HomeMy WebLinkAboutStaff Report 461-07City of Palo Alto
City Manager’s Report
TO:HONORABLE CITY COUNCIL 11
FROM:
DATE:
SUBJECT:
CITY MANAGER DEPARTMENT: City Manager’s Office
DECEMBER 10, 2007 CMR: 461:07
APPROVAL OF AMENDMENT TO CITY MANAGER’S EMPLOYMENT
AGREEMENT REGARDING THE SHARING OF COSTS OF HOME
IM_PROVEM_ENTS IN ADNVANCE OF HOME SALE
RECOMMENDATION
In anticipation of the City Managers’ retirement, it is recommended that the City Council
approve the attached amendment to the City Manager’s Employment Agreement.
BACKGROUND
The City Manager’s Employment Ageement provides that the City Manager must sell his home
no later than 2017. The agreement provides that the City and the City Manager split the net
proceeds from the sale of the house based on each party’s equity investment. The City owqas
56.8% and the City Manager owns 43.2% of the house.
Under this amendment, the City and City Manager may a~ee upon certain cost-effective
improvements or up~ades that would increase the net sales price of the house. The amendment
provides that the taro parties share in the cost of the improvements based on each party’s equity
share.
CITY MANAGER
C~rl ~eats, Admil~stra~e~~i~tor/
CMR:461:07 Page 1 of 1
SECTION 2. Except as herein modified, all other provisions of the Contract,
including any exhibits and subsequent amendments thereto, shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties have by their duly authorized representatives
executed this Amendment.
Dated:CITY OF PALO ALTO
ATTEST:
Mayor
City Clerk
Dated:MANAGER
By
Frank Benest
Approved as to Form:
City Attorney
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