CC Resolution No. 7217
RESOIlJI'ION No. 7217
A RESOIlJI'ION OF '!HE CITY CXXJNCIL OF '!HE CITY OF C1Jl'!:KJ:INO
AIJ'lHQRIZING '!HE MAYOR AND CITY ATIORNEY '10 EXEaJ'I'E AN
AGREDÅ’Nl' WI'IH SPARK FOONDATION, INC. FOR A IDAN OF $ 98,370
F'RC!>t '!HE CITY OF aJPERI'INO SENIOR CITIZENj1WIDICAPPED PERSONS
HOOSING FUND FOR ACQJISITION OF REAL PROPERTY
WHEREAS, on April 6, 1987, the City council authorized a loan to
Spark Foundation, Inc. in the æoount of $125,000 for acquisition of real
property at a location to be specified within 90 days of said date; arrl
WHEREAS, $98,370 of the total $125,000 loan commitment is
represented by fuOOs from the City of CUpertino Senior citizen /
Handicapped PersOns Housing Fund
WHEREAS, The - intent of said loan is to acquire said real property
for rental houSing affordable to senior Citizens in a=rdance with the
income limitations arrl purposes set forth in the Loan Agreement; arrl
WHEREAS, the subject Loan Agreement sets forth the terms arrl
puxposes of said loan.
NCM, THEREFORE, '!HE CITY CXXJNCIL OF '!HE CITY OF aJPERI'INO roES
RESOLVE AS roJ:I.OOS:
SECI'ION ONE: The City Council of the City of Olpertino hereby
authorizes the Mayor arrl City Attorney to affix their signatures to the
Loan Agreement arrl supporting documents necessary to corrq;>lete the
transaction.
SECI'ION 'n'l): Prior to close of escr:cM, Spark Foundation, Inc. shall
assume responsibility to correct all existing violations arrl deficiencies
of the Uniform B..1ildin;J Code as identified in the iI1spection report dated
July 1, 1987.
SECI'ION 'niREE: The æoount of $98,370 is hereby appropriated from the
city of CUpertino senior citizen Housing Fund for purposes of said loan
proceer1" , The remaining $26,630 needed to corrq;>lete the total loan of
$125,000 in accordance with section one of city council Resolution 7141
shall be allocated from the crnmmnUty Development Block Grant senior
Citizen Housing Fund by separate Resolution.
SECI'ION FCXJR: The City of CUpertino, acting as lead agency for said
$98,370 Loan, fIDis that the proposed project arrl associated lending
activity are Categorically Exempt from review um.er section 15303 of the
California Environmental Quality Act.
- 1 -
RE'SOWI'ION 7217
¡¡>age - 2-
07/06/87
PASSED AND AOOPl'ED this 6th day of J\me, 1987 at a Regular Meetin;J of the
City Council of the City of CUpertino, state of California, by the
followi.m roll call vote:
ABSENT:
cx:xJNCII.MEMBERS :
cx:xJNCII.MEMBERS :
cx:xJNCII.MEMBERS :
cx:xJNCII.MEMBERS :
Gatto, Johnson, Plungy, Rogers, Sparks
None
None
None
AYES:
NAYS:
ABSTAIN:
A'lTFSl':
APPROVED:
/s/ Dorothy Cornelius
Dorothy Cornelius, City Clerk
city of CUpertino
/s/ W. Reed Sparks
W. Reed Sparks, Mayor
City of CUpertino