Resolution 12962CITY OF ALAMEDA RESOLUTION NO. 12962
AUTHORIZING RESTRUCTURING OF THE
ISLAND LANDSCAPING AND LIGHTING LOAN
FOR ATTENDANT LOTS A AND C
WHEREAS, in 1994, the City constructed landscape
improvements in attendant lots A & C and along Post Office Court;
and
WHEREAS, the funds for this project were loaned from the
Parking Meter Revenue Fund with repayment to be from the Island
Landscaping & Lighting Assessment District 84=02; and
WHEREAS, the total amount of the loan was $122,362.50 and
the repayment schedule was established at $10,000 per year for 12+
years; and.
WHEREAS, at this time, the balance of the loan is
$72,362.50; and
WHEREAS, Park Street Business Association has asked that
the City of Alameda reconsider the original loan; and
WHEREAS, staff has identified $34,975 of expenses (slurry
sealing and re-stripping of attendant lots A & C)that although
permissible expenditures in a Landscaping and Lighting District,
are not landscaping and lighting related; and
WHEREAS, improvements of this nature have historically
been funded from the Parking Meter Fund; and
WHEREAS, these expenses were and are an appropriate
expenditure of the Parking Meter Fund.
NOW, THEREFORE, BE IT RESOLVED that the City Council
hereby authorizes the Public Works Director to enter into the
amended agreement to restructure the allocation of project funds
for the Island Landscaping and Lighting District attendant lots A
& C and adjust the term of the loan to allow repayment of the
remaining balance of $37,387.50 at payments of $6,000 per year to
be paid over six (6) years and a fraction thereof.
BE IT FURTHER RESOLVED that the City Council hereby
authorizes the Public Works Director to allocate $34,975 of the
original loan balance to the Parking Meter Fund.
I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by the Council
of the City of Alameda in regular meeting assembled on the 17th
day of February , 1998, by the following vote to wit:
AYES: Councilmembers Daysog, DeWitt, Kerr, Lucas
and President Appezzato - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 18th day of February , 1998.
Diane elsch, C
City of Alameda
ty Clerk