CC Resolution No. 00-253RESOLUTION NO. 00-253
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
ACCEPTING SECURITY FOR THE VACATION OF A ROADWAY EASEMENT
WITHIN THE CITY OF CUPERTINO - CALl AVENUE
WHEREAS, the City desires to abandon Cali Avenue in accordance with Section 8331 et seq. of
the Streets and Highways Code of the State of California; and
WHEREAS, the City desires that a hotel is built on the site of the abandonment; and
WHEREAS, the City will not receive any compensation for the abandonment if the hotel is built
in accordance with the approved Use Permit No. 5-U-00; and
WHEREAS, to assure that a hotel is built on this location, a security in the amount of $146,315.00
is held by the City; and
WHEREAS, the City understands there will be a transfer of ownership and will allow exchange of
security by the new owner for the same amount.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The developer has three (3) years from the date of this resolution to pour a foundation,
install utilities, and complete the grade-level floor structurally for a hotel.
2. If the condition in No. 1 does not occur, the security is forfeited to the City at its face value
of $146,315.00.
3. If the condition in No. 1 is met, the security will be released.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this
2na day of October, 2000, by the following vote:
Vote
AYES:
NOES:
ABSENT:
ABSTAIN:
Members of the City Council
Bumett, Chang, James, Lowenthal, Statton
None
None
None
D'e~t~ty City Clerk