CC Resolution No. 7141
RESOWl'ION NO. 7141
A RESOWl'ION OF '!HE CI'IY CXXJNCIL
OF '!HE CI'IY OF aJPERrINo, CALIFORNIA
AI1IHORIZING APP1<OPRIATION OF PROCE:E:œ FlDI '!HE
SENIOR CITIZEN/HANDICAPPED PERSOOs HOUSING FUND
FOR mm:cr IMPIÐoIENrATrON
WHEREAs, the City COuncil of the City of CUpertino has
established a fund for the pn'pOSes of effec:tirq loans to non-profit
hous~ providers for pn'pOSes of develop~ affordable rental hous~
1JIÚts within the City; ani
WHEREAs, the City COuncil, on l'Iørøm.....x 15, 1986, authorized
ci=J.ation of a Request for Proposal to non-profit hous~ providers
invitinJ presentation of funiliq requests for Projects which fulfill the
program objectives of the City's affordable hous~ PL'-": .r.aIII; ani
WHEREAs, the Proposal by Spark Foundation, Inc. for a loan of
$125,000 iran said F\Jrñ for pw:pœes of acquir~ an existin:J house to be
adapted for use as a group care facility for mentally haOOicapped persons
was foun:i to fulfill said program objectives;
NOO, ~ut<E, '!HE CI'IY CXXJNCIL OF '!HE CI'IY OF Q.¡~U<l'l.NO
RESOLVES AS FOLIœs:
SECrION ONE: '1here is hereby appropriated from the
SeniorjH.an:ticapped Affordable Hous~ F\n'Xi loan prrv"'=ds in the anamt of
$125,000 to Spark Foundation, Inc. for development of one (1) group care
facility as generally described in their Proposal to the City of CUpertino
dated March 16, 1987.
SECI'ION 'IW:>: '!he actual terms of said loan shall be subject to
execution of appropriate 1erxlin] contracts ani documentation prepared by
the loan recipient. Said doclnnents shall be reviewed ani approved by the
City Attorney.
SECI'ION 'IHREE: '!he Director of Finance is hereby instructed to
establish appropriate accounts for dispersa], of loan funds ani for receipt
of interest ani principal repayment llaÚ.es.
RESOIDI'ION NO. 7141
SECI'ION FCXJR: In the event that Spark Foun::Iation, Inc. is
unable to acquire the property J"I'¥'r'I""! to CC81q;)lete the group care facility
as described in said pJ;~, or for any other:reason is unable to
un:iertaJœ the project within ninety (90) days of the effective date of
this Resolution, said appropriation may be revoked by action of the City
Council. Action to revoJœ said appropriation shall be agen:lized before
the Council at future Regular Meetin;¡, as a item of Old Business.
PASSED AND AOOP!'ED at a regular meetin;J of the City Council of the city of
CUpertino this 6th day of April, 1987 by the followin:1 vote:
Vote Members of the Citv O:Juncil
AYES:
NOES:
ABSTAIN:
Gatto, Pl\m3Y, Rogers, Sparks
None
None
Johnson
ABSENT:
ATIES'l':
~:
/s/ Dorothv Comelius
Dorothy Cornelius
City Clerk
/s/ W. Reed Sparks
W. Reed Sparks, Mayor
City of CUpertino