l c streets: highways, lanes and alleys andother non-taxable property -within sald.aseeePPM4.114etriet 8411 be omitted from the annual fit or ad: vat ::aasea sPIFIFOtOi e be made to make said 7.04 12. Notice - is hereby given that n - proposes to issue serialbonds to represent; the :. l coat of !fie project pursuant to SectiOe_13.12.080 of Title .13 of eal4 C °. 13. The rentals.. pied to be paid_ b ► City'. to the - Autho-rity will be in:an amount clearly :m 'iciest. to make payments of 3 principal and interest on said bonds as they fall due, together with any additional rent payable under the proposed lease (all estimated at an average annual rental of $285,000), and the formula proposed to be applied in the levy of•said annual assessments is as follows: a) An annual assessment against taxable lands and improve- ments within the boundaries of the assessment district in the ratio of adjusted square footage of floor areas of non-resi- dential structures (other than those completely vacant on the lien date), as provided in Bond Plan G, Section 13.16.150 of Title 13 of said Code, at.a rate df not to exceed five cents (x.05) per adjusted square foot per -year. b) In the event that the proceeds of an assessment levied at the said maximum rate in any year are insufficient to raise the amount of money necessary to be raised by assessments to make said rental payments in said year, the balance shall be raised by en additional assessment - assessment_ on _all taxable lands (exclusive of improvements) within the parking assessment district, in the ratio of their assessed valuation as said valuation appearsappeare'cn=the Assessor.'a:roll for the current fis cal year, al se 14. All of said: issued as provided in 80600A':33.12.1 4aitions made: and bonds of said Code; annual assessments to . -p ate - shei3. levied as herein provided purer said€ Section 13.12.080,". and Sections -- 13.12.040 and 2.3.12.050 of Title, 13 of said Code. Annual assessments for maintenance eml operation of =said acquisition!, and imOroveints may also be levied as provided in subdivis oa°(k) of said, Section 13.12.050. 15. Said acquisitions and .impovements are hereby referred to • the City Engineer of -this City, as the officer having charge and con- trol of the acquisition and construction of public inpro nts in 4 and for said City of the kind described herein, being a competent person employed by said City for that purpose, and said Engineer is hereby directed to make and -file with the City.Clerk of this City a report in writing, presenting the following: i. a general plan of the proposed acquisitions and improvements sufficient to identify its general nature, location and extent; - ii. a statement of the rentals or payments proposed to be made, the sources of funds therefor, and the assessment formula_ proposed to be applied; iii. an estimate of cost of the proposed improvements for which rentals are proposed to be made; and iv. a map showing the boundaries of the assessment district. 16. Any surplus remaining from the proceeds of sale of the bonds to be issued shall be deposited in the bond interest and redemption fund for said bonds. e I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopt : d by the Council of the City of Palo Alto, .: California, at a aoseting thereof held on the 19th day of October members thereof: Ling vote of the, AYES, and in favor, there f, s d, Be hrs, Berwaild, Clark, Comstock, Dtae, No ,'Pear on, Sxpapeth, Wheatley NOES, Co ei t: No ►e ABSENT, Councilmen:. 5 city tit ' 1o" lto