HomeMy WebLinkAbout07-21 - Authorizing General Fund to Loan Park Development Fees Fund (261 Monte Vista Ave)RESOLUTION NO. 07-21
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, AUTHORIZING THE
GENERAL FUND TO LOAN THE PARK DEVELOPMENT
FEES FUND TO COSTS RELATED TO THE
ACQUISITION OF 261 MONTE VISTA AVENUE IN
COSTA MESA.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, the acquisition of 261 Monte Vista Avenue in the city of Costa Mesa
has been found by the City Council to be an important addition to the City parkland
acreage;
WHEREAS, the City Council has directed staff to structure a loan from the
General Fund to the Park Development Fees Fund to pay for all of the costs associated
with the acquisition of the property;
WHEREAS, the General Fund has sufficient reserves to provide for this loan and
the Park Development Fees Fund is anticipated to have sufficient funding in future
revenues to repay this loan within the next three to five years;
WHEREAS, the City Council authorizes the Director of Finance to take the
necessary steps to appropriately account for this loan with interest including making the
necessary transfers of funds to provide for the expenditures related to the following:
• The purchase price of the property;
• All necessary reports including the appraisal report and all necessary
inspection reports;
• The closing costs related to close of escrow; and
• The related Attorney Fees.
WHEREAS, the City Council directs the Director of Finance to annually include
an update on the status of the repayment of the loan as part of the Budget
Development Process and annually include into the Proposed Budget a portion of the
repayment that the Park Development Fees Fund can reasonably accommodate each
year until the loan is fully repaid;
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby
APPROVES a loan from General Fund Reserves to the Park Development Fees Fund
to provide for all costs related to the acquisition of 261 Monte Vista Avenue in Costa
Mesa for the purpose of increasing parkland acreage.
BE IT FURTHER RESOLVED that the City Council authorizes the Director of
Finance to take the steps necessary to structure this loan and provide for annual
repayments as part of the adoption of the annual City Operating Budget.
PASSED AND ADOPTED this 20th day of February, 2007.
A //Z
Allan R. Mansoor, Mayor
ATTEST:
Jud Folcik, City Clerk
APPROVED AS TO FORM:
Kimberly H& Barlow, City Attorney
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY
that the above and foregoing is the original of Resolution No. 07-21 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 20th day of February, 2007, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS: MANSOOR, BEVER, DIXON, FOLEY, LEECE
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 21St day of February, 2007.
(SEAL)
4JIMF�O�LCIK, CITY CLERK
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