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<br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: Mav 10. 2004 <br /> <br />Aoorooriation <br /> <br />Requested By: .Inhn .lnern!! <br /> <br />Source of Funds: Previous Budget <br />Amendment <br />Account Number: 01598927009150 <br /> <br />Department: A.dRliRilltratioR <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />x <br /> <br />Amount Budgeted: Nnne <br /> <br />Exhibits: <br /> <br />Ordinance <br /> <br />Amount Requested: $660,000 <br /> <br />Exhibits: <br /> <br />Budgeted Item: YES NO-~ <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />City Council authorized staff to proceed with the purchase of9.14 Ac based on negotiations with the owner <br />previously shared with Council. <br /> <br />The attached ordinance authorizes the purchase of this tract. A previous agenda item authorizes a budget <br />amendment to provide funds to purchase the property from Fund 015. Eventually the acquisition wilI be financed <br />with proceeds from a proposed Certificate of Obligation that is being issued to cover this acquisition and two capital <br />projects (Bay Area Boulevard and Canada Road). <br /> <br />A reimbursing resolution has been approved by Council allowing the future reimbursement of these funds from the <br />future sale of General Obligation Bonds to construct the proposed P.O. Facility (iffeasible from a budget <br />standpoint). <br /> <br />Action Required bv Council: <br /> <br />Council to authorize staff to proceed with the purchase 9.14 Ac for the proposed P.O. Facility. <br /> <br />Approved for City Council Ae:enda <br /> <br /> <br />~-1-O f <br /> <br />Date <br />