HomeMy WebLinkAboutPCDC Resolution 97-10 08/18/1997 1 PETALUMA COMIVIUNITY DEVELOPMENT COMMISSION
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3 RESOLUTION N0.97-10
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5 AUTIIORIZING TIIE ALLOCATION OF IIOUSING SITE ACQUISITION RESERVES TO
6 BURBANI~ MOUSING DEVELOPMENT CORPORATION FOR TIIE PURPOSE OF
7 ACQUIRING PROPERTY' AT 945 PETALUMA BLVD. N AND AUTIIORIZING TIIE
8 EXECUTIVE DIRECTOR TO SIGN NECESSARI' DOCUMENTS.
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11 WHEREAS, the Petaluma Community Development Commission is required by law to set-aside
12 20% of the redevelopment district's talc increment for the purpose of providing housing for low
13 and moderate .income residents; and
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15 WHEREAS the Commission has adopted the 1997-98 budget for the expenditure of the
16 redevelopment housing fund; and
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18 WHEREAS, the FY 1997-98 budget includes a line item for acquisition of a housing opportunity
19 site; and
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21 WHEREAS an appropriate site has been located by Burbank Housing Development Corporation
22 and an initial property search has been completed;
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24 NOW THEREFORE BE IT RESOLVED that the Petaluma Community Development Commission
25 approves of the expenditure of housing funds in an amount not to exceed the appraised value or
26 $264,000, plus $10,000 in acquisition costs, for the purpose of acquiring property and authorizes
27 the Executive Director to sign any necessary documents.
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29 Adopted this 18th day of August, 1997 by the following vote:
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31 Commissioner A~ No Absent
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33 Read X
34 Keller X
35 Stompe X
36 Torliatt X
37 Maguire X
38 Vice Chairman Hamilton X
39 Chairman Hilligoss X ' .
40 ~ G~
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42 M. Patricia Hilligoss, Chairm
43 ATTE
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45 Paulette Lyon, Deputy Rec r ing Secretary
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