HomeMy WebLinkAbout2/20/2008 - STAFF REPORTS - RA.3. �OF4pLM Sp4
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4'tip RIX CRA Staff Repo
DATE: FEBRUARY 20, 2008 NEW BUSINESS
SUBJECT: APPROVAL OF A RESOLUTION AMENDING THE COMMUNITY
REDEVELOPMENT AGENCY BUDGET FOR THE 2007-08 FISCAL YEAR FOR
THE PURPOSE OF THE VIP MOTOR CARS SUBLEASE AMENDMENT
FROM: David H. Ready, Executive Director
BY: Community & Economic Development Department
SUMMARY
RECOMMENDATION:
Adopt Resolution No. A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AMENDING THE BUDGET FOR THE 2007-08 FISCAL YEAR.
STAFF ANALYSIS:
This action amends the Community Redevelopment Agency budget for the current year
to appropriate $130,071 in funds for the Owner Participation Agreement with VIP Motor
Cars and FDH Enterprises. The funds appropriated last year were not spent due to the
gap in assistance because of the timing of the construction project, and were not
continued into the current year because the agreement had not been modified to reset
the trigger date. The source of the funds is Merged Area #1 Debt Service (Project Area
#9, fund 851-8209).
J n S. ym n Thomas J. Wilc
D cto f Co unity and Assistant City Manager
Economic Development
David H. Ready, Execu: ector
Attachments:
I- Resolution
Item RA3 .
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS, CALIFORNIA,AMENDING
THE BUDGET FOR THE 2007-08 FISCAL YEAR.
WHEREAS Resolution 1328 approving the budget for the fiscal year 2007-08 was adopted
on June 6, 2007; and
WHEREAS the Executive Director has recommended,and the Agency desires to approve,
certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in accordance with this Resolution,and that Resolution
1328, adopting the budget for the 2007-08--fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
851 8209 65124 $130,071
Purpose:
SECTION 2. SOURCE
Fund Activity Account Amount
851 29301 Fund Balance $130,071
ADOPTED THIS day of , 200&
David H. Ready, Executive Director
ATTEST:
James 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. 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
by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California