AgdaPkt 2017-06-26 Closed and Joint SA PFA

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ATTY/RESO.0058/CC RESO APPROVE AGREEMENT & APPROPRIATION TO FUND 550 ALLERTON STREET REV: 06-15-17 PR Page 1 of 1 RESOLUTION NO. _______ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY 1) APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT TO FUND REQUIRED IMPROVEMENTS FOR THE DEVELOPMENT AT 550 ALLERTON STREET, AND 2) APPROVING AN APPROPRIATION AMENDMENT TO THE FISCAL YEAR 2016-2017 VARIOUS TRANSPORTATION GRANTS FUND TO INCREASE EXPENDITURES BY $90,736 WHEREAS, on June 10, 2015, the Subdivision Committee and Zoning Administrator approved a Tentative Parcel Map and a Downtown Planned Community Permit for the development of an office building at 550 Allerton Street; and WHEREAS, Condition 17(e) of the conditions of approval of the project provide that the developer shall enter into an agreement with the City for off-site improvements at the intersection of Winslow, Bradford, and Allerton Streets; and WHEREAS, the City Council wishes to approve and authorize the City Manager to execute an Agreement to Fund Required Improvements for the development at 550 Allerton Street, and to amend the expenditure budget of the Fiscal Year 2016-2017 Various Transportation Grants Fund to facilitate certain terms of the Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: Section 1. The City Council approves, and the City Manager is authorized to execute, an Agreement to Fund Required Improvements for the development at 550 Allerton Street, as set forth in Attachment 1 to the staff report. Section 2. An appropriation amendment to the Fiscal Year 2016-2017 Various Transportation Grants Fund to increase expenditures by Ninety Thousand Seven Hundred and Thirty-Six Dollars ($90,736) is hereby approved. * * * 6.3.B. - Page 4