HomeMy WebLinkAboutPCDC Resolution 97-09 08/18/1997 RESOLUTION # 97-09
PETALUIVIA COMMUNITY DEVELOPMENT COMMISSION
APPROVING 1997/98 BUDGET AND REVISED 1996/97 BUDGET
WHEREAS, on July 7, 1997, the Petaluma Community Development Commission
considered the draft 1997/98 budget; and
WHEREAS, the Commission's directives regarding budget allocations have been
reflected in the final budget.
NOW, THEREFORE, BE IT RESOLVED that the Petaluma Community Development
Commission hereby approves the final 1997/98 budget as presented on July 7, 1997 in draft and
amended as follows:
• No use of the $25,000 "security" identified as a portion of the CBD project area "parking
garage/lot maintenance 8511" will be utilized until the Commission receives
recommendations from staff/Petaluma Downtown Association and specifically authorizes
use of the funds.
• The portion of the 1997-98 Marina debt service payment, $131,000 included in the PCD
Project Area "Transfer out to Marina Fund", will not be transferred to the Marina fund
until after staff meets with the California Department of Boating and Waterways in an
effort to renegotiate the terms of the City loan, and said efforts are reported out to the
City Council and the City Council specifically authorizes expenditure of said funds.
• The $194,000 note payment to Benson Investments, Inc. per agreement, identified as the
PCD Project Area "Auto Plaza Note 8611 will not be paid until. after staff consults with
legal counsel to review the terms and requirements of the disposition and development
agreement and note, a report made to the PCDC, and PCDC gives specific authorization
for the expenditure.
Reso. 97-09 Page 1 of 2
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s Staff will explore the option of borrowing an additional $3.512 million identified in the
PCD Project Area "Lakeville Highway Improvements 9845" to the estimated $21 million
in the allocation bonds for refinancing and new projects. Staff is, however, authorized to
make construction progress payments, if necessary, prior to reporting out to PCDC the
options of borrowing the funds for the completion of this project.
BE IT FURTHER RESOLVED that the Petaluma Community Development Commission
hereby approves the revised 1996/97 budget as presented in the 1997/98 budget document.
Adopted this 18th day of August , 1997 by the following vote:
Commissioner Aye No Absent
Keller X
Maguire X
Read X
Stompe X
Torliatt X
Vice Chair Hamilton X
Chair Hilligoss X "'p ~
~.ls`.'
M. Patricia Hilligoss, Chair
ATTEST:
. .Bernard, Recording Secretary
pcdc/kc
Reso. 97-09 Page 2 of 2