HomeMy WebLinkAboutCouncil Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: September 27, 2011
AGENDA ITEM NO.
ITEM TITLE:
Resolution of the City Council of the City of National City approving an additional appropriation of $4,000,000
to allocate funds pursuant to the Disposition and Development Agreement (DDA) with Paradise Creek Housing
Partners as approved by Resolution No. 2011-136. (Funded by Low/Mod Fund 522).
PREPARED BY: Barby Tipton
PHONE: (619) 336-4583
EXPLANATION:
DEPARTMENT: Development
Divisio
APPROVED BY:
ering
On June 21, 2011 the City Council adopted Resolution No. 2011-136 approving the Disposition and Development
Agreement (DDA) with Paradise Creek Housing Partners LP, wherein the City pledged $6,000,000 from the Low/Mod
Account (Fund 522) and $14,957,000 from the 2011 Tax Allocation Bond (Housing) (Fund 524), for a total of
$20,957,000.00 in order to fund the WI-TOD project.
During the budget process for the Capital Improvement Program (CIP), the Council approved appropriating $2,000,000 from
the Low/Mod Account (Fund 522) and $15,000,000 from the 2011 Tax Allocation Bond (Housing) (Fund 524), for a total of
$17,000,000 for the WI-TOD project.
There is a difference of $4,000,000 between the DDA and the adopted CIP. This Resolution will appropriate the $4,000,000
to the CIP from the Low/Mod Fund 522 to make the DDA and CIP Budget match for the WI-TOD project.
FINANCIAL STATEMENT:,
ACCOUNT NO.
APPROVED:
APPROVED:
Finance
MIS
Funds are available from Low/Mod Housing Fund to appropriate $4,000,000.00 to Account 522-409-500-598-1592 (WI-
TOD Project)
ENVIRONMENTAL REVIEW:
N/A
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Adopt Resolution
BOARD / COMMISSION RECOMMENDATION:
N/A
ATTACHMENTS:
1. Copy of Resolution No. 2011-136
2. Resolution