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<br />, ~.:e é'-d <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AUTHORIZING GRANT OF TWO HUNDRED THOUSAND <br />DOLLARS TO THE POlICE ATHLETIC LEAGUE <br /> <br />WHEREAS, The City of Redwood City ("City") is a charter city and municipal <br />corporation duly organized and existing under and pursuant to the Constitution of the <br />State of California; and <br /> <br />WHEREAS, the Police Athletic League ("Corporation") is a non-profit public <br />benefit corporation which provides an array of services that bolster the City's efforts to <br />provide a safe and nurturing environment for the youth of Redwood City; and <br /> <br />WHEREAS, the Corporation has received $356,000 from the City's Capital <br />Projects Funds and another $44,000 in Community Development Block Grants; and <br /> <br />WHEREAS, the Corporation previously requested the City assist in financing the <br />completion of the construction, renovation, improvement and equipping of the <br />gymnasium ("Project") through a guaranty of a loan in the amount of $1,500,000 <br />provided by Bay Area Bank; and <br /> <br />WHEREAS, City, by Resolution No. 14560 did approve said guaranty of the <br />Corporation's loan of $1 ,500,000 with Bay Area Bank; and <br /> <br />WHEREAS, the Corporation currently owes approximately $250,000 to the <br />construction contractor of the Project for work performed and is now requesting an <br />additional grant of $200,000 from City to be applied toward said costs; and <br /> <br />WHEREAS, the Redwood City Police Department has transferred from its <br />FY2004/05 budget to the City's Capital Project Fund some $200,000 in the event City <br />approves said grant. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Redwood City as follows: <br /> <br />1. <br /> <br />Findinqs and Determinations. The City Council finds and determines that it is in <br />the public benefit of the City that the Project be completed and that a grant be <br />issued in the sum of $200,000 to Corporation to be utilized for payment of - <br />construction costs. The City Council finds that such public benefits are <br />commensurate with the amount of the proposed grant. <br /> <br />.A.:1y:Reso/Reso.1526 <br />032805 <br /> <br />1 <br />