HomeMy WebLinkAboutReso 41-2011 RESOLUTION NO. 41 -2011
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AMENDING THE CITY OF SOUTH SAN
FRANCISCO'S OPERATING AND CAPITAL BUDGETS TO
APPROPRIATE FUNDS FOR: THE AFFORDABLE HOUSING
PROJECT AT 636 EL CAMINO REAL; A PROPERTY TAX
REFUND; A LOAN COMMITMENT FOR AFFORDABLE
HOUSING BY GIFFRA ENTERPRISES; OAK AVENUE
EXTENSION PROJECT; THE MILLER AVENUE PARKING
GARAGE; AND THE OYSTER POINT SPECIFIC PLAN,
INCLUDING HARBOR DISTRICT PUBLIC IMPROVEMENTS,
FUNDED FROM REDEVELOPMENT AGENCY BOND AND
TAX INCREMENT RESERVES
WHEREAS, on March 2, 2011 the City Council ( "the Council ") of the City of South San
Francisco made findings and took actions related to various projects, including the use of
Redevelopment Agency funds ( "the Agency "); and
WHEREAS, the Council on March 2, 2011 also approved expenditures for the following projects
in these amounts:
Merged Housing All RDA
RDA Funds Funds
Affordable Housing Project at
636 El Camino 5,887,587 4,10L413 9,989,000
Genentech propery Tax Refund
(NTE) 10,000,000 - 10,000,000
Giffra Loan Commitment 2,500,000 - 2,500,000
Oak Ave. Improvements 12,546,416 - 12,546,416
Miller Ave. Parking Structure 2,487,000 - 2,487,000
Oyster Point and Harbor District
Public Improvements 20,612,474 - 20,612,474
Total Budget Amendment: fi 54,033,477 4,101,413 58,134,890
AND WHEREAS, a formal budget amendment is needed to appropriate these
expenditures into the 2010 -11 South San Francisco Operating and Capital budgets.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that it hereby amends the City of South San Francisco's Operating and Capital
budgets for fiscal year 2010 -11 for the expenditure items listed above totaling $58,134,890,
funded from a transfer of Redevelopment Agency Reserves consisting of both tax increment
funds and bond funds; and
ALSO, BE IT RESOLVED, that the Finance Director is authorized to represent these
budgets, and any related encumbrances, contracts, and agreements on the City's books in the
manner that most readily expresses the intentions of the Council consistent with generally
accepted accounting practices, including, but not limited to: encumbering and carrying forward
those budgets to fiscal year 2011 -12 if funds are still unspent as of June 30, 2011; and moving
project funding between bond and tax increment as appropriate for the specific project
expenditures listed above as may be needed to comply with federal tax law and bond covenants.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a regular meeting held on the 9 day of
March, 2011 by the following vote:
AYES: Councilmembers Mark Addiego, Pedro Gonzalez, and Karyl Matsumoto,
Vice Mayor Richard A. Garbarino and Mayor Kevin Mullin
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST: eAdkr 4 ,I
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