HomeMy WebLinkAboutResolutions 87-220A N.C.S. 07/20/1987Resolution N®. s~-22oA N.C.S.
of the City of Petaluma, California
RESOLUTION CONDITIONALLY ALLOCATING FUNDS
TO ASSIST BURBANK HOUSING DEVELOPMENT CORPORATION
TO PURCHASE THE CHERRY HILLS DEVELOPMENT
PROJECT SITE
WHEREAS, in fiscal year 1986-87, the City established a program using
in lieu housing fees to purchase land to be used for development of housing
for very low, low and moderate income households, and
WHEREAS, Burbank Housing Development Corporation applied. for
$200, 000.00 from said program to assist in purchasing the 2.67 acre Cherry
Hills Project Site, and
WHEREAS, on July 20, 1987., the City Council discussed the request.
NOW, THEREFORE, BE IT RESOLVED that the sum of $200,000.00 in
lieu housing funds is conditionally approved for use by Burbank Housing
Development Corporation in purchasing the Cherry Hills Project Site AP No.
006-031-26, subject to the following conditions:
1) The City Attorney must verify that the use of these funds is not
in conflict with the provisions of Article 34 of the California Constitution.
2) A binding document shall be developed and executed prior to
transfer of funds, subject to City Council approval which guarantees the
timely use of the property for the stated purpose of very low, low and
moderate income housing, i.e., four years, or the City's funds will be
returned with interest for reuse under the In Lieu Housing Program.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the
Council of the City of Petaluma at a (Regular) (t~id~sro~raTi:)x~ meeting
on the ..2~?.*..h .............. day of ........._..IuLy......._.............................., 19.8.., by the
following vote: ._.
AYES: Balshaw, Cavanagh, Davis, Tencer, Vice Alayor Woolsey, Hayor Hill
NOES: 0
ABSENT: So el
ATTEST : ........... .................... ... .. ..............
y Clerk
Council File ...................
CA 10-85 Res. No..87.-~.~d~
N.C.S.