HomeMy WebLinkAbout07-34 - Appropriation of General Fund Reserves Related to Demolition of Structures/Related Work at 261 Monte Vista AveRESOLUTION NO. 07-34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, AUTHORIZING THE
APPROPRIATION OF GENERAL FUND RESERVES IN
THE AMOUNT OF $300,000 TO LOAN THE PARK
DEVELOPMENT FEES FUND COSTS RELATED TO
THE DEMOLITION OF STRUCTURES AND OTHER
RELATED WORK AT 261 MONTE VISTA AVENUE IN
COSTA MESA.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, the demolition of structures and other related work at 261 Monte
Vista Avenue in the city of Costa Mesa has been found by the City Council to be an
important part of the future development of this site for future park purposes;
WHEREAS, the City Council has directed staff to structure a loan from the
General Fund to the Park Development Fees Fund to pay for costs associated with the
demolition of the existing structures and other related work on 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 including making the necessary
appropriations and transfers of funds to provide for the expenditures related to the
demolition of existing structures, grading and preliminary improvements on the
property.
WHEREAS, the City Council directs the Director of Finance to annually include
in 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
appropriates funding in the amount of $300,000 from General Fund Reserves and
approves a loan from the General Fund to the Park Development Fees Fund to provide
for all costs related to the demolition of structures, grading and preliminary
improvements at 261 Monte Vista Avenue in Costa Mesa for the purpose of increasing
park acreage.
BE IT FURTHER RESOLVED that the City Council authorizes the Director of
Finance to take the steps necessary to accomplish and document this loan and provide
for annual repayments as part of the adoption of the annual City Operating Budget.
PASSED AND ADOPTED this 3rd day of April, 2007.
ATTEST:
J46 Folcik, City Clerk
r �/w
Allan R. Mansoor, Mayor \
APPROVED AS TO FORM:
Kimberly Hall Barlow, City Attorney
2
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
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. 07-34 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 3rd day of April, 2007, by the following roll call vote, to wit:
AYES:
COUNCIL MEMBERS:
MANSOOR, BEVER, DIXON, LEECE
NOES:
COUNCIL MEMBERS:
NONE
ABSENT:
COUNCIL MEMBERS:
FOLEY
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 4th day of April, 2007.
(SEAL) ,
J IE FOLCrk, CITY CLERK
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