HomeMy WebLinkAbout22802 RESOLUTION NO. 22802
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA APPROVING A LOAN TO
THE ANIMAL CARE FACILITY PROJECT OF $650,000
FROM THE PROCEEDS OF THE SALE OF WHITEWATER
STOCK CURRENTLY HELD IN THE TRUST AND AGENCY
ACCOUNT AND APPROPRIATING SAID FUNDS FOR
CONSTRUCTION.
WHEREAS the Palm Springs Animal Care Facility Project, CP # 07-24, currently
has a construction funding deficit of $650,000 and a Furniture, Fixtures and Equipment
(FF&E) funding deficit of approximately $525,000; and
WHEREAS the prospect of cutting the project while a very successful funding
campaign is underway will only add to the funding needs, as to add back work later will
result in a higher deficit from construction escalation and out-of-sequence-work
premiums; and
WHEREAS the recent sale of Whitewater stock has resulted in dollars being
available to assist in the development of the Animal Care Facility; and
WHEREAS to help insure the timely completion of this project, the City Council
is desirous of providing a loan to the Animal Care Facility,
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs as follows:
SECTION 1. That a loan of$650,000 from the proceeds of the Whitewater stock,
currently held in the Trust and Agency Account, to the Animal Care Facility Project is
hereby approved.
SECTION 2. That the loan shall be at zero interest and any fund raising
proceeds deposited with the City from the Friends of the Animal Shelter, following the
full funding of the FF&E deficit, shall be applied to pay off this loan.
SECTION 3. The $650,000 loan proceeds shall be appropriated in the Capital
Project Fund, account number 261-1395-54092.
SECTION 4. That the City Manager is hereby authorized to execute all
necessary documents on behalf of the City.
Resolution No. 22802
Page 2
ADOPTED THIS 8T" DAY OF SEPTEMBER, 2010.
David H. Rea�dy, Ci anager
ATTEST:
es Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, James Thompson, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 22802 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on the 8th day of September,
2010, by the following vote:
AYES: Councilmember Foat, Councilmember Mills, Councilmember Weigel, and
Mayor Pro Tern Hutcheson.
NOES: Mayor Pougnet.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, California '`'�!